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North America Diabetes Drugs Market Rising at 7% CAGR by 2023 with ABBOTT LABORATORIES, JOHNSON & JOHNSON, MERCK & CO., NOVO NORDISK, ELI LILLY AND COMPANY, ASTRAZENECA, GLAXOSMITHKLINE, and BAYER AG

09-26-2018 05:47 PM CET | Health & Medicine

Press release from: Market Prognosis

North America Diabetes Drugs Market Highlights
The North America diabetes drugs market is expected to register a CAGR of around 7%, during the forecast period, 2018 to 2023. Diabetes, often referred to by doctors as diabetes mellitus, describes a group of metabolic diseases in which the person has high blood glucose (blood sugar), either because insulin production is inadequate, or because the body's cells do not respond properly to insulin, or both. Patients with high blood sugar will typically experience polyuria (frequent urination), they will become increasingly thirsty (polydipsia) and hungry (polyphagia). Diabetes is a chronic metabolic disease wherein the body is either not able to produce insulin (Type-1) or is not able to utilize the generated insulin (Type-2). This elevated sugar level leads to various symptoms such as increased thirst, weight loss, high appetite, and frequent and sweet smelled urination. If untreated, diabetes causes various acute and chronic life-threatening complications.

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US Lead the Market in North America Region
The US diabetes drugs market holds the largest market share in 2017 in North America region due to the presence of high quality healthcare system and increasing prevalence of diabetes in this region.

Key Developments in the Market:
June 2017 u2013 J&J Drug (Invokana) prevents heart attacks at cost of amputated toes

Major Players:
ABBOTT LABORATORIES, JOHNSON & JOHNSON, MERCK & CO., NOVO NORDISK, ELI LILLY AND COMPANY, ASTRAZENECA, GLAXOSMITHKLINE PLC., and BAYER AG., among others.

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Rising Prevalence of Diabetes
Diabetes is one of the most malignant diseases of the 21st century. WHO predicts that diabetes would be the seventh most leading cause of death by 2030. Prevalence of diabetes increased from 108 million in 1980 to 422 million in 2014. As an example, rising diabetes prevalence in the United States is the most influencing factor driving the market for diabetes drugs. 9.3% of the US population, i.e. 29.1 million is diabetic. While 21 million of them are diagnosed, 8.1 million remain undiagnosed. Statistics prove that one in ten individuals in the country have diabetes and a rise in this trend is expected to take the situation to u2018one in three’ by 2050 (according to the Centers for Disease Control and Prevention). Therefore, the demand for various diabetes-related devices is expected to increase in the United States. High prevalence of diabetes is witnessed Mexico as well, where a population of 11 million suffered from diabetes in 2015 (according to the International Diabetes Federation). With the increase in diabetes population, the need and demand for diabetes drugs is expected to increase in North America. The other factors, such as Better adoption than other therapies and government initiatives are driving the diabetes drugs market.

High Cost of Diabetes Medications
Drugs for diabetes are rather expensive for a large segment (middle class or lower middleclass populous) of diabetic patients. While there are only few of them are moderately priced-generics, such as Metformin drugs, and all other drugs are often more cost and have fewer side effects; these drugs are beyond the purchasing capabilities of a majority of the diabetic population. Therefore, the market for new brand drugs is hampered due to customer preference for generics over the branded drugs.
Due to the high-cost constraint, a large chunk of the diabetic population in the United States has been taking generic drugs during the past few years. In 2014, per person spending on diabetes drugs in the United States was more than any traditional medication. Moreover, over half the prescribed drugs in this class were generics. Another cost concerning factor is seen in the Insulin market. Insulin, which was invented in 1921, is preferred by many; however, there is no generic version of the drug yet in the market. While it is considered as a classical medication for diabetes, it is a costly affair for many people, which would eventually hinder the growth of the global diabetes drugsmarket. The other factor, such as regulatory framework and adverse reaction of the medications is also hindering the growth of the market.

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About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
We believe in delivering actionable insights for your business growth and success.

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