Diabetes affects over 400 million people globally, with China and India among countries with the highest number of diabetics. Diabetes is one of the most prevalent diseases of 21st century, and it is forecasted that by 2040, nearly 650 million around the globe will have diabetes. While lifestyle changes, such as moderate exercise and altering dietary intake can help manage diabetes, insulin regulation through injection can be a necessity in a majority of cases. Considering the pace at which people are being diagnosed with diabetes, the demand is fast outstripping the supply, resulting into longer waiting times to visit an endocrinologist and unavailability of certain drugs.
While a number of factors often act in combination to alter hormone levels in the body, increasing stress levels and sedentary lifestyle have largely contributed to making diabetes a global epidemic. People in cities are usually associated with white collar jobs, which involve sitting at one place for prolonged hours. Also, rapid urbanization, coupled with rising dependence on junk food that are usually high in carbohydrates and fats is a major factor responsible for increasing diabetes cases worldwide.
In addition to lifestyle, there are other factors that can increase the risk of developing diabetes. These factors include family history and presence of autoimmune disease. While these factors are usually linked to Type 1 diabetes, genetics also play a key role in increasing the risk of developing Type 2 diabetes. Other factors, such as age, weight, and race also play a role in whether a person develops diabetes or not.
Global Diabetes Drug Market Dynamics
The global diabetes drug treatment market is forecasted to increase at a staggering pace during the forecast period 2016-2024 owing to the growing number of diabetics. Asia Pacific is a highly lucrative market for diabetes drugs owing to the number of people who have this ailment. In addition to the high number of diabetics in China and India, the region also has a large number of pre-diabetic population – glucose levels are dangerously close to a diabetes diagnosis. China alone has nearly 500 million pre-diabetic cases, along with over 100 million people who have diabetes. India, with nearly 70 million diabetes patients, is another market where demand is forecasted to witness robust increase during the forecast period 2016-2024.
Global demand for antidiabetics drugs is also anticipated to be influenced by favorable government policies. Governments in many countries are taking steps to subsidize diabetes drugs so that economically weaker sections of the society have access to quality healthcare. Technological innovation in the development of drugs is also expected to provide an impetus to the growth of the market during the forecast period. Availability of rapid acting and long acting insulin analogs is emerging as an effective way of managing both Type 1 and Type 2 diabetes.
Insulin vaccines remain the foremost diabetes management option for diabetes, and it is anticipated that during the forecast period 2016-2024, this product segment will ramp up bulk of revenues of the global diabetes drug market. Demand for insulin vaccines will remain high in Asia Pacific, whereas North America and Western Europe will continue to remain lucrative owing to increasing awareness on diabetes diagnosis and management.
Global Diabetes Drug Market: Key Players
Leading companies in the diabetes drug market include Eli Lilly, Novartis, Boehringer Ingelheim, Merck & Co., Novo Nordisk, Sanofi, AstraZeneca, Takeda, Bayer, and Pfizer.
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