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Diabetes Drug Market Growth Overview 2018 | Growing CAGR of 6.38% with Topmost Players Abbott, AstraZeneca, Biocon, Sunpharma and More – Outlook to 2023
Diabetes Drug Market
The global diabetes drugs market is growing with a swift phase; mainly due to increase in patient population and research and development done by market players to fill the gap of market. The WHO estimated that diabetes leads to 1.6 million deaths in 2015 and it is the major causes of blindness, kidney failure, heart attacks, stroke, and lower limb amputation.
Increase in incidence of chronic disease owing to diabetes will drag the interest of biopharmaceutical researchers for developing effective drugs for the treatment. More than 170 diabetes drugs are in the development stage to cure diabetes or diabetes related conditions. In 2014, the cost of diabetes diagnosis was around USD 245 billion in the United States, and biopharmaceutical researchers are focusing to find new lifesaving and life-changing treatments.
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Global Diabetes Drugs Market - Segmentation
The global diabetes drug market is segmented on the basis of types, route of administration, drug class, and end users.
On the basis of types, the 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 other.
On the basis of drug class they are insulin, sensitizers, SGLT-2 inhibitors, alpha-glucosidase inhibitors, secretagogues, peptide analogs and others. Sensitizers are sub segmented into thiazolidinediones and biguanides. Secretagogues are further segmented into sulfonylureas and non-sulfonylureas
On the basis of end users, the market is segmented into hospital & clinics, ambulatory clinics and other.
Global Diabetes Drugs Market - Scenario
Diabetes is a metabolic disorder in which the body glucose level is elevated. There are two type of diabetes namely type-1 diabetes and type-2 diabetes. During last decade there is a tremendous increase in the number of diabetic population.
According to International Diabetes Federation, in 2016, it was estimated that 420 million adult population were suffering from diabetes which is increasing at the rate of 8.4% and is expected to reach 625 million by 2040. A number of different types of drugs are available in the market however, no available treatment can cure diabetes totally. However, cost issues, strict regulatory rules and long approval time for drugs may led to restrain the growth of the market.The global Diabetes Drug Market is expected to grow at a CAGR of 9.2% during forecasted period 2017-2023.
Global Diabetes Drugs Market - Key Players
The major player in the global diabetic drug market are Eli Lilly (US), Novo Nordisk (Denmark), Abbott (US), AstraZeneca (UK), Biocon (US), Sunpharma (India), Sanofi (France), Novartis (Switzerland), Merck & Co. (US), Pfizer (US), Daiichi Sankyo (Japan), Boehringer Ingelheim (Germany), Akros Pharma (US), Amgen (US), Adocia (France), Peptron (South Korea), Takeda (Japan).
Global Diabetes Drugs Market - Regional Analysis
America dominates the global diabetes drug market owing to large diabetic patient population. According to the WHO, in 2016, 9.6% of total America population were suffering from diabetes. In addition to this, increasing number of obese people, changing lifestyle and increasing healthcare expenditure have boosted the growth of the market in America. Increasing cholesterol level and smoking increases the possibility of causing diabetes. According to the Centers for Disease Control and Prevention (2014), 73.5 million adults in the US had diagnosed with high cholesterol level.
Europe accounts for the second largest diabetes drug market, which is followed by Asia Pacific. Huge smoking population, availability of funds for research, and government support for research & development will drive the market in Europe.
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Asia Pacific is the fastest growing region for the market due to the presence of a huge patient population, continuously developing economies, and increasing need for the better treatment.
On the other hand, the Middle East & Africa has the least share in the global diabetes drug market due to presence of poor economy especially in Africa region. Middle East holds the major share in the Middle East & Africa diabetes drug market owing to well-developed healthcare sector and huge healthcare expenditure.
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