The diabetes therapeutic market size is expected to reach US$ 91.73 billion by 2028 registering at a CAGR of 6.8% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Rising Prevalence of Diabetes is Catalyzing Global Diabetes Therapeutic Market Growth
Diabetes Therapeutics Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: by Product (Injectables, Oral-Antidiabetic Drugs, and Others) , and Geography (North America, Europe, Asia Pacific, and South and Central America)
Diabetes Therapeutics Market Key Players Analysis 2031
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Source: The Insight Partners Analysis
Diabetes is a chronic, life-threatening disease with no known cure. As per the World Health Organization, there are over 400 million people with diabetes worldwide, and its treatment constitutes around 12% of the total healthcare expenditure on a global scale. It has emerged as a global epidemic and affected millions worldwide. The significant growth of the diabetes therapeutic market can be attributed to factors such as the rising prevalence of diabetes and an increasing number of programs initiated by various health organizations related to health awareness. The factors mentioned above are catalyzing the global diabetes therapeutic market growth in the current times and are also foreseen to drive the global diabetes therapeutic market through 2028.
The high demand of diabetes treatment products from the Type-1 diabetes population is driving the diabetes therapeutic market. For instance, according to the International Diabetes Federation, diabetes patients spent US$ 966 billion in 2021, of which a major chunk was spent by Type-1 diabetes patients on insulin drugs. Few Type-2 diabetes patients also depend on insulin. Although only 10% of the diabetes population is Type-1, their insulin intake is higher in them. The demand for insulin is driven by an increase in awareness about the benefits of insulin for diabetes patients, especially in emerging economies. Moreover, rapid development in insulin delivery systems, drug and analog development by major companies, and the rise in geriatric and obese population are fueling the growth of the insulin market.
North America dominates the global diabetes therapeutics market, owing to the high prevalence of diabetes in the region because of the sedentary lifestyle. The market in the US is expected to grow significantly during the forecast period, owing to a high prevalence of obesity and a rise in awareness regarding diabetes care in the country. North America remained the largest diabetes therapeutic market for diabetes therapeutics, primarily due to an increase in FDA approvals for various drugs and injections in the US. For instance, in January 2020, Novo Nordisk announced that the US Food and Drug Administration (FDA) approved Fiasp (insulin aspart injection) 100 u/mL for use as a new mealtime insulin option for children with diabetes.
Leading business players in the diabetes therapeutics market include AstraZeneca, Boehringer Ingelheim International GmbH, Eli Lilly, GlaxoSmithKline Plc, Merck Sharp and Dohme Corp, Novartis AG, Novo Nordisk A/S, Sanofi, Takeda Pharmaceutical Company Limited, and Pfizer Inc. Market players are adopting various inorganic growth strategies to increase diabetes therapeutic market share and achieve a competitive advantage.
Some of the key developments are as follows:
- In 2019, Mankind Pharmaceuticals signed a collaborative marketing agreement with Glenmark Pharmaceuticals to market remoglifozin, an antidiabetic drug, in India. This has allowed both firms to expand their business in Asia Pacific.
- In 2018, Cipla collaborated with Novartis and Johnson & Johnson to market their antidiabetic drugs. This collaboration has led to business expansion of the firm, thereby strengthening its market position.
Diabetes and uncontrolled hyperglycemia are risk factors for poor outcomes in patients with COVID-19, including an increased risk of severe illness or death. People with diabetes have a weaker immune system, the COVID-19 complication aggravates the condition, and the immune system gets weaker very fast. People with diabetes are more likely to get into serious complications than normal people. Hence, the COVID-19 pandemic significantly impacted the diabetes therapeutics market.
The report summarizes detailed information by top players such as AstraZeneca, Boehringer Ingelheim International GmbH, Eli Lilly, GlaxoSmithKline Plc, Merck Sharp and Dohme Corp, Novartis AG, Novo Nordisk A/S, Sanofi, Takeda Pharmaceutical Company Limited, and Pfizer Inc. Several other major companies were studied and analyzed during this research study to get a holistic view of the global diabetes therapeutic market and its ecosystem.
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