Portland, OR -- (SBWire) -- 09/13/2017 --According to a new report published by Allied Market Research, titled, "Diabetes Therapeutics Market - Global Opportunity Analysis and Industry Forecast, 2017-2023," the global diabetes therapeutics market was valued at $66,993 million in 2016, and is estimated to reach $186,842 million by 2023, growing at a CAGR of 16.0% from 2017 to 2023.
Diabetes therapeutics are drugs used by diabetic patients to conserve the blood glucose levels in the body.
The major factor that contributes to the market growth are increase in incidence rate of diabetes caused by rapid urbanization and sedentary lifestyle. Moreover, development of affordable & effective diabetes therapeutics, rise in obese population, consumption of fast food, growth in awareness among people about self-management of diabetes, and support from the government further boost the market growth. However, side effects of diabetic drugs on patients and stringent approval process for these drugs hinder this growth. Moreover, rise in awareness about diabetes care and untapped market opportunities in developing regions are expected to provide numerous opportunities for market growth.
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The injectables segment is expected to maintain its dominant position during the analysis period, owing to rise in the prevalence of diabetes, increase in geriatric population, high demand of self-care, and increased awareness about use of insulin (one of the injectables) as an anti-diabetic drug.
Key Findings of the Diabetes Therapeutics Market
- The injectables segment accounted for nearly two-thirds share of the global market in 2016.
- GLP-1 receptor agonists segment expected to grow at a rapid CAGR of 33.1% from 2017 to 2023.
- Insulin segment accounted for more than half of the global market in 2016.
- Asia-Pacific is expected to grow at the highest CAGR of 16.8% from 2017 to 2023.
North America accounted for more than one-third share of the global market in 2016, and is expected to remain dominant throughout the forecast period. This is attributed to the increase in incidence of diabetes, growth in geriatric population, and adoption of sedentary lifestyle of people that leads to diabetes. In addition, presence of highly sophisticated healthcare infrastructure is expected to present new growth opportunities to the players in this market.
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The major companies profiled in the report include AstraZeneca plc, Boehringer Ingelheim GmbH, Eli Lilly and Company, GlaxoSmithKline plc, Johnson & Johnson, Merck & Co., Inc., Novartis AG, Novo Nordisk, Sanofi S.A., and Takeda Pharmaceutical Company Limited.
Diabetes Therapeutics Market Expected to Reach $186 Million, Globally, by 2023
Pharmacological research is the most promising method to reduce the burden of type 2 diabetes globally. This has led to an increase in R&D activities in the diabetes drugs sector, which has resulted in the development of new variants of antidiabetic agents.