The Global Diabetes Drug Market Size is anticipated to gain traction owing to the factors such as, rising number of patients suffering from diabetes, rising manufacturers efforts that focus on the developing new combination drugs, and rising number of clinical trials that focus on the developing new drugs.
Diabetes refers to a group of metabolic diseases that affects the person’s blood glucose level. Diabetes is characterised by high glucose blood level over prolonged time in an individual. There are two basic types of diabetes: Type I and Type II. Type I diabetes is caused by pancreatic inability to produce insulin and Type II occurs when the patient’s pancreas does not produce enough insulin for maintaining blood glucose level. Type II diabetes is the most common type of diabetes which accounts approximately 90% cases worldwide. The current drug market considers opportunities and potential risks associated with bringing new products in the market. Hence, the prominent players of these market are primarily focusing on carefully developing new combination drugs that can act as effective treatment for diabetes. Recently, Eli lilly got approval by FDA for the combination drug known as Glyxambi. In addition, AstraZeneca filed approval for a similar combination (saxagliptin + dapagliflozin) but received a complete response letter in late 2015.
The global diabetes drug market size is primarily driven by factors such as rising prevalence of diabetes globally. According to International Diabetes Federation (IDF), 415 million people worldwide are suffering from diabetes and this number of diabetes cases is supposed to reach 650 million by 2040. Also, in the U.S. 29 million of population is suffering from diabetes that accounts 8% of the total population which is mainly attributed by the changing lifestyle, increased number of active smokers, and preference for sedentary lifestyle. On the other hand, favourable government scenarios for launching of new diabetes drugs, and continuous rise in the geriatric population globally will also stimulate the diabetes drug market size during the forecast period.
However, some regulatory framework issues, lack of awareness among the people in the developing countries, and high cost of the drugs available in the market are the factors hampering the diabetes drug market.
The global diabetes drug market is segmented on the basis of therapy, and geography.
On the basis of therapy type, the diabetes drug market is segmented as:
Geographically, the diabetes drug market size is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
On the basis of geography, North America is expected to dominate the global diabetes drug market over forecast period. According to CDC, approximately 9.4% of total population in North America was suffering from diabetes in 2015 and is expected to grow at a faster rate in the coming years. Accordingly, rising prevalence of diabetes is the major factor driving the market. Furthermore, rising awareness for the use of various drugs as an effective treatment for diabetes, increasing government expenditure towards research & development of combination drugs, and presence of major key players in this region would also influence the diabetes drug market size in North America.
However, Asia Pacific market is supposed to grow at a relatively faster rate owing to the increasing number of diabetic population, availability of treatment drugs at an economic cost in countries such as China, India, and Japan.