Diabetes drugs market will be worth US$58.4 billion by the end of 2025

New research from Transparency Market Research indicates 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.

The market was valued at US$43.1bn in 2016 and is expected to be worth US$58.4bn 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 lifestyles everywhere, and this in turn leads to a high prevalence of obesity, one of the main causes of diabetes. The increasing inclination toward physical inactivity raises the prevalence of diabetes, which in turn raises the demand for drugs. Increasing disposable income globally will also lead to a high prevalence of diabetes, thereby growing the demand for medications. The increasing geriatric population across the world is also expected to grow the drugs market during the forecast period.

Demand for the drugs has led to a remarkable advancements in research and development, for example, this year Novo Nordisk has launched Xultophy (a combination drug of insulin degludec and liraglutide) in the U.S.A. as an adjunct to exercise and diet to improve glycaemic control and type 2 diabetes mellitus in adults inadequately controlled on basal insulin or liraglutide.

According to the WHO, 422 million people are suffering from diabetes all over the world. The WHO has also stated that in 2012, 1.5 million people died due to diabetes, boosting the growth of the market during the forecast period. However, patents and exclusivity expiries of the drugs may restrain the market for the branded drugs. The pipeline products that are in phase III of clinical trial will drive the market exponentially.

Poor regulatory framework to hamper market growth

On the downside, the 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 with regard to diabetes management. Additionally, the high cost of drugs is also projected to have an adverse impact on the global diabetes drugs market.