The global diabetes care drugs Market is projected to grow at a CAGR of 8.10% to reach US$89.535 billion by 2025, from US$56.199 billion in 2019.
Rising prevalence of type-1 in children and type-2 diabetes in adults is causing a surge in the demand.
According to WHO, Diabetes is considered to be a chronic disease that is caused by a high level of glucose present in the blood. It can lead to server damage to the different organs such as the heart, blood vessels, and kidneys among others. Diabetes type 2 is considered to be the most common type of diabetes and affects adults when the body becomes resistant to insulin. On the other hand, type 1 diabetes is dependent on insulin and is caused when the pancreas is producing very little insulin. The number of individuals that are suffering from diabetes has risen from 108 million to 422 million in 2014. Moreover, the prevalence of diabetes in individuals over 18 years, which was previously found to be 4.7% in 1980, has surged to a value of 8.5% in 2014. In addition, diabetes can be treated if a healthy diet is followed and a good amount of exercise is done and strict recommendation of the doctor is followed. On the other hand, the persons suffering from diabetes are actively demanding diabetes care drugs in order to keep the condition in check and this is leading to market growth.
Growing proportion of geriatric population is driving the market growth.
One of the major factors of the rise in demand for diabetic care drugs from the geriatric individuals is due to the fact that during older age, the immune system and the endocrine system among the other functions of the body are not up to their full potential, which makes pancreas little weaker and thus making them prone to diabetes. Therefore, this is causing the elderly population to demand for diabetic drugs.
Product offerings, acquisitions, and launches by Major Market Players in the diabetes care drugs market space
The involvement and participation of the market player are increasing in order to cater to the demand of the end-user more effectively. They are bringing advancement and enhancements by the launch of new products, partnership agreements with better compositions, which are more effective, thus contributing to improving their market position and bolstering the market growth further.
Some of the examples of product launches and partnership agreements are as follows:
The Asia Pacific region is poised to show a considerable growth rate over the forecast period owing to increasing healthcare sector spending and the North American region is expected to hold a noteworthy share over the forecast period.
The North American region is expected to hold a noteworthy share over the forecast period owing to the fact that the healthcare sector in countries such as the US is well developed. In conjunction, there is a good number of investments in the R&D of better drugs and medicines in order to effectively control diabetes type 2, by pharmaceutical companies.
The Asia Pacific region is poised to show a considerable growth rate over the forecast period owing to the increasing number of efforts being made and the initiatives being taken by the government by pumping investments into the healthcare sector in order to promote the development of better drugs for diseases such as diabetes in India. In addition, there is increasing involvement of market players such as Mankind and Glenmark to manufacture and distribute diabetes-related drugs in countries such as India.
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