The global diabetes drugs market size is expected to reach USD 103.52 billion by 2032, according to a new study by Polaris Market Research. The report “Diabetes Drugs Market By Drug Class (Glycogen-like peptide-1 (GLP-1), Dipeptidyl-peptidase-4 (DPP-4), Sodium-glucose co-transporter 2 inhibitor (SGCL2), Insulin, Others), By Route of Administration; By Diabetes Type: By End Users: By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The diabetes drug industry is expected to grow at the quickest rate over the forecast period owing to the fastest growth of the diabetic population globally and the availability of affordable and effective diabetic drugs by market players in the last few years.
Diabetes drugs are primarily used to control the blood sugar level among patients. Type 1 diabetic patients are mostly recommended to take insulin to maintain their blood sugar levels. Other different classes of drugs are also being researched and produced for type 2 diabetic patients by various market players.
The growing investments in R&D have available a wide price range of drugs in the market. For instance, Glenmark, an Indian pharmaceutical company, is the first to launch a fixed-dose combination for type 2 diabetic patients at a very affordable rate.
Further, the launch of generic insulin in the market supplements the body’s natural insulin intending to achieve normal blood sugar levels in mostly type 1 diabetic patients. For instance, Novo Nordisk, a Denmark-based pharmaceutical company, introduced various innovative insulin injection pens, such as disposable pre-filled pens, smart connected pens, and durable pens with replaceable insulin cartridges, which can easily be used.
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North America is anticipated to dominate the diabetes drugs market in the forecast period due to the higher prevalence of diabetes owing to an increasingly sedentary lifestyle, higher consumer awareness, and increased FDA approvals of diabetic drugs. The inactive and unhealthy eating habits among millennials and adults have upsurged the obese and overweight population in countries such as the U.S. and Canada, dramatically increasing the risk of type 2 diabetes disorder.
Diabetes Drugs Market Report Highlights
Polaris Market Research has segmented the Diabetes Drugs Market report based on Drug class, route of administration, diabetes type, distribution channel, and region:
Diabetes Drugs Market, Drug class Outlook (Revenue - USD Billion, 2019 - 2032)
Diabetes Drugs Market, Route of Administration Outlook (Revenue - USD Billion, 2019 - 2032)
Diabetes Drugs Market, Diabetes Type Outlook (Revenue - USD Billion, 2019- 2032)
Diabetes Drugs Market, Distribution Channel Outlook (Revenue - USD Billion, 2019- 2032)
Diabetes Drugs Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)