Market Research Report
DIABETES CARE DRUGS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)
|DIABETES CARE DRUGS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 150 Pages
Delivery time: 2-3 business days
The diabetes care drugs market reached USD 69.7 billion in 2019, and it is anticipated to register a CAGR of over 4.5% during the forecast period (2020-2025).
The insulin segment is expected to increase with a CAGR of over 2.5% during the forecast period, mainly due to the demand from the Type-1 diabetes population, which was more than 30 million by the end of 2019. Some of the Type-2 patients also depend on insulin. Although only 10% of the diabetes population is Type-1, the intake of insulin is higher in them. Demand for insulin is driven by an increase in awareness about the benefits of insulin for diabetes patients, especially in emerging economies. Other factors, such as rapid development in insulin delivery systems, drug and analog development by major companies, and the rise in geriatric and obese population, may fuel the growth of the insulin market. In 2019, in the insulin drugs segment, basal insulin accounted for 46% market share and more than 13% market share in the overall diabetes care drugs market. According to the International Diabetes Federation, diabetes patients spent USD 760 billion in 2019, of which, a major chunk was spent by Type-1 diabetes patients on insulin drugs.
North America recorded more than USD 29 billion in revenue in 2019, which is expected to further increase with a CAGR of more than 4% during the forecast period. This is primarily due to the increasing diabetes population in North America, due to stress, unhealthy diets, and obesity. In North America, there are more than 29 million diabetes patients, and this number is expected to increase to 32 million by 2025. The United States alone recorded over 25 million diabetes patients in 2019. In North America, the United States holds a major share in the diabetes care drugs market. The diabetes drug market growth in this region is also supported by favorable government reimbursement policies and advanced healthcare infrastructure. Countries in Southeast Asia are expected to generate higher demand in the coming years, primarily due to the initiatives undertaken by the local government and health organizations to spread awareness about diabetes, drugs, and devices. The diabetes population in this region has increased at an alarming rate over the past decade. The major challenge faced by the diabetes drugs market in the emerging economies of the Asia-Pacific region is the lack of healthcare infrastructure and centralized supply chains, which result in price variations.
The diabetes drugs market is moderately fragmented, with few significant and generic players. The insulin drugs and Sglt-2 drugs market is dominated by few major players, like Novo-Nordisk, Sanofi, AstraZeneca, and Bristol Myers Squibb. The market for oral drugs, like Sulfonylureas and Meglitinides, comprises more generic players. The intensity of competition among the players is high, as each player is striving to develop new drugs and offer it at competitive pricing. Furthermore, in order to increase their market shares, players are tapping into new markets, especially the emerging economies where the demand is very high compared to the supply. Some of the recent developments in the diabetes care drugs market include: