Quick Summary:
In an era of escalating global health concerns, the Diabetes Care Drugs Market stands out as a high-potential segment with significant opportunities for growth. The prevalence of diabetes affects more than 400 million people worldwide and contributes to 12% of total global healthcare expenditure. The escalating need for comprehensive treatment solutions has resulted in this market gaining substantial momentum, driven by relentless health crises and increased health awareness initiatives from global health organizations.
While North America currently commands a significant market share, Asia-Pacific's potential for expansion is not to be underestimated, primarily driven by the high demand for diabetes drugs from countries such as China and India. Exploring the evolving diabetes care landscape, our report delves into the key market trends and uncovers the insulin segment's prevailing dominance, shaped by the intensifying competition among manufacturers to meet ever-growing patient needs. Avoid being left behind in this dynamic market; arm yourself with our in-depth analysis and strategic insights into the Diabetes Care Drugs Market.
The Diabetes Care Drugs Market is expected to register a CAGR greater than 3% over the forecast period, 2022-2027.
Diabetes is a chronic, life-threatening disease with no known cure. As per the World Health Organization, there are over 400 million people with diabetes across the world, and its treatment constitutes around 12% of the total healthcare expenditure on a global scale. It has emerged as a global epidemic and afflicted millions worldwide. The significant growth in the market can be attributed to factors, such as the rising prevalence of diabetes and the increasing number of programs initiated by various health organizations related to health awareness. Currently, about 10% of all diabetes cases are Type-1 and the remaining are Type-2.
As of 2021, North America accounted for a major share of the market, followed by Asia-Pacific. The increase in the number of diabetes patients is primarily due to increasing obesity among people caused by unhealthy diets and sedentary lifestyles. The market in Asia-Pacific is mainly driven by increasing demand for diabetes drugs from China and India. Currently, China has over 129 million diabetes patients, while the number of diabetes patients in India is expected to reach 82 million by 2027.
Based on drugs, the insulin segment holds a significant share in the market. Over 100 million people around the world need insulin, including all the people suffering from Type-1 diabetes and between 10% and 25% of people with Type-2 diabetes. Production of insulin is very complex, and there are very few companies in the market that manufacture insulin. Due to this, there is high competition between these manufacturers, who always strive to meet the patient’s needs to supply the best-quality insulin.
According to the International Diabetes Federation, diabetes patients spent USD 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 intake of insulin is higher in them. Demand for insulin is driven by an increase in awareness about the benefits of insulin for diabetes patients, especially in emerging economies. Other factors, such as rapid development in insulin delivery systems, drug and analog development by major companies, and the rise in the geriatric and obese population, may fuel the growth of the insulin market.
In January 2020, Novo Nordisk announced that the US Food and Drug Administration (FDA) had approved Fiasp (insulin aspart injection) 100 u/mL for use as a new mealtime insulin option for children with diabetes. Such developments are expected to increase the sales of Fiasp during the forecast period.
Thus, owing to the above factors it is expected to drive the market growth over the forecast period.
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Diabetes is a chronic, life-threatening disease with no known cure. As per the World Health Organization, there are over 400 million people with diabetes across the world, and its treatment constitutes around 12% of the total healthcare expenditure on a global scale. It has emerged as a global epidemic and afflicted millions worldwide. The significant growth in the market can be attributed to factors, such as the rising prevalence of diabetes and the increasing number of programs initiated by various health organizations related to health awareness. Currently, about 10% of all diabetes cases are Type-1 and the remaining are Type-2.
As of 2021, North America accounted for a major share of the market, followed by Asia-Pacific. The increase in the number of diabetes patients is primarily due to increasing obesity among people caused by unhealthy diets and sedentary lifestyles. The market in Asia-Pacific is mainly driven by increasing demand for diabetes drugs from China and India. Currently, China has over 129 million diabetes patients, while the number of diabetes patients in India is expected to reach 82 million by 2027.
Based on drugs, the insulin segment holds a significant share in the market. Over 100 million people around the world need insulin, including all the people suffering from Type-1 diabetes and between 10% and 25% of people with Type-2 diabetes. Production of insulin is very complex, and there are very few companies in the market that manufacture insulin. Due to this, there is high competition between these manufacturers, who always strive to meet the patient’s needs to supply the best-quality insulin.
Key Market Trends
Insulin Drugs is Having the Highest Market Share in 2021
The insulin segment is expected to increase with a CAGR of over 3% during the forecast period, mainly due to the demand from the Type-1 diabetes population, which was more than 58 million by the end of 2027.According to the International Diabetes Federation, diabetes patients spent USD 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 intake of insulin is higher in them. Demand for insulin is driven by an increase in awareness about the benefits of insulin for diabetes patients, especially in emerging economies. Other factors, such as rapid development in insulin delivery systems, drug and analog development by major companies, and the rise in the geriatric and obese population, may fuel the growth of the insulin market.
North America is Expected to Dominate the Diabetes Drugs Market.
North America dominates the global insulin therapeutics market, owing to the high prevalence of diabetes in the region because of the sedentary lifestyle and the launch of new drugs in the region. The United States is expected to grow tremendously during the forecast period, owing to factors, such as the high prevalence of obesity and increasing awareness regarding diabetes care in the region. North America remained the largest market for insulin drugs, primarily due to high demand from the United States.In January 2020, Novo Nordisk announced that the US Food and Drug Administration (FDA) had approved Fiasp (insulin aspart injection) 100 u/mL for use as a new mealtime insulin option for children with diabetes. Such developments are expected to increase the sales of Fiasp during the forecast period.
Thus, owing to the above factors it is expected to drive the market growth over the forecast period.
Competitive Landscape
The diabetes drugs market is moderately fragmented, with few significant and generic players. The insulin drugs and Sglt-2 drugs market are dominated by a few major players, like Novo-Nordisk, Sanofi, AstraZeneca, and Bristol Myers Squibb. The market for oral drugs, like Sulfonylureas and Meglitinides, comprises more generic players. The intensity of competition among the players is high, as each player is striving to develop new drugs and offer them at competitive pricing. Furthermore, to increase their market shares, players are tapping into new markets, especially emerging economies where the demand is very high compared to the supply.Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 MARKET INDICATORS
7 COMPETITIVE LANDSCAPE
Companies Mentioned
A selection of companies mentioned in this report includes:
- Novo Nordisk
- Sanofi
- Eli Lilly and Company
- Biocon
- AstraZeneca
- Bristol Myers Squibb
- Boehringer Ingelheim
- Mylan
- Pfizer
- Johnson & Johnson
- Merck & Co.
- Novartis
- Astellas Pharma
- Teva Pharmaceuticals
Methodology
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