Rising Prevalence of Diabetes
Diabetes is one of the most malignant diseases of the 21st century. WHO predicts that diabetes would be the seventh most leading cause of death by 2030. Prevalence of diabetes increased from 108 million in 1980 to 422 million in 2014. The rising prevalence of diabetes in the United States is the most influencing factor driving the market for diabetes drugs. 9.3% of the population of the United States, i.e., 29.1 million is diabetic. While 21 million of them have been diagnosed, 8.1 million remain undiagnosed. Statistics prove that one in ten individuals in the country has diabetes and a rise in this trend is expected to take the situation to one in three by 2050 (according to the Center for Disease Control and Prevention). Therefore, the demand for various diabetes-related devices is expected to increase in the United States. High prevalence of diabetes is witnessed Mexico as well, where a population of 11 million suffered from diabetes in 2015 (according to the International Diabetes Federation). With the increase in the diabetic population, the need and demand for diabetes drugs is expected to increase globally. The other factors, such as better adoption than other therapies and government initiatives are driving the diabetes drugs market.
High Cost of Diabetes Medications
Drugs for diabetes are rather expensive for a large segment (middle class or lower middle-class) of diabetic patients. While there are only few moderately priced-generic drug available such as Metformin drugs, all the other drugs that are more effective, are costly and have fewer side-effects. These drugs are beyond the purchasing capabilities of a majority of the diabetic population. Therefore, the market for new brand of drugs is hampered due to customer preference for generics over the branded drugs.
Due to the high-cost constraint, a large chunk of the diabetic population in the United States has been taking generic drugs over the past few years. In 2014, spending on diabetes drugs in the United States, per person, was more than any traditional medication. Moreover, over half the prescribed drugs in this class were generics. Another cost concerning factor is seen in the insulin market. Insulin, which was invented in 1921, is preferred by many. However, there is no generic version of the drug yet in the market. While it is considered as a classical medication for diabetes, it is unaffordable for many people, which would eventually hinder the growth of the global diabetes drugsmarket. The other factor, such as regulatory framework and adverse reaction to medications is also hindering the growth of the market.
United States Leads the Market in North America
In 2017, the United States diabetes drugs market held the largest market share in North America due to the presence of high quality healthcare system and increasing prevalence of diabetes in this region. In the Asia-Pacific sector, China and India have been identified as potential emerging markets due to the rising diabetic population in this region.
Key Developments in the Market:
- June 2017: J&J diabetes drug (Invokana) prevents heart attacks at cost of amputated toes.
Reasons to Purchase the Report
- Follow the current and future global diabetes drugs market outlook in the developed and emerging markets.
- Examining the various perspectives of the market with the help of Porter’s Five Forces Analysis.
- Identify the segment that is expected to dominate the market
- Identify the regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3-month analyst support along with the Market Estimate sheet (in Excel).
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1.1 Market Definition
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threat of New Entrants
5.2.4 Threat of Substitute Products and Services
5.2.5 Competitive Rivalry within the Industry
6. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
6.1.1 Rising Prevalence of Diabetes
6.1.2 Better Adoption than Other Therapies
6.1.3 Government Initiatives
6.2.1 High Cost of Diabetes Medications
6.2.2 Regulatory Framework
6.2.3 Adverse Reaction of Medications
6.4 Key Challenges
7. Market Segmentation
7.1 By Drugs
220.127.116.11.1 Rapid-acting Insulin
18.104.22.168.2 Intermediate-acting Insulin
22.214.171.124.3 Long-acting Insulin
126.96.36.199 Oral Diabetic Medication Drugs
188.8.131.52.3 Glucagon-like Peptide-1 Receptor Agonist
184.108.40.206.4 Dipeptidyl Peptidase - 4 (DPP-4) Inhibitors
7.2 By Geography
7.2.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Australia & New Zealand
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
7.2.4 Middle East & Africa
220.127.116.11 South Africa
18.104.22.168 Rest of the Middle East & Africa
7.2.5 South America
22.214.171.124 Rest of South America
8. Competitive Landscape
8.1 Mergers & Acquisition Analysis
8.2 Agreements, Collaborations, and Partnerships
8.3 New Products Launches
9. Key Players
9.1 Abbott Laboratories
9.3 Bayer AG
9.4 Eli Lilly and Company
9.5 GlaxoSmithKline PLC
9.6 Johnson & Johnson
9.7 Merck & Co.
9.8 Novo Nordisk
*List not Exhaustive
10. Future of the Market