Albany, NY -- (SBWIRE) -- 04/29/2019 -- A copious number of players operate in the global diabetes drugs market on account of entry barriers being low. This makes the landscape both fragmented and competitive. A recent report on the market published by Transparency Market Research predicts the competition to intensify further in the near term owing to the entry of more players and emphasis on product development by the existing ones. Regional expansion strategies of players via mergers and acquisitions and strategic alliances is another method by which players are growing their shares.
Some of the current key companies operating in the global market for diabetes drugs are Boehringer Ingelheim GmbH, Novo Nordisk A/S, Bayer AG, Novartis AG, Sanofi, and Merck & Co.
As per the report, the market would likely register a CAGR of 3.6% over the course of the forecast period between 2017 and 2025 to attain a value of US$ 58.4 bn by 2025-end from US$ 43.1 bn in 2016.
Among the different type of diabetes, type 2 diabetes is at present is grossing maximum revenue in the global market for diabetes drugs. This is because of the increased occurrence of this particular category owing to the rising problem of obesity in urban pockets, bettering healthcare facilities and outreach, and increasing healthcare spends of people. From a geographical standpoint, North America holds a leading share because of unhealthy eating patterns and sedentary lifestyle of its people in general which has led to an alarming rise in the chronic ailment.
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Sedentary Lifestyle, Resulting in Rising Diabetes Cases, Boosts Market
The global market of diabetic drugs is on the rise owing to the spike in the number of cases of diabetes – both type 1 and type 2. As per a recent report by WHO, around 422 million people worldwide suffer from diabetes. This number is four times that of the number of people afflicted with the disease in 1980. The report observes that even though the prevalence has increased worldwide, low- and middle-income countries are home to most of the diabetic population. While the causes of diabetes are complex and often difficult to find, obesity and lack of physical activities are known to definitely contribute to a degree.
Diabetes of any kind can result in complications in many parts of the body and also up the risk of premature death. According to findings of WHO, in 2012 it claimed around 1.5 million lives all over the world. However, with regular physical activities and healthy diet, alongside proper medication such fallout can be prevented. Rising awareness about the same has served to boost the demand for diabetic drugs in the recent past.
Research and Development of More Effective Products Bodes Well for Growth
Another major factor contributing to the diabetic drugs market is the emergence of more effective products every now and then, thanks to the constant efforts by manufacturers and research institutions in this direction. A noticeable trend in the market is the substantial sales of diabetic drugs through hospital pharmacies. Other distribution channels resulting in sales are retail pharmacies and online pharmacies.
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This review is based on the findings of a TMR report, titled, "Diabetes Drugs Market (Therapy - Glucagon-like Peptide-1 (GLP-1) Agonist, Dipeptidyl-peptidase-4 (DPP-4) Inhibitors, Sodium Glucose Co-transporter 2 (SGLT2) Inhibitors, and Insulin; Disease Type - Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes, Impaired Glucose Tolerance and Impaired Fasting Glycaemia; By Distribution Channel - Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025."
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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