Diabetes Therapeutics Market by Leading Players 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

According to a new report published by Allied Market Research, titled, "Diabetes Therapeutics Market - Global Opportunity Analysis and Industry Forecast, 2017-2023," the 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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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.

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.

According to IDF seventh Edition, about 29.6 million of the adult population in the South and Central America regions suffered from diabetes in 2015, of which, about 39.0% of them were undiagnosed. The presence of large number of people with diabetes in this region and developing healthcare facilities are expected to fuel the market growth.

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.

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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.

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