Diabetes Drugs Market Outlook, Opportunity & Demand Analysis, Forecast 2019-2028
The Diabetes Drugs market is projected to witness substantial growth globally between 2020 and 2028 on account of increasing expenditure on healthcare which results in the demand for better and advanced healthcare services. The total spending on healthcare is growing at an annual average rate of 6% in low and middle income countries, which is higher than the average 4% growth rate in high income countries. Around 10% of the world's GDP comprised of the healthcare expenditure with an estimated value of USD 7.5 trillion in 2016. Moreover, the healthcare spending was estimated to be 8.2% of the GDP in high income countries and 6.3% of the GDP in low and middle income countries in the same year. As per the World Health Organization, the median health expenditure per capita in high income countries was more than USD 2,000 in 2016. On the other hand, the median health expenditure per capita in 2016 was recorded to be USD 400 in upper-middle income countries and USD 100 in low and low-middle income countries.
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The growing healthcare spending by people in the medical industry further leads to the rise in employments in the healthcare sector. This forms another factor that is estimated to contribute towards the Diabetes Drugs market growth during the forecast period. The number of jobs in home healthcare sector are estimated to expand at a fast pace, projecting a growth of 60% between 2014 and 2024. According to Bureau of Labor Statistics, the fastest growing occupations in the healthcare industry between 2014 and 2024 include occupational therapy assistants with 43% growth, physical therapy assistants with 41% growth, physical therapy aides with 39% growth and home health aides and nurse practitioners with 38% and 35% growth respectively. More than 400,000 healthcare services providers are to be added in the industry during this period which is anticipated to further drive the growth of Diabetes Drugs market during the forecast period, i.e., 2020-2028.
Furthermore, to provide better understanding of internal and external marketing factors, the multi-dimensional analytical tools such as SWOT and PESTEL analysis have been implemented in the global Diabetes Drugs market report.
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Moreover, the report consists of market segmentation, CAGR (Compound Annual Growth Rate), BPS analysis, Y-o-Y growth (%), Porter's five forces analysis, absolute $ opportunity and anticipated cost structure of the market.
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