The diabetes therapeutics market was valued US$ 58.46 billion in 2021 and it is estimated to grow at a CAGR of 6.8% from 2022 to 2028, says The Insight partners
The global diabetes therapeutic industry players are experiencing higher demand for diabetes drugs post-pandemic. Increase in the prevalence of diabetes, rise in sedentary lifestyles, and increase in the incidence of other chronic diseases such as hypertension are driving the global diabetes therapeutics market. At the same time, surge in awareness among the population about self-management of diabetes has supplemented the market growth. Furthermore, the development of affordable and effective diabetes therapeutics such as oral hypoglycemic agents and several government initiatives to provide diabetes care facilities are expected to create lucrative opportunities in the market.
North America dominates the global diabetes therapeutics market, owing to the high prevalence of diabetes in the region because of the sedentary lifestyle. The market in the US is expected to grow significantly during the forecast period, owing to a high prevalence of obesity and a rise in awareness regarding diabetes care in the country. North America remained the largest market for diabetes therapeutics, primarily due to an increase in FDA approvals for various drugs and injections in the US. For instance, in January 2020, Novo Nordisk announced that the US Food and Drug Administration (FDA) approved Fiasp (insulin aspart injection) 100 u/mL for use as a new mealtime insulin option for children with diabetes.
Leading business players in the global diabetes therapeutics market include AstraZeneca, Boehringer Ingelheim International GmbH, Eli Lilly, GlaxoSmithKline Plc, Merck Sharp and Dohme Corp, Novartis AG, Novo Nordisk A/S, Sanofi, Takeda Pharmaceutical Company Limited, and Pfizer Inc. Market players are adopting various inorganic growth strategies to increase market share and achieve a competitive advantage.
Some of the key developments are as follows:
- In 2019, Mankind Pharmaceuticals signed a collaborative marketing agreement with Glenmark Pharmaceuticals to market remoglifozin, an antidiabetic drug, in India. This has allowed both firms to expand their business in Asia Pacific.
- In 2018, Cipla collaborated with Novartis and Johnson & Johnson to market their antidiabetic drugs. This collaboration has led to business expansion of the firm, thereby strengthening its market position.
MARKET DYNAMICS
Factor such as high demand of diabetes treatment products from the Type-1 diabetes population is driving the market. For instance, according to the International Diabetes Federation, diabetes patients spent US$ 966 billion in 2021, of which a major chunk was spent by Type-1 diabetes patients on insulin drugs. Few Type-2 diabetes patients also depend on insulin. Although only 10% of the diabetes population is Type-1, their insulin intake is higher in them. The demand for insulin is driven by an increase in awareness about the benefits of insulin for diabetes patients, especially in emerging economies. Moreover, rapid development in insulin delivery systems, drug and analog development by major companies, and the rise in geriatric and obese population are fueling the growth of the global diabetes therapeutics market.
MARKET SCOPE
The "Global Diabetes Therapeutics Market Analysis to 2028" is a specialized and in-depth study of the Diabetes Therapeutics Market with a special focus on the global market trend analysis. The report aims to provide an overview of diabetes therapeutics industry with detailed market segmentation by products. The global diabetes therapeutics industry is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading market players and offers key trends and opportunities in the diabetes therapeutics market.
Strategic Insights
MARKET SEGMENTATION
The global diabetes therapeutics market is segmented based on product. In terms of product, the market is segmented into injectables, oral-antidiabetic drugs, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry, including both qualitative and quantitative information. It provides overview and forecast of the global diabetes therapeutics market based on various segments. It also provides market size and forecast estimates from 2020 to 2028 with respect to five major regions—North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA). Each region’s diabetes therapeutics market is later subsegmented into respective countries and segments. The report covers analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in all regions.
From the regional perspective, North America dominated the diabetes therapeutics market with ~41% market share in 2021. The dominance can be attributed to the rising prevalence of diabetes, sedentary lifestyle, and well-established healthcare infrastructure in the province. The key diabetes therapeutic product manufacturers in the region include AstraZeneca, Boehringer Ingelheim International GmbH, Eli Lilly, GlaxoSmithKline Plc, Merck Sharp and Dohme Corp, Novartis AG, Novo Nordisk A/S, Sanofi, Takeda Pharmaceutical Company Limited, and Pfizer Inc. These suppliers witness constant demand from hospitals and clinics and individuals.
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Source: The Insight Partners Analysis
The report analyzes factors affecting diabetes therapeutics market from both the demand and supply side and further evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive Porter's five forces analysis highlighting the factors affecting the diabetes therapeutics market in all the global regions.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic significantly impacted the global diabetes therapeutics market. Diabetes and uncontrolled hyperglycemia are risk factors for poor outcomes in patients with COVID-19, including an increased risk of severe illness or death. People with diabetes have a weaker immune system, the COVID-19 complication aggravates the condition, and the immune system gets weaker very fast. People with diabetes are more likely to get into serious complications than normal people.
MARKET PLAYERS
The reports cover key developments in the diabetes therapeutics market into organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and patents and events. Inorganic growth strategies witnessed in the market were acquisitions and partnerships & collaborations. These activities have paved the way for the expansion of business and the customer base of market players. The market players in the diabetes therapeutics market are anticipated to have lucrative growth opportunities in the future with the rising demand for diabetes therapeutic products. Below is a list of a few companies engaged in the diabetes therapeutics market.
The report also includes the profiles of key diabetes therapeutics market companies, along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information for the last three years, and key development in the past five years.
- AstraZeneca
- Boehringer Ingelheim International GmbH
- Eli Lilly and Company
- GSK plcMerck & Co., Inc.Novartis AG
- Novo Nordisk A/S
- Sanofi
- Takeda Pharmaceutical Company Limited
- Pfizer Inc
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.
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