The global diabetes drugs market is expected to exhibit a CAGR of 6.38% over the forecast period from 2018 to 2023, according to a new report from Market Research Future (MRFR). The global diabetes drugs market is primarily driven by the growing prevalence of diabetes and the growing government efforts to control the incidence of diabetes. The major drivers and restraints of the global diabetes drugs market are studied in the report to provide readers with a clear picture of the factors likely to shape the market’s trajectory over the forecast period. The major innovators in the global diabetes drugs market are also analyzed in the report to provide readers with a picture of the drug development landscape in the market.
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The growing prevalence of both type I and type II diabetes is likely to be the major driver for the global diabetes drugs market over the forecast period. The global prevalence of diabetes is mainly driven by the growing prevalence of obesity, growing popularity of smoking, and the growing prevalence of sedentary lifestyles in which the individual gets little to no physical exercise. According to the International Diabetes Federation, 420 million adults suffered from diabetes in 2016, with the number expected to rise to 625 million by 2040. Diabetes has become among the major concerns for the healthcare sector in modern times and is likely to remain one of the most researched diseases in the coming years, driving the diabetes drugs market at a steady growth rate over the forecast period.
Growing research efforts to come up with effective diabetes medication are likely to drive the global diabetes drugs market over the forecast period. While effective diabetes drugs are currently available in the market, the growing prevalence of the disease has driven development efforts from several leading players, trying to come up with more effective and cheaper medication. The growing government support for diabetes research could also emerge as a key driver for the global diabetes drugs market over the forecast period.
Leading players in the global diabetes drugs market include Eli Lilly, Abbott, Biocon, Sanofi, Merck & Co., Daiichi Sankyo, Akros Pharma, Adocia, Takeda, Peptron, Amgen, Boehringer Ingelheim, Pfizer, Novartis, Sunpharma, AstraZeneca, and Novo Nordisk.
In March 2019, the EU approved AstraZeneca’s Forxiga for use as an oral supplement in the treatment of type I diabetes. Forxiga is one of AstraZeneca’s top ten drugs by sales volume and is likely to play a key role in the company’s revival following a recent slump.
The global diabetes drug market is segmented on the basis of type, route of administration, drug class, end user, and region.
On the basis of type, the diabetes drugs market is segmented into type-1 diabetes and type-2 diabetes.
On the basis of route of administration, the market is segmented into oral, intravenous, and others.
On the basis of drug class, the diabetes drugs market is segmented into insulin, sensitizers, SGLT-2 inhibitors, alpha-glucosidase inhibitors, secretagogues, peptide analogs, and others. The sensitizers segment is further sub-segmented into thiazolidinediones and biguanides, whereas the secretagogues segment is further sub-segmented into sulfonylureas and non-sulfonylureas.
On the basis of end users, the market is segmented into hospital & clinics, ambulatory clinics and other.
North America held a dominant 40% share in the global diabetes drugs market in 2017 and is likely to dominate the global diabetes drugs market over the forecast period due to the growing prevalence of diabetes in the region and the strong presence of major players in the region. The high consumption of junk food in North America, especially the U.S., is a major factor responsible for the growing prevalence of diabetes in the region and is likely to drive the diabetes drugs market in the region over the forecast period. The strong presence of major diabetes drug manufacturers in the region, aided by the presence of a strong research environment, is also likely to play a major role in the dominance of North America in the global diabetes drugs market over the forecast period.
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Detailed Table of Contents:
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
5.1.2 Bargaining Power Of Buyers
5.1.3 Threat Of New Entrants
5.1.4 Threat Of Substitutes
5.1.5 Intensity Of Rivalry
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