Pune, India, May 24, 2021 (GLOBE NEWSWIRE) -- According to the report, Diabetes Drugs market size is projected to reach USD 78261.1 Million value by 2026, exhibiting a CAGR of 6.1%. The report further mentions that the market stood at USD 48753.1 million in 2018. The drugs are administered through oral, subcutaneous, and intravenous routes. It is utilized to treat diabetes Type 1 and Type 2. According to the Centers for Disease Control and Prevention in 2017, the US alone accounted for 30.3 million diabetic patients. The increasing prevalence of diabetes among the population globally is expected to propel the demand for the product during the forecast period.
COVID-19 Impact-
Increasing Demand for Drugs Owing to COVID-19 Crisis to Promote Growth
The market witnessed a gradual rise in the demand for diabetes drugs during the COVID-19 crisis. According to a study by BeatO in 2021, COVID positive patients with pre-existing diabetes experienced blood glucose level fluctuations. This led to a high demand for advanced drugs to treat diabetes. Additionally, the consumption of diabetes management equipment such as insulin pens, pumps, injectors, and syringes experienced considerable growth during the pandemic.
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Market Segmentation-
On the basis of drug class, the market for diabetes drugs is segmented into insulin, DPP-4 inhibitors, GLP-1 receptor agonists, SGLT2 inhibitors, and others. Based on drug class, the insulin segment held a market share of about 43.7% in 2018.
Based on diabetes type, the market is bifurcated into Type 1 and Type 2. Additionally, the route of administration is classified into oral, subcutaneous, and intravenous. On the basis of the distribution channel, the market is segmented into online pharmacies, hospital pharmacies, and retail pharmacies. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Several companies are focusing on launching generic versions of insulin for patients suffering from Type 1 and Type 2 diabetes. The generic version is expected to be cost-effective and high efficacy leading to its high adoption globally. For instance, in March 2019, Eli Lilly and Company introduced a generic version of rapid-acting Humalog insulin called Lispro. The drug was launched in the USA at half the price of Humalog. Moreover, intensive research and development by various government organizations are predicted to boost the diabetes drugs market growth. This has resulted in product launches by prominent companies in the market. For instance, in 2019, Glenmark announced the launch of Remogliflozin. This is an oral antidiabetic drug in India targeted to treat type 2 Diabetes mellitus in adults.
Moreover, intensive research and development by various government organizations are predicted to boost the market growth. This has resulted in product launches by prominent companies in the market. For instance, in 2019, Glenmark announced the launch of Remogliflozin. This is an oral antidiabetic drug in India targeted to treat type 2 Diabetes mellitus in adults.
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North America is expected to hold the largest diabetes drugs market share in the forecast period due to heavy investment in research and development activities by the government. The region stood at USD 23,965.5 million in 2019 and is expected to showcase exponential growth in the forthcoming years. This is due to the growing awareness of antidiabetic drugs, new product launches, and favourable reimbursement policies.
Asia Pacific is anticipated to experience considerable growth with the presence of a large geriatric population. Moreover, the production bases of certain antidiabetic drug companies in the region also promote growth.
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The market for diabetes drugs is fragmented by the presence of several major companies. Moreover, stringent regulatory scenarios in most of the leading economies intensify the company stability with constant updates and quality checks required to maintain standards. The growing investment in this market is expected to exponentially boost this industry and give lucrative returns. Prominent players are focused on technological innovation by investing in research and development.
List of Key Players Profiled in the Market:
- Novo Nordisk A/S
- Sanofi
- Merck & Co., Inc.
- Eli Lilly and Company
- AstraZeneca
- Takeda Pharmaceutical Company Limited
- Boehringer Ingelheim International GmbH
- Novartis AG
- Johnson & Johnson Services, Inc.
- Bayer AG
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Global Diabetes Drugs Market Segmentation:
By Drug Class:
- Insulin, DPP-4 Inhibitors
- GLP-1 Receptor Agonists
- SGLT2 Inhibitors
By Diabetes Type
- Type 1
- Type 2
By Route of Administration:
- Oral
- Subcutaneous
- Intravenous
By Distribution Channel:
- Online pharmacies
- Hospital Pharmacies
- Retail Pharmacies
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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