Global Diabetes Care Drugs Market Size, Share, Trends & Forecast 2020-2026
Posted by nabeel on February 17th, 2021
The global diabetes care drug market is projected to grow at a CAGR of over 4% during the forecast period. Based on the drug class, the market is segmented into insulins, non-insulin injectable drugs, oral anti-diabetic drugs, and combination drugs. Insulin is estimated to contribute considerably to the market growth. Insulin is the hormone responsible for regulating blood glucose. If the insulin is not secreted properly, the blood glucose may rise and higher secretion may lead to low blood glucose levels. There is a wide range of insulin available in the market based on source (Human, animal), consumption mode, mode of action, duration of action, and many more.
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The rise in the prevalence of diabetes is the primary reason for the segmental and overall market growth. As per the International Diabetes Foundation, around 463 million adults had diabetes globally in 2019 which is further expected to reach 700 million by 2045. This rise in the prevalence of diabetes is encouraging the global diabetes care drug market players for the development of improved care options.
Mostly insulin is offered as an injectable formulation, although, rapid R&D activities by the companies contributed to the development of the oral product that can considerably improve the quality of life of diabetic patients. Generally, type 1 diabetes is treated with insulin injection only while type 2 can be treated with injections and oral doses. Type 2 can also be treated with other diabetic care products. The oral route of drug administration is majorly favored owing to its ease of administration, and high patient compliance.
The oral drugs are not associated with any physical pain and permit more discretion and can act as an outstanding drug delivery option for self-medication. In addition, these can be taken discreetly without the fear of being injected with needles and endure physical pain. It releases insulin orally, and aids in tackling the deprivation of insulin by digestive enzyme without adding digestive enzyme inhibitor.
Despite the availability of a wide variety of diabetes care drugs, the advent of several diabetes care devices such as insulin injection with needles& pens, and insulin pumps have challenged the diabetes care drugs market. Insulin pumps are a better alternative and also increase the ability of the patients to control blood glucose levels. Insulin pumps are portable devices attached to the body. They continuously deliver the proper amount of rapid or short-acting insulin through a catheter placed under the skin. As the insulin pump stays connected to the body, it allows the patient to modify the amount of insulin at any time of the day or to program at a higher or lower rate of insulin delivery to occur at a chosen time. Thus, this may challenge the growth of the market.
Further, numerous players are Operating in the global diabetes care drug industry that further creates scope for market growth. Players such as Boehringer Ingelheim International GmbH, Sanofi SA, Novo Nordisk A/S, Eli Lilly and Co., AstraZeneca PLC, Bayer AG, Bristol Myers Squibb Co., Johnson & Johnson Services Inc., Novartis International AG, Pfizer Inc., and Takeda Pharmaceuticals Co. Ltd are significantly contributing to the market growth by adopting various growth strategies. Product launches & developments, partnerships, agreements, and acquisitions are among some of the strategies adopted by the players to sustain in a competitive diabetes care drugs market globally, during the forecast period.
Global Diabetes Care Drugs Market – Segmentation
By Drug Class
Global Diabetes Care Drugs Market – Segmentation by Region
Rest of the World
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About the Authornabeel
Joined: November 26th, 2020
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