Global Diabetes Drug Market Analysis
Market Size and Growth: The Global Diabetes Drug Market is expected to reach almost US$ 107.02 billion by 2032, with a CAGR of 6.06% from 2024 to 2032, and it was valued at US$ 63.02 billion in 2023.
Market Overview: Diabetes is a condition characterized by excessively high blood glucose levels. It can be managed through medication, including insulin for type 1 diabetes and various medications for type 2 diabetes.
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Market Trends:
- Increase in Diabetes Prevalence: The global diabetes drug market is expected to grow due to the increasing prevalence of diabetes worldwide. According to the World Health Organization, there are estimated to be over 1.31 billion diabetics worldwide by 2050.
- Public Awareness Campaigns: Public awareness campaigns are driving the growth of the diabetes drug industry, emphasizing the importance of access to essential healthcare services and strategies for lowering the risk of complications.
- Product Approvals: The approval of new diabetes drugs, such as bexagliflozin by the US FDA, is propelling the growth of the global diabetes drug market.
United States Diabetes Drug Market: The US is expected to dominate the global diabetes drug market due to its high prevalence of diabetes. Initiatives such as allowing the sale of a new version of the diabetic medicine Mounjaro as a weight-loss medication are contributing to market growth.
Key Players: Major companies in the global diabetes drug market include Novo Nordisk, AstraZeneca plc, Biocon, Sanofi, Eli Lilly, Johnson & Johnson, Bristol Myers Squibb Co., and Novartis AG.
Recent Developments
- Glenmark Pharmaceuticals Ltd.: Introduced a biosimilar version of the anti-diabetic Ligutide in India, reducing therapy costs.
- Carmot Therapeutics: Set to be acquired by Roche for $2.7 billion, focusing on diabetic and anti-obesity medications.
- AstraZeneca: Entered the weight-loss drug market with an exclusive license deal for a type 2 diabetes and obesity medication.
- Glenmark Pharmaceuticals: Launched a triple-fixed-dose combination (FDC) drug to treat diabetes.
- Lupin: Expanded its diabetic portfolio by acquiring Germany’s Ondero and Ondero Met.
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Market Breakdown
Drugs Class:
- Insulin
- GLP-1 Receptor Agonists
- DPP-4 Inhibitors
- SGLT2 Inhibitors
- Others
Diabetes Types:
- Type 1 Diabetes
- Type 2 Diabetes
Route of Administration:
- Oral
- Subcutaneous
- Intravenous
Distribution Channels:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Others
Country Breakdown:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Conclusion
The Global Diabetes Drug Market is expected to grow significantly, driven by factors such as the increase in diabetes prevalence, public awareness campaigns, and product approvals. Major companies are expanding their portfolios and market presence through strategic acquisitions and partnerships, contributing to market growth.
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