Diabetes Drugs Market Booming Worldwide By 2025 Published By Leading Research Firm
Global Diabetes Drugs Market: Snapshot
The global diabetes drugs market is predicted to display steadfast growth in the near future. Increasing incidence of diabetes due to sedentary lifestyle coupled with consumption of high calorie food stokes demand for therapeutics for diabetes. Growing geriatric population globally susceptible to age-related medical conditions such as diabetes and blood pressure is also boosting the diabetes drugs market.
Diabetes is a chronic medical condition wherein insulin is produced in insufficient amount, or if insulin is produced but is not absorbed by the body.
Research and development initiatives for the introduction of improved drugs is also accentuating the growth of diabetes drugs market.
As per a report by Transparency Market Research (TMR), the global diabetes drugs market is predicted to clock a CAGR of 3.6% over the forecast period between 2017 and 2025. At this pace, the market’s valuation of US$43.1 bn in 2016 will become US$58.4 bn by the end of 2025.
Hospital Pharmacies to Remain Key Distribution Segment
The global diabetes drugs market is segmented in terms of disease type, therapy type, distribution channel, and region. By therapy type, the diabetes drugs market is classified into sodium glucose co-transporter 2 inhibitors, glucagon-like peptide-1 agonist, Dipeptidyl-peptidase-4 (DPP-4) inhibitors, insulin, and others. By distribution channel, the diabetes drugs market has been segregated into hospital pharmacies, online pharmacies, and retail pharmacies. Hospital pharmacies, among them, accounts for the leading market share due to availability of trained staff to sell medicines. Online pharmacies are anticipated to hold significant share in the near future due to proliferation of e-commerce and rising popularity of e-tail.
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Growth of Type 2 Diabetes Disease Type Segment to Remain at Fore
Depending upon disease type, the diabetes drugs market is segmented into type1 diabetes, type 2 diabetes, impaired glucose tolerance, gestational diabetes, and impaired fasting glycaemia. Out of these, type 2 diabetes holds a leading share in the overall market due to its higher prevalence. Rapid rate of growth of obesity in the urban population, improving healthcare facilities, and rising disposable income are serving to boost the growth of type 2 diabetes segment. Meanwhile, type 1 diabetes accounts for second-leading share of the market. Gestational diabetes, impaired fasting glycaemia, and impaired glucose tolerance segments are projected to rise at a steady pace over the forecast period.
Geographically, the diabetes drugs market has been segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America, among them, held the leading share of the market in 2016 due to high prevalence of diabetes. Europe held the second-leading share of the market in 2016 due to an established research and development infrastructure for drug improvement.
The Middle East & Africa is anticipated to emerge as a key market for diabetes drugs due to increasing prevalence of diabetes and rising disposable income in the region.
Some of the top companies operating in the global diabetes drugs market are Novo Nordisk A/S, Boehringer Ingelheim GmbH, Novartis AG, Bayer AG, Merck & Co., and Sanofi. Some other prominent companies operating in this market are Takeda Pharmaceutical Company Limited, Johnson & Johnson, Boehringer Ingelheim GmbH, and Eli Lily and Company.
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