Transparency Market Research observes that the global diabetes drugs market is likely to witness intense competition in the coming years due to a strong presence of several vendors. Companies operating in the global market are expected to widen their product offerings. Furthermore, players are also expected to focus on mergers and acquisitions to expand their markets in the near future. The research report identifies Novo Nordisk A/S, Novartis AG, Merck & Co., Inc., Boehringer Ingelheim GmbH, Bayer AG, and Sanofi as the key players in the global diabetes drugs market.
According to the research report, the global diabetes drugs market was valued at US$43.1 bn in 2016 at is expected to be worth US$58.4 bn by the end of 2025. During the forecast years of 2017 and 2025, the global market is expected to surge at a CAGR of 3.6%. Out of the various types of diabetes, the demand for drugs to treat Type 2 Diabetes is likely to be on the rise during the forecast period. In terms of geography, North America is expected to dominate the global market as healthcare expenditure in the region is poised to improve at a remarkable rate.
Sedentary Lifestyles Raise Diabetics around the World Giving the Market a Boost
The increasing per capita income leads to sedentary lifestyle and this in turn leads to high prevalence of obesity which is one of the main causes of diabetes. The increasing inclination toward physical inactivity rises the prevalence of diabetes that in turn rises the demand for diabetes drugs. This is attributed to growth of diabetes drugs market. The rising prevalence of diabetes in developed as well as developing countries is driving the diabetes drugs market. Increasing disposable income globally leads to high prevalence of diabetes there by growing the demand for diabetes drugs. Increasing geriatric population across the world and rising incidence and prevalence of diabetes such as type 2 diabetes and type 1 diabetes is expected to grow the diabetes drugs market during the forecast period.
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Demand for the diabetes drugs have led to a remarkable advancements in research and development, for example in 2017, Novo Nordisk A/S, a healthcare company with more than 90 years of innovation in diabetes care, launched Xultophy (a combination drug of insulin degludec and liraglutide) in the US, as an adjunct to exercise and diet to improve glycemic control type 2 diabetes mellitus in adults inadequately controlled on basal insulin or liraglutide. According to WHO, there were 422 million people suffering with diabetes all over the world. WHO also stated that in 2012 1.5 million people have died due to diabetes, this boosts the growth of the market during the forecast period. However, patent and exclusivity expiry of the drugs may restrain the market for the branded drugs during the forecast period. The pipeline products that are in phase III of clinical trial drive the market exponentially.
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Poor Regulatory Framework to Hamper Market Growth
On the downside, the global diabetes drugs market is likely to be restrained by the poor regulatory framework for buying these drugs. The growth of the overall market is also being hampered by the poor rate of awareness amongst people about management of diabetes. This is the primary undercurrent for several diabetics not taking proper medication. Additionally, the high cost of drugs is also projected to have an adverse impact on the global diabetes drugs market.