Diabetes Drugs Market Expand CAGR at 6.1%, Increase Business Opportunity, Growth Outlook by 2026
Diabetes Drugs Market by Top Key Player are Johnson & Johnson, Sanofi, Merck, Novo Nordisk and more
The Global Diabetes Drugs Market is expected to reach US$ 78,261.7 mn by 2026 owing to rising prevalence of diabetes the world over. Key insights into this growing market have been shared by Fortune Business Insights in its report, titled “Diabetes Drugs Market Size, Share and Global Trend By Drug Class (Insulin, DPP-4 Inhibitors, GLP-1 Receptor Agonists, SGLT2 Inhibitors), Diabetes Type (Type 1, Type 2), Route of Administration (Oral, Subcutaneous, Intravenous), Distribution Channel (Online pharmacies, Hospital Pharmacies, Retail Pharmacies) & Geography Forecast till 2026”.
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“Some of the Main Key Players Covered in the Report”
- Johnson & Johnson
- Bayer Pharmaceuticals
- Novo Nordisk
- Sanofi
- Merck
- Eli Lilly and Company
- AstraZeneca
- Takeda Pharmaceutical Company Limited
- Boehringer Ingelheim
- Novartis
“Rising Number of Type 2 Diabetes Cases to Fuel the Market”
Diabetes has various forms and the most prevalent ones include Type 1 (body fails to make any insulin), Type 2 (body does not make enough insulin), gestational (develops in pregnant women), and monogenic (rare genetic form of diabetes). Type 2 diabetes is the most common form of diabetes as it develops during middle age. The global diabetes drugs market is expected to grow considerably as Type 2 diabetes becomes even more widespread. Increasing sedentary lifestyle, rising stress levels, lack of exercise leading to obesity, and unhealthy food habits are the factors cited for the growth of the market.
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“North America Expected to Dominate the Market”
North America is expected to hold a large chunk of the market share in the forecast period. This evaluation is based on the region’s revenue generation of USD 23,965.5 million in 2018. Moreover, rising prevalence of diabetes in the US is encouraging companies to develop novel and affordable drugs for the patients.
Growing awareness among the people regarding diabetes and anti-diabetic drugs in North America will aid growth of the global diabetes drugs market. North America is expected to be followed by Europe in terms of market share and revenue generation during the forecast period.
“Key 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
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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“Rising Demand for Insulin Treatments to Surge the Market”
Insulin provides one of the most efficient treatment methods for diabetes. As a result, there is a growing demand for low-cost insulin treatments, especially to combat Type 2 diabetes. The rapidly rising insulin segment is, therefore, expected to boost the global diabetes drug market during the forecast period. This has also encouraged private and public investments in research and development, which, in turn, will accelerate market growth. For example, recently, rapid-acting, low-cost insulin called Lispro was launched in its generic form by Eli Lilly and Company in the US.
“Market Competition Set to Intensify”
Key players are increasing their investments in research and development activities and launching new products to maintain their competitive edge. For example, in July 2019, the National Institute for Health and Care Excellence cleared Forxiga for treating Type 1 diabetes in England and Wales. The drug has been developed jointly by Bristol-Myers Squibb and AstraZeneca. The global diabetes drug market is expected to grow as a result.
Fortune Business Insights identifies some key players in the market which include Johnson and Johnson Services, Eli Lilly and Company, AstraZeneca, Novartis AG, Novo Nordisk A/S, Boehringer Ingelheim International GmbH, Sanofi, and a few others.
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