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June 20, 2019 | Healthcare
The Global Diabetes Drugs Market derives growth from the high demand for insulin. According to a report published by Fortune Business Insights, titled “Diabetes Drugs: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 48,753.1 Mn in 2018. Fortune Business Insights has predicted that the market will be valued at US$ 78,261.7 Mn by the end of 2026, exhibiting a CAGR of 6.1%.
Diabetes drugs are medications used to treat diabetes mellitus type 1 and type 2. Diabetes drugs are primarily used to regulate the sugar levels in the blood. High prevalence of diabetes around the world has created a huge demand for efficient drugs at low cost. Furthermore, high demand for effective drug therapies for treating diabetes will contribute to the growth of the global diabetes drugs market in the coming years. In addition to increasing usage approvals, an increasing emphasis on research and development of diabetes drugs and new product launches will favor growth of the global diabetes drugs market in the forthcoming years.
Increasing Prevalence of Diabetes Identified as Chief Growth Driver
According to a report published by the Centers for Disease Control and Prevention (CDC) in 2017, around 30.3 million people in the US were suffering from diabetes. Furthermore, approximately 23.1 million people from the total diabetes population were diagnosed and the remaining were undiagnosed. In addition to a huge diabetes patient pool, the prevalence of obesity and adoption of sedentary lifestyle habits will add to the demand for diabetes drugs across the world. The aforementioned factors will boost the global diabetes drugs market in the coming years.
Demand for Insulin Forecast to Accelerate at a Rapid Pace
Among all product types, insulin will witness high demand in the coming years. The launch of generic versions of insulin has created a surge in demand for the drug, around the world. The report signifies the importance of insulin on several diabetes types, along with its impact on the global market. The advent of novel insulin has been beneficial in treating type 1 and type 2 diabetes as it helps in controlling the sugar levels precisely. The healthcare industry has witnessed several product launches in the insulin segment, aimed at the betterment of diabetes drugs. In 2019, Eli Lilly and Company launched a generic version of Humalog in the United States. The company states that Humalog will be available in half the price of its previous drug brands thereby making it affordable for the common man. Thus, low-cost insulin will lead to an increase in end users and altogether these factors will favor the growth of the global diabetes drugs market in the forthcoming years.
Fortune Business Insights has profiled a few companies that have made significant growth contributions to the global diabetes drugs market. The report gauges the impact of several company activities such as product launches, mergers and acquisitions, company agreements, and increasing investment on the global market. Some of the leading companies that have been analyzed in the report are Novo Nordisk A/S, Sanofi, Merck & Co., Inc., Eli Lilly and Company, AstraZeneca, Takeda Pharmaceutical Company Limited, Boehringer Ingelheim International GmbH, Novartis AG, Johnson & Johnson Services, Inc., and Bayer AG.
Browse Complete Report Details @ https://www.fortunebusinessinsights.com/industry-reports/diabetes-drugs-market-100570
The global diabetes drugs market will be segmented based on:
By Drug Class
· DPP-4 Inhibitors
· GLP-1 Receptor Agonists
· SGLT2 Inhibitors
By Diabetes Type
· Type 1
· Type 2
By Route of Administration
By Distribution Channel
· Online pharmacies
· Hospital Pharmacies
· Retail Pharmacies
· North America (U.S. and Canada)
· Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)