The Global Diabetes Drug Market is expected to grow at a CAGR of 6.38% during forecasted period 2018 -2023.
The consumption of Diabetes Drugs is increasing owing to the rising prevalence of diabetes in various age groups. Increasing aging population, technological advancements, and increasing sales of novel drugs are some of the key factors driving growth of the Diabetes Drugs market. In addition, government initiatives to control diabetes are also fuelling growth of the Diabetes Drugs market. However, low awareness among people about diabetes treatment, high manufacturing cost of drugs and insulin devices are anticipated to pose as restraining factors to the growth of the Diabetes Drugs market.
Patient compliance is one important factor in future growth of drugs, devices, and monitoring systems used to treat diabetes. Despite improved diagnosis and advances in treatment options for individuals with Type 2 diabetes, sub-optimal therapy adherence and tenacity result in significant economic and societal burden as well as avoidable patient complications in six diverse healthcare systems around the world, according to a new report series issued by the IMS Institute for Healthcare Informatics. Effective patient activation, how well people understand their role in the care process along with their ability and willingness to actively manage their own health and care is key to deriving greater value from existing diabetes treatments.
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Diabetes drugs are the drugs which are administered for the treatment of different types of Diabetes. Drugs used in diabetes treat diabetes mellitus by lowering glucose levels in the blood. With the exceptions of insulin, exenatide, liraglutide and pramlintide, all are administered orally and are thus also called oral hypoglycaemic agents or oral antihyperglycemic agents. There are different classes of anti-diabetic drugs, and their selection depends on the nature of the diabetes, age and situation of the person, as well as other factors. Diabetes is treated through diabetes drugs such as insulin, metformin, and sulphonylureas.
Diabetes drugs help in preventing complications and controlling blood glucose level in the blood. Some of the drugs used to treat type 2 diabetes are metformin, actos, avandia, lantus subcutaneous, and invokana. All drugs are administered orally except insulin, exenatide, liraglutide, and pramlintide. Insulin is delivered through insulin delivery devices including infusion pump, intravenous sets, insulin syringe, insulin pen, and jet injectors. Long acting, intermediate acting, short acting, and rapid acting are some of the types of insulin used to treat diabetes.
The major key player for the global diabetic drugs market are Eli Lilly (US), Novo Nordisk (Denmark), Abbott (US), AstraZeneca (UK), Biocon (US), Sunpharma (India), Sanofi (France), Novartis (Switzerland), Merck & Co. (US), Pfizer (US), Daiichi Sankyo (Japan), Boehringer Ingelheim (Germany), Akros Pharma (US), Amgen (US), Adocia (France), Peptron (South Korea), Takeda (Japan).
Eli Lilly and Company is an US headquartered pharmaceutical companies. Many anti diabetic drugs are available in the market Basaglar, Glucagon, Glyxambi, Humalog, Humulin and Trulicity are some of the major products of this company. Trulicity is one of the most successful product of the company. Trulicity revenue in 2016 was increased by 7 %. In 2016, Synjardy has approved by FDA for the treatment of type 2 diabetes.
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Novartis is a multinational pharmaceutical company headquartered in Denmark. Victoza, Tresiba, Levemir and NovoLog are some of the major products of the company. Company has recently launched Fiasp which is a fast acting insulin. In Q1 2017 the total sale of company for Diabetes and obesity care was 23,761 million Danish kroner.
America dominates the global diabetes drug market owing to large diabetic patient population. According to the WHO, in 2016, 9.6% of total America population were suffering from diabetes. In addition to this, increasing number of obese people, changing lifestyle and increasing healthcare expenditure have boosted the growth of the market in America. Increasing cholesterol level and smoking increases the possibility of causing diabetes. According to the Centers for Disease Control and Prevention (2014), 73.5 million adults in the US had diagnosed with high cholesterol level. Furthermore, increasing awareness among the people regarding different monitoring procedures, rising awareness and well-developed technology have also contributed to the growth of the market.
Europe accounts for the second largest diabetes drug market, which is followed by Asia Pacific. Huge smoking population, availability of funds for research, and government support for research & development will drive the market in Europe.
Asia Pacific is the fastest growing region for the market due to the presence of a huge patient population, continuously developing economies, and increasing need for the better treatment.
On the other hand, the Middle East & Africa has the least share in the global diabetes drug market due to presence of poor economy especially in Africa region. Middle East holds the major share in the Middle East & Africa diabetes drug market owing to well-developed healthcare sector and huge healthcare expenditure.
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