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Non-Insulin Therapies For Diabetes Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments
Non-Insulin Therapies For Diabetes Global Market Report 2024
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According to The Business Research Company's, The non-insulin therapies for diabetes market size has grown strongly in recent years. It will grow from $18.71 billion in 2023 to $19.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increasing diabetes prevalence, increasing awareness of diabetes management, rise in healthcare expenditure, shift in lifestyle changes leading to higher incidence rates, surge in diagnosis, increasing government initiatives for diabetes care, and increasing investment in pharmaceutical R&D.
The non-insulin therapies for diabetes market size is expected to see strong growth in the next few years. It will grow to $26.14 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to rising diabetes prevalence, increasing awareness of diabetes management, growing adoption of combination therapies, expanding geriatric population, increasing healthcare expenditure, expansion of telemedicine, and growing preference for oral medications. Major trends in the forecast period include advancements in oral and injectable medications, advancements in drug delivery systems, advancements in oral peptide delivery, adoption of telemedicine and digital health solutions, and advancements in combination therapies.
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Market Drivers and Trends:
The increase in the prevalence of diabetes is expected to propel the growth of non-insulin therapies for the diabetes market going forward. Diabetes is a chronic medical condition characterized by high blood glucose (sugar) levels. It occurs when the body cannot produce enough insulin or properly use the insulin it makes. The cases of diabetes is growing due to sedentary lifestyles, unhealthy diets, genetic predisposition, aging populations, obesity, ethnicity, lack of awareness, limited access to healthcare, and environmental factors. Non-insulin therapies for diabetes help treat the condition by improving insulin sensitivity, reducing glucose production in the liver, increasing glucose uptake in muscle cells, and enhancing overall glycemic control. For instance, in 2021, according to the International Diabetes Federation, a US-based umbrella organization, approximately 537 million adults (20-79 years) were living with diabetes in the world. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Therefore, the increase in the prevalence of diabetes will drive the non-insulin therapies for diabetes market.
Major companies operating in the non-insulin therapies for diabetes market are developing personalized diabetes management systems to enhance patient outcomes through real-time monitoring, data analytics, and customized treatment plans. A customized diabetes management system adapts treatment and monitoring based on each patient's unique needs, leveraging real-time data and analytics to enhance care and results. For instance, in November 2022, Eli Lilly and Company, a US-based pharmaceutical company, launched the Tempo personalized diabetes management platform. The Tempo platform includes three main elements, such as the Tempo Smart Button, the TempoSmart app, and the prefilled insulin pen, the Tempo Pen. These components collaborate to provide tailored guidance for adults with diabetes. The technology is designed to assist adults with type 1 or type 2 diabetes and their healthcare providers in making informed, data-driven treatment decisions using Lilly insulins.
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Major Key Players of the Market:
Pfizer Inc., F. Hoffmann-La Roche AG, Merck & Co. Inc., Sanofi, The Bristol-Myers Squibb Company, AstraZeneca plc, Novartis AG, GSK plc, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Novo Nordisk A/S, Boehringer Ingelheim International GmbH, Les Servier Laboratories, Sumitomo Dainippon Pharma Co. Ltd., Jiangsu Hansoh Pharmaceutical Group Co. Ltd., Uni-Bio Science Group Ltd., Intarcia Therapeutics, Janssen Pharmaceuticals, Boan Biotech, SatRx LLC
Non-Insulin Therapies For Diabetes Market 2024 Key Insights:
• The non-insulin therapies for diabetes market size is expected to see strong growth in the next few years. It will grow to $26.14 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Role of Non-Insulin Therapies in Addressing the Global Diabetes Epidemic
• Advancements in Personalized Diabetes Management Systems
• North America was the largest region in the non-insulin therapies for diabetes market in 2023
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