The global diabetes drugs market derives growth from advancements in drug delivery systems. According to a report published by Fortune Business Insights, titled “Diabetes Drugs: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 48,753.1 Mn in 2018. Fortune Business Insights has predicted that the market will be valued at US$ 78,261.7 Mn by the end of 2026, thereby exhibiting a CAGR of 6.1%.
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| North America | United States, Canada and Mexico |
| Europe | Germany, UK, France, Italy, Russia and Turkey etc. |
| Asia-Pacific | China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam etc. |
| South America | Brazil, Argentina, Columbia etc. |
| Middle East & Africa | Saudi Arabia, UAE, Egypt, Nigeria and South Africa |
Increasing Prevalence of Diabetes Identified as Chief Growth Driver
According to a report published by the Centers for Disease Control and Prevention (CDC) in 2017, around 30.3 million people in the US were suffering from diabetes. Furthermore, approximately 23.1 million people from the total diabetes population were diagnosed and the remaining were undiagnosed. In addition to a huge diabetes patient pool, the prevalence of obesity and adoption of sedentary lifestyle habits will add to the demand for diabetes drugs across the world. The aforementioned factors will boost the global diabetes drugs market in the coming years.
Availability of Low-Cost Insulin to Boost the Market
Insulin is one of the most widely used drugs for the treatment of diabetes. The exceptional properties and clinical efficacy of insulin have led to a rising uptake. Despite high efficacy, the cost associated with insulin has been a barrier towards the growth of insulin. Considering this factor, many companies are exploring potential ways to the reduced cost associated with insulin for management of diabetes. In 2019, Eli Lilly and Company, launched a new insulin drug, that was almost half the price of its previous brands. Eli Lilly announced the low-cost insulin ‘Lispro’, a product that was priced significantly less than its previous Humalog injection. Fortune Business Insights’ latest report on the global diabetes drugs market is an encompassment of such product advancements. The report gauges the impact of product innovations, similar to Lispro, on the global market.
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Encouraged by High Demand, Glenmark Extends Insulin Sales in India
In 2019, Glenmark Pharmaceuticals announced that it plans to bring its Remogliflozin Etabonate to India. The high demand for diabetes drugs in India has influenced Glenmark’s latest move. Additionally, a huge diabetic patient pool has also contributed to the high demand for diabetes drugs in India. Such competitor moves have aided the growth of the global diabetes drugs market. The report includes company activities, similar to the aforementioned case. The report includes detailed analysis of company activities such as takeovers, mergers and acquisitions, agreements, and investment.
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