Albany, NY, Jan. 16, 2018 (GLOBE NEWSWIRE) -- According to the TMR report, the global diabetes drugs market stood at a valuation of US$43.1 bn in 2016 and is likely to be valued at US$58.4 bn by the end of 2025 expanding at a CAGR of 3.6% between 2017 and 2025.
Research and Development Pursuits to Introduce Novel Products Stokes Growth
The rising per capita income in several parts of world leading to changing lifestyles and adoption of unhealthy food habits has been one of the key factors behind the high prevalence of obesity, which accounts as a major cause for diabetes. Sedentary lifestyle leading to rise in the prevalence of diabetes has surged the demand for diabetes drugs. The increasing prevalence of diabetes in developing as well as developed countries is driving the diabetes drugs market. Rising disposable incomes leading to high consumption of high calories food combined with inclination for physical inactivity are some other key factors behind the high prevalence of diabetes, thus boosting the growth of diabetes drugs market. Increasing geriatric population globally and increasing adoption of therapeutics for type 1 and type 2 diabetes are anticipated to boost the diabetes drugs market.
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Research and development for introduction of improved drugs is also acting in favor of the growth of diabetes drugs market. For example, in 2017, Novo Nordisk A/S launched Xultophy in the U.S. as an alternative to diet and exercise to improve glycemic level among patients of type 2 diabetes. According to World Health Organization, currently 422 million people suffer from diabetes globally, which is leading to a surging demand for diabetes drugs.
Among the key types of diabetes, Type 2 diabetes accounts for the leading market share due to its higher prevalence. Growing pace of obesity among urban populace, rising disposable income, and increasing awareness of therapeutics for diabetes are likely to have a positive impact on this segment. Out of the various segments based on distribution channel, hospital pharmacies currently hold the leading market share due to presence of trained staff to dispense medicines. The segment of online pharmacies is also likely to display remarkable growth due to growth of e-commerce and rising number of online shoppers. Geography-wise, North America is anticipated to lead the global market due to high awareness regarding therapeutics for diabetes and a robust public healthcare system.
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Patent Expiration of Blockbuster Drugs Hampers Growth
On the flip side, patent expiration of blockbuster drugs may restrain the demand for branded drugs during the forecast period. In addition, poor regulatory framework to monitor the dispensing of these drugs is also restraining the market’s growth. Poor rate of awareness regarding diabetes management is also hampering the market’s growth.
Transparency Market Research (TMR), in one of its latest reports states the global diabetes drugs market to be fragmented and intensely competitive due to the presence of several key vendors. With the expansion of product portfolio of existing companies and entry of new players, the competition in the market is likely to intensify in the future. Geographical expansion by means of mergers and acquisitions and strategic alliances continue to remain another key growth strategy for players in the market.
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The report identifies Novartis AG, Boehringer Ingelheim GmbH, Sanofi, Novo Nordisk A/S, Merck & Co., and Bayer AG as leading players in the global diabetes drugs market.
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About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.