Global Diabetes Therapeutics Market was valued at $66,993 million in 2016, and is estimated to reach $186,842 million by 2023, growing at a CAGR of 16.0% from 2017 to 2023.
The factors that drive the global diabetes therapeutics market include rise in geriatric population and increase in prevalence of diabetes worldwide due to increased obesity, urbanization, poor diet, and substandard healthcare conditions in some developing and underdeveloped countries. Moreover, the development of affordable & effective diabetes therapeutics, growth in awareness among people about self-management of diabetes, and support from the government further boost the market growth. However, side effects of diabetic drugs and stringent approval process for drugs restrain this growth. Rise in awareness about diabetes care and untapped market opportunities in developing regions are expected to provide numerous opportunities for market development.
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Diabetes therapeutics are drugs used by diabetic patients to conserve the blood glucose levels in the body.
The major factor that contributes to the market growth are increase in incidence rate of diabetes caused by rapid urbanization and sedentary lifestyle. Moreover, development of affordable & effective diabetes therapeutics, rise in obese population, consumption of fast food, growth in awareness among people about self-management of diabetes, and support from the government further boost the market growth. However, side effects of diabetic drugs on patients and stringent approval process for these drugs hinder this growth. Moreover, rise in awareness about diabetes care and untapped market opportunities in developing regions are expected to provide numerous opportunities for market growth.
The injectables segment is expected to maintain its dominant position during the analysis period, owing to rise in the prevalence of diabetes, increase in geriatric population, high demand of self-care, and increased awareness about use of insulin (one of the injectables) as an anti-diabetic drug.
Key Findings of the Diabetes Therapeutics Market
• The injectables segment accounted for nearly two-thirds share of the global market in 2016.
• GLP-1 receptor agonists segment expected to grow at a rapid CAGR of 33.1% from 2017 to 2023.
• Insulin segment accounted for more than half of the global market in 2016.
• Asia-Pacific is expected to grow at the highest CAGR of 16.8% from 2017 to 2023.
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North America accounted for more than one-third share of the global market in 2016, and is expected to remain dominant throughout the forecast period. This is attributed to the increase in incidence of diabetes, growth in geriatric population, and adoption of sedentary lifestyle of people that leads to diabetes. In addition, presence of highly sophisticated healthcare infrastructure is expected to present new growth opportunities to the players in this market.
According to the United Nations World Population Ageing Report, around 64.4 million people in Africa and 70.9 million people in Latin America and Caribbean belonged to the age group of 60 years and above in 2015. In addition, purchasing power has increased in this region, which fuels the market growth. Moreover, government organizations in this region focus to improve the healthcare infrastructure by increased funding, which boosts the growth further.
The major companies profiled in the report include AstraZeneca plc, Boehringer Ingelheim GmbH, Eli Lilly and Company, GlaxoSmithKline plc, Johnson & Johnson, Merck & Co., Inc., Novartis AG, Novo Nordisk, Sanofi S.A., and Takeda Pharmaceutical Company Limited.
Key players in the value chain include Astellas Pharma Inc., Biocon Limited, Diasome Pharmaceuticals, Inc., Generex Biotechnology Corp., MannKind Corporation, and Pfizer Inc.
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