North America Insulin Therapeutics Market to significant growth at a CAGR of ~ 8% through 2018-2023|Key players- ASTRAZENECA, BIOCON, BIOTON S.A., ELI LILLY AND COMPANY, JULPHAR, MERCK, NOVO NORDISK A/S, TEVA PHARMACEUTICAL INDUSTRIES

The North America insulin therapeutics market is expected to register a CAGR of 8.0% during the forecast period, 2018 to 2023. The United States dominates the market, due to growing prevalence of diabetes and obesity in the country

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Mexico to Grow at High CAGR
The United States dominates the North America insulin therapeutics market, owing to high prevalence of diabetes in the country, augmented by launch of new drugs. However, Mexico is expected to grow immensely during the forecast period, owing to factors, such as high prevalence of obesity and growing awareness regarding diabetes care in the country

Key Developments in the Market
• May 2017: Novo Nordisk A/S launched Xultophy 100/3.6 (insulin degludec and liraglutide injection) in the United States.
• December 2017: Merck Co.7 Inc. and Pfizer Inc. received US Food and Drug Administration (FDA) approval for STEGLATROTM (ertugliflozin) tablets, an oral sodium-glucose cotransporter 2 (SGLT2) inhibitor, and the fixed-dose combination STEGLUJANu2122 (ertugliflozin and sitagliptin) tablets.

Major Players:
ASTRAZENECA, BIOCON, BIOTON S.A., ELI LILLY AND COMPANY, JULPHAR, MERCK & CO., INC., NOVO NORDISK A/S, TEVA PHARMACEUTICAL INDUSTRIES LTD, SANOFI-AVENTIS, AND WOCKHARDT LTD, amongst others.

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Growing Diabetes Prevalence in North America
Diabetes ranks among the fast-growing chronic diseases in the United States; currently, diabetes affects more than 29 million people in the country. Genetic factor is one of the major reasons for the rapid spread of the disease. The sedentary lifestyles and obesity are the other factors responsible for high prevalence of the disease. The United States is the major consumer of insulin drugs, globally, owing to growing awareness of diabetes among the population, high healthcare expenditure, and adoption of advance therapeutics (biosimilars) in the countries. However, Mexico and Canada are anticipated to expand significantly during forecast period, owing to rising rate of obesity, growing government initiatives in cure of chronic diseases in the countries, and genetic factors for Type 2 diabetes, which are likely to augment the insulin therapeutics market in North America. Thus, increasing prevalence of diabetes across the North American region will surge a huge demand for insulin, which will drive the market for insulin therapeutics.

Increasing Pricing Pressure & Expiration of Patents
Pharmaceutical companies have increased the price of insulin drugs since the past few years, owing to increased US payer pressure. For instance, On May 30, 2014 the price of insulin glargine was increased by 16.1% by Sanofi. The next day, Novo Nordisk increased the price of insulin detemir by 16.1%. The pattern repeated itself six months later and this actually repeated 13 times for these two products.The rising price can affect the consumption rates of branded insulin drugs, shifting the consumption from branded drugs to low-cost generic drugs. The presence of large number of pharmaceutical companies engage in generic drugs, coupled with patent expiration of many branded drugs, may impede the market of insulin therapeutics in North America

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