Diabetes is a metabolic disorder in which the body glucose level is elevated. There are two type of diabetes namely type-1 diabetes and type-2 diabetes. During last decade there is a tremendous increase in the number of diabetic population. According to International Diabetes Federation, in 2016, it was estimated that 420 million adult population were suffering from diabetes which is increasing at the rate of 8.4% and is expected to reach 625 million by 2040. A number of different types of drugs are available in the market however, no available treatment can cure diabetes totally. The global Diabetic Drug Market is majorly driven by increasing number of diabetic population. The global diabetes drug market is expected to grow at a CAGR of 6.38% during forecasted period.
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According to research, smoking increases the possibility of diabetes; more than 60% of the global population smokes, this has increased the risk of diabetes and contributed to the growth of the market. Moreover, increasing obese population, increasing healthcare expenditure, and strong encouragement from the government have also contributed to the growth of the market. To meet the increasing demand for the drugs government of different countries are providing support to manufacturers. Increasing government support will help to boost the market in coming future. However, cost issues, strict regulatory rules and long approval time for drugs may led to restrain the growth of the market.
Top Key Player of Diabetes Drug Market:
he major player in the global diabetic drug market are Eli Lilly (US), Novo Nordisk (Denmark), Abbott (US), AstraZeneca (UK), Biocon (US), Sunpharma (India), Sanofi (France), Novartis (Switzerland), Merck & Co. (US), Pfizer (US), Daiichi Sankyo (Japan), Boehringer Ingelheim (Germany), Akros Pharma (US), Amgen (US), Adocia (France), Peptron (South Korea), Takeda (Japan)
America dominates the global diabetes drug market owing to large diabetic patient population. According to the WHO, in 2016, 9.6% of total America population were suffering from diabetes. In addition to this, increasing number of obese people, changing lifestyle and increasing healthcare expenditure have boosted the growth of the market in America. Increasing cholesterol level and smoking increases the possibility of causing diabetes. According to the Centers for Disease Control and Prevention (2014), 73.5 million adults in the US had diagnosed with high cholesterol level. Furthermore, increasing awareness among the people regarding different monitoring procedures, rising awareness and well-developed technology have also contributed to the growth of the market.
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Europe accounts for the second largest Diabetes Drug Industry, which is followed by Asia Pacific. Huge smoking population, availability of funds for research, and government support for research & development will drive the market in Europe.
Asia Pacific is the fastest growing region for the market due to the presence of a huge patient population, continuously developing economies, and increasing need for the better treatment.
On the other hand, the Middle East & Africa has the least share in the global diabetes drug market due to presence of poor economy especially in Africa region. Middle East holds the major share in the Middle East & Africa diabetes drug market owing to well-developed healthcare sector and huge healthcare expenditure.
- Report Prologue
- Market Introduction
- Research Methodology
- Market Dynamics
- Market Factor Analysis
- Global Diabetes Drug Market, by Type
- Global Diabetes Drug Market, by Administration
- Global Diabetes Drug Market, by End User
- Global Diabetes Drug Market, by End User
- Global Diabetes Drug Market, by Region
- Company Landscape
- Company Profiles
- MRFR Conclusion
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