Dublin, March 06, 2023 (GLOBE NEWSWIRE) -- The "Global Diabetes Care Drugs Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global diabetes care drugs market is projected to grow at a CAGR of 8.17% to reach US$103.851 billion by 2027, from US$59.936 billion in 2020.
Companies Mentioned
- AstraZeneca
- Eli Lilly and Company
- Sanofi
- Novo Nordisk A/S
- Mankind Pharma
- Glenmark Pharmaceuticals Ltd.
- Natco Pharma Limited
The rising prevalence of type-1 in children and type-2 diabetes in adults is causing a surge in demand.
According to WHO, diabetes is a chronic disease that is caused by a high level of glucose present in the blood. It can lead to severe damage to organs such as the heart, blood vessels, and kidneys, among others. Diabetes type 2 is considered 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 produces very little insulin. The number of individuals 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 8.5% in 2014.
In addition, diabetes can be treated if a healthy diet is followed and a good amount of exercise and strict recommendation of the doctor is followed. On the other hand, persons suffering from diabetes are actively demanding diabetes care drugs to keep their condition in check, and this is leading to market growth.
A growing proportion of the geriatric population is driving the market growth.
One of the major factors of the rise in demand for diabetic care drugs from geriatric individuals is 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 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 to cater to the demand of the end-user more effectively. They are bringing advancement and enhancements by the launch of new products and 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:
- In May 2022, the new once-weekly GIP (glucose-dependent insulinotropic polypeptide) and GLP-1 (glucagon-like peptide-1) receptor agonist MounjaroTM (tirzepatide) injection from Eli Lilly and Company has been given FDA approval. It is indicated as a supplement to diet and exercise to improve glycemic control in adults with type 2 diabetes. Mounjaro is not recommended for usage in people with type 1 diabetes mellitus and has not been evaluated in individuals with a history of pancreatitis.
- In February 2022, Suganon (evogliptin), a novel treatment for people with type 2 diabetes, is being introduced in Latin America by Eurofarma. New DPP-4 enzyme inhibitor Suganon (evogliptin) provides the advantages of simple administration and low possibility for drug interactions, delivering better convenience and safety for prescribers and type 2 diabetic patients.
- Recently in April 2020, Natco Pharma, which is a company dealing in the provision of different types of drugs and is based in India, announced that they had launched a new product under the brand name "Danpat."The product is an affordable and low-cost copy of the drug called "Farxiga," a drug by the company AstraZeneca. In addition, this drug, which has been launched, is lower in concentration than Farxiga and will be available in 5mg and 10mg.
- In January 2020, Eli Lilly and Company announced their latest triple combination drug called "Trijardy XR," which consists of three diabetes type-2 medications. The tablet consists of "empagliflozin," "linagliptin," and an extended-release drug called "metformin hydrochloride" has been approved for usage by the U.S. Food and Drug Administration. It will be available in four different dosages and is indicated to be used once daily, together with a healthy and complete diet and exercise.
- In September 2019, a new medication called "Ryebelsus" (semaglitude), developed by the company Novo Novodisk was approved by the U.S. Food and Drug Administration. The medication has been developed for the glucagon-like peptide (GLP-1) receptor protein treatment and is approved for use in the United States; that is the first oral drug. It can improve control over the blood sugar in adult patients suffering from type-2 diabetes and is a non-insulin type treatment.
- In December 2019, Mankind Pharmaceuticals Ltd. and Glenmark Pharmaceuticals Ltd. announced that they hadentered into a partnership agreement to co-market the anti-diabetic drug called "remogliflozin etabonate" in India. Under this agreement, Mankind pharma will market the drug under its trademark. On the other hand, Glenmark will contribute to the agreement by manufacturing and supplying the drug to the company.
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 control diabetes type 2 effectively 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.
Impact of the COVID-19 pandemic
The COVID-19 pandemic led to a significant slowdown in the economy, owing to the suspension of industrial processes and activities. The diabetes care drugs market initially faced a decrease in revenue due to the disruptions in supply and production lines.
However, the market was soon met by a substantial increase in demand, owing to the increasing instances of diabetes among people. Government initiatives and programs to help people access essential healthcare treatments and medicines also help in replenishing the market demand.
Moreover, as most countries have started to lift COVID-19 protocols, the market is expected to report an increase in demand, owing to the increasing instances of diabetes and obesity-related disorders. According to the National Diabetes Statistics 2022, the CDC estimates about 130 million adults to be living with diabetes in the United States.
Market Segmentation:
By Condition
- Diabetes Type 1
- Diabetes Type 2
By Drug Class
- Insulin
- Rapid Acting
- Short-Acting
- Long Acting
- Sulfonylureas
- Meglitinides
- Thiazolidinedione
By Delivery Method
- Vials
- Pens
- Tablets
By End-User
- Hospitals and Clinics
- Household
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Asia Pacific
- Japan
- China
- India
- South Korea
- Taiwan
- Thailand
- Indonesia
- Other
Report Metrics:
| Report Attribute | Details |
| No. of Pages | 138 |
| Forecast Period | 2020 - 2027 |
| Estimated Market Value (USD) in 2020 | $59.94 billion |
| Forecasted Market Value (USD) by 2027 | $103.85 billion |
| Compound Annual Growth Rate | 8.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/c087x7
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