Abbott Laboratories (U.S), Bayer AG (Germany), Eli Lily & Company (U.S), Medtronic (U.S), AstraZeneca Plc. (U.K), Lifescan (U.S), Terumo Medical Corporation (Japan) and Roche Holding AG (Switzerland) and others are some of the prominent players at the forefront of competition in the BRIC Diabetes Treatment & Prevention Market and are profiled in MRFR Analysis.
BRIC Diabetes Treatment & Prevention Market – Overview
Diabetes is a chronic disease characterized by elevated levels of blood glucose which leads to serious damage to the heart, eyes, kidneys, blood vessels and nerves. The most common form of diabetes is type 2 diabetes which occurs when the body becomes resistant to insulin or doesn’t make enough insulin. In the past three decades the prevalence of type 2 diabetes has risen dramatically in countries of all income levels.
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Type 1 diabetes, once known as juvenile diabetes or insulin-dependent diabetes, is a chronic condition in which the pancreas produces little or no insulin by itself. The BRIC nations are usually considered by low diagnosis and awareness rates for diabetes. For instance, in Russia, Type 2 diabetes (T2D) is unassertive, but due to the lack of epidemiological and health outcome data on the prevalence of the patient pool who are suffering from diabetes indicates a large undiagnosed population. Burden of diabetes in Russia concluded that the non-T2D population presented a significant enough number of risk factors to suggest that T2D prevalence could be much higher.
The BRIC diabetes treatment & prevention market is growing with the rapid pace. The BRICS market of diabetes treatment and prevention is USD 3.53 billion in 2016 with a CAGR of approximately 11.52% during the forecast period 2017-2023. According to a recent study report published by the Market Research Future, The BRIC diabetes treatment & prevention market is booming and expected to gain prominence over the forecast period growing rapidly. The market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).
The market is expected grow with the same trends during the forecast period. The major drivers will be new product launches, the ability of patients to pay for advanced medical products and devices and growing awareness about diabetes drive this market. Moreover, high prevalence of diabetes in region like India and China has also supported the growth of the market. According to WHO (2016), In China 10% of adults have been diagnosed with diabetes, in which type 2 diabetes is found to be the most prevalent type. This is due to unhealthy lifestyle of people and lack of physical activity. The WHO also stated that non-communicable diseases including diabetes, are a major health threat contributing to 80% of overall disease in China. India, being the hub of diabetes, is the largest and fastest growing market.
BRIC Diabetes Treatment & Prevention Market – Competitive Analysis
The market for diabetes treatment & prevention is characterised by the presence of several well-established and small players, the global market of diabetes treatment & prevention appears to be getting competitive in this region due to high prevalence of the disease. Global players are increasingly expanding their footprint in the emerging nations, especially in terms of features such as type, product portfolios, and pricing. The market is witnessing intensified competition which is expected to increase with time during the forecast period. Well established players are entering into collaboration, partnership, expansion, and product launch in order to gain competitive edge in this market and to maintain their market position.
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Pharma companies has introduced a number of initiatives to help tackle diabetes, particularly in China. For instance, in March 2013, Merck Serono and Bristol-Myers Squibb come forward to sign a deal to co-promote a variety of formulations of Glucophage (metformin) in China.
Moreover, in March 2017, NASCAR and Lilly Diabetes signed a partnership in which Lilly is expanding its involvement in NASCAR. The new collaboration designates Lilly Diabetes as the “Official Diabetes Health Partner of NASCAR.
Furthermore, on December 2017, Novo Nordisk got a U.S. Food and Drug Administration (FDA) approval for its New Drug Application (NDA) for OZEMPIC (semaglutide) injection to improve glycemic control in adults with type 2 diabetes.
The growing number of key developments in this market is thereby presenting a potential for the key players to capture a reasonable amount of share in BRIC region.
- Report Prologue
2.2 Scope of the Study
2.2.1 Research Objective
2.3 Market Structure
2.4. Market Segmentation
- Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
- Market Dynamics
4.5 Macroeconomic Indicators
- Market Factor Analysis
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