Worldwide Diabetes Drug Market Size was US$ 63.13 Billion in 2021
Diabetes drugs have been used more frequently in recent years as the prevalence of diabetes has increased across all age groups. Some of the critical elements driving growth in the diabetes drugs market include an aging population, technological advancements, and increased sales of novel drugs.
Besides, government initiatives to combat diabetes are fueling the growth of the diabetes drugs market. The high manufacturing costs of drugs and insulin devices, on the other hand, are limiting the development of the diabetes drugs market. Furthermore, a lack of public awareness about diabetes treatment impedes the growth of the diabetes drugs market. As per the publisher, Global Diabetes Drug Industry will expand with a CAGR of 4.6% during 2021-2027.
Synopsis of COVID-19 Impact on the Global Diabetes Drug Market:
The appearance of COVID-19 had brought the world to a halt. The healthcare crisis had a far-reaching impact on businesses across industries. The pandemic underscored the importance of chronic disease management and its role in public health. People with diabetes were at the highest risk of becoming infected with the virus. As a result, population healthcare systems have prioritized infrastructure consolidation to improve chronic disease care. As a result, the current drug market is boosted, encouraging R&D investments. Furthermore, increased public awareness aided patients in making more clinically informed decisions about the pharmacological therapies required.
Disease Type: Type 2 Diabetes Holds Prominent Position:
Our report classifies the diabetes drug market into type 1 diabetes and type 2 diabetes. Remarkably, due to higher prevalence worldwide, type 2 diabetes contributes significantly to the diabetes drugs market. Furthermore, rising obesity rates, rising disposable income, and improved healthcare facilities are some of the key factors driving the growth of the diabetes type 2 segment. Meanwhile, type 1 diabetes is expected to follow the type 2 segment and rise rapidly during the forecast period.
By Therapy, the Market for Insulin Remains Dominant:
In this report, we have furnished a comprehensive analysis of the global diabetes drug market and divided it into three segments: Oral, Injectable, and Insulin. According to our research, the demand for insulin remains dominant, owing to imperfect competition from biosimilars in the market and patients' lack of trust in biosimilars.
In addition, we have examined the sub-segments for the segments as mentioned earlier based on therapy. Precisely, (DPP) IV inhibitor, SGLT-2, Alpha Glucosidase Inhibitor, and Biguanide are Oral Drug sub-segments, Glucagon-like peptide (GLP) 1 agonist, and Amylin receptor agonist are Injection Drug sub-segments and Rapid - Acting Insulin, Long-Acting Insulin, and Premixed Insulin are Insulin sub-segments covered in our report.
The America Accounts for Lion's Share:
America holds the lion's share in 2021 and is expected to maintain its dominance throughout the forecast period. This is primarily due to an increase in the diabetes population in the American region due to stress, unhealthy diets, and obesity. Besides, there are over million diabetes patients in the American region, and this number is expected to ascend in the forthcoming years, according to our analysis.
Furthermore, the growth of the diabetes drug market in this region is aided by favorable government reimbursement policies and advanced healthcare infrastructure. Aside from that, Asia-Pacific countries are expected to generate higher demand in the coming years, owing primarily to initiatives undertaken by local governments and health organizations to raise awareness about diabetes, drugs, and devices.
Competitive Landscape:
The diabetes drugs market is relatively fragmented, with only major and generic players. The few significant players studied in our report include Novo Nordisk, AstraZeneca plc, Biocon, Sanofi, Eli Lilly, Johnson & Johnson, and Bristol Myers Squibb Co. The competition among the participants is high, as each is attempting to develop new drugs and offer them at competitive prices. Furthermore, players are expanding into new markets to increase their market share, particularly in emerging economies where demand exceeds supply.
The publisher's latest report Diabetes Drug Market, Global Forecast By Disease Type (Type 1 Diabetes Drug Market and Type 2 Diabetes Drug Market), Therapy (Oral ((DPP) IV inhibitor, SGLT-2, Alpha Glucosidase Inhibitor, and Biguanide), Injection (Glucagon-like peptide (GLP) 1 agonist, and Amylin receptor agonist), Insulin (Rapid - Acting Insulin, Long-Acting Insulin, and Premixed Insulin ), Region ( America, Europe, Asia Pacific, The Middle East & Africa), Companies (Novo Nordisk, AstraZeneca plc, Biocon, Sanofi, Eli Lilly, Johnson & Johnson, and Bristol Myers Squibb Co) provides a detailed analysis of Diabetes Drug Industry.
Disease Type - Market has been covered from 2 viewpoints:
1. Type 1 Diabetes Drug Market
2. Type 2 Diabetes Drug Market
Therapy - Market have been covered from 3 viewpoints:
1. Oral
- (DPP) IV inhibitor
- SGLT - 2
- Alpha Glucosidase Inhibitor
- Biguanide
- Others Oral Drug
2. Injection
- Glucagon-like peptide (GLP) 1 agonist
- Amylin receptor agonist
3. Insulin
- Rapid - Acting Insulin
- Long Acting Insulin
- Premixed Insulin
- Other Insulin
Region - Market have been covered from 4 viewpoints:
1. North America
2. Europe
3. Asia Pacific
4. Middle East & Africa
Company Insights:
- Overview
- Recent Development & Strategies
- Financial Insights
Companies Covered:
1. Novo Nordisk
2. AstraZeneca plc
3. Biocon
4. Sanofi
5. Eli Lilly
6. Johnson & Johnson
7. Bristol Myers Squibb Co.
What is the estimated value of the Global Diabetes Drugs Market?
What is the growth rate of the Global Diabetes Drugs Market?
What is the forecasted size of the Global Diabetes Drugs Market?
Who are the key companies in the Global Diabetes Drugs Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 140 |
| Published | March 2022 |
| Forecast Period | 2021 - 2027 |
| Estimated Market Value ( USD | $ 63.13 Billion |
| Forecasted Market Value ( USD | $ 82.92 Billion |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 7 |
Table of Contents
Companies Mentioned
- Novo Nordisk
- AstraZeneca plc
- Biocon
- Sanofi
- Eli Lilly
- Johnson & Johnson
- Bristol Myers Squibb Co.
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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