Diabetes is a chronic metabolic disorder resulting in elevated blood sugar levels due to detruction ofislet cells of pancreas. The side effects of Diabetes are cardiovascular diseases such as stroke, diabetic ketoacidosis, retinal damage, chronic kidney disease, and others. The global diabetes drug market is anticipated to grow at 6.38 % CAGR during forecasted period from 2016 to 2023.
The Global Diabetes Drug Market is expected to grow at a CAGR of 6.38% during forecasted period 2018 -2023.
Dynamics of Diabetes Drug Market:
The rising prevalence of Diabetes is the critical driver of the market. According to the World Health Organization type-2 diabetes cases are expected to rise to a staggering 438 million by 2030 from 285 million people in 2015. The rise is expected to be in developing regions such as India, which is already the diabetes capital of the world with as many as 50 million diabetes patients. The number is expected to reach 87 million patients by 2030. The International Diabetes Federation estimates a 420 million adult diabetic population in 2016, which is increasing at the rate of 8.4% and is anticipated to reach 625 million by 2040.
Growth in risk factors such as increasing obese population, sedentary lifestyles, sugar rich foods, lack of exercise are other drivers as they indirectly contribute to the growing pool of the patients. The support provided by governments is analogous to the icing on the cake. For example, the New National Health Policy 2017 (NHP) of India aims to reduce the mortality from diabetes by 25% by 2025.
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The robust new drugs development pipeline with successful classes such as Glucagon-like peptide-1 receptor agonists or incretin mimetics, Dipeptidyl peptidase-4 inhibitors, coupled with rising research and development expenditures is expected to further boost the market.
Competitive Analysis:
The major key player for the global diabetic drugs 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)
Regional Analysis of Diabetes Drug Market:
America leads the global diabetes drug market due to excellent reimbursement, good healthcare infrastructure and greater per capita income. 9.6% of total America population was estimated to be suffering from diabetes in 2016 according to the World Health Organization. The U.S. has the largest obese population in the world due to sedentary lifestyle, increasing cholesterol level and other risk factors. The Centers for Disease Control and Prevention, estimates 73.5 million U.S. adults having high cholesterol level.
Europe accounts for the second largest market, led by the countries of the south such as Portugal, Italy, Spain and others. Another market to watch is Turkey which is expected to grow at a faster rate.
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Asia Pacific is expected to be the fastest growing market due to the huge patient population, developing economies of India and China.
Middle East & Africa, is expected to generate a moderate growth due to presence of poor socio-economic conditions.
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