Diabetes Drugs Market Size to reach USD 78,261.7 Million | United States
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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Recent Decelopment :
· In May 2022, the U.S. Food and
Drug Administration approved Mounjaro (tirzepatide) injection to improve blood
sugar control in adults with type 2 diabetes, as an addition to diet and
exercise. Mounjaro was effective at improving blood sugar and was more
effective than the other diabetes therapies with which it was compared in
clinical studies.
· In 2021, the U.S. Food and Drug
Administration approved the first interchangeable biosimilar insulin product
Semglee (insulin glargine). Semglee is the first interchangeable biosimilar
product approved in the U.S. for the treatment of diabetes. Approval of these
insulin products can provide patients with additional safe, high-quality, and
potentially cost-effective options for treating diabetes.
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.
Demand for Insulin
Forecast to Accelerate at a Rapid Pace
Among all product types,
insulin will witness high demand in the coming years. The launch of generic
versions of insulin has created a surge in demand for the drug, around the
world. The report signifies the importance of insulin on several diabetes
types, along with its impact on the global market. The advent of novel insulin
has been beneficial in treating type 1 and type 2 diabetes as it helps in
controlling the sugar levels precisely. The healthcare industry has witnessed
several product launches in the insulin segment, aimed at the betterment of
diabetes drugs. In 2019, Eli Lilly and Company launched a generic version of
Humalog in the United States. The company states that Humalog will be available
in half the price of its previous drug brands thereby making it affordable for
the common man. Thus, low-cost insulin will lead to an increase in end users
and altogether these factors will favor the growth of the global diabetes drugs
market in the forthcoming years.
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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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