Pune, India, Oct. 25, 2023 (GLOBE NEWSWIRE) -- The global diabetes drugs market size was valued at USD 66.15 billion in 2022, and it is expected to expand from USD 79.25 billion in 2023 to USD 134.08 billion by 2030, exhibiting a CAGR of 7.8% over the study period.
Diabetes mellitus type 1 and type 2 can be treated with the help of diabetes drugs by reducing the body’s blood glucose levels. The market expansion can be credited to the rising incidence of diabetes, specifically type 2 diabetes, coupled with the growing demand for effective drug solutions for the treatment of the disease.
Fortune Business Insights™ provides this information in its research report titled “Diabetes Drugs Market, 2023-2030”.
Key Industry Development:
March 2023 - Sanofi (India) received marketing authorization for its diabetes drug Soliqua (in a pre-filled pen) from the Central Drugs Standard Control Organization (CDSCO) in India.
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Key Takeaways:
- The growth of the diabetes drugs market is being driven by the increasing prevalence of diabetes, the rising cost of diabetes care, and the technological advancements in diabetes drugs.
- The diabetes drugs market is segmented by product type, route of administration, and distribution channel.
- The key players in the diabetes drugs market are Novo Nordisk A/S (Denmark), Sanofi (France), Merck & Co., Inc. (U.S.), and Eli Lilly and Company (U.S.).
- These companies are investing in research and development, new product development, and partnerships to maintain their competitive edge in the market.
- The diabetes drugs market is facing some challenges, such as the rise of generic drugs, the need for more effective diabetes treatments, and the need for better patient adherence to treatment.
Discover the Leading Players Featured in the Report:
Major players in the diabetes drugs market are Novo Nordisk A/S (Denmark), Sanofi (France), Merck & Co., Inc. (U.S.), Eli Lilly and Company (U.S.), AstraZeneca (U.K.), Takeda Pharmaceutical Company Limited (Japan), Boehringer Ingelheim International GmbH (Germany), Novartis AG (Switzerland), Johnson & Johnson Services, Inc. (U.S.), Bayer AG (Germany).
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 7.8% |
| 2030 Value Projection | USD 134.08 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 79.25 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 126 |
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Drivers and Restraints:
Increase in the Deployment of Diabetes Drugs among the Patient Population to Boost the Market Growth
One of the major factors proliferating the diabetes drugs market growth is a surge in the uptake of diabetes drugs among the patient base. Moreover, there is a rise in awareness about diabetes and complications related to it among the population globally.
Despite an expanding scope for the adoption of the product, the steep cost of diabetes treatment may hinder the market growth.
Report Scope & Segmentation:
By Drug Class
- Insulin
- DPP-4 Inhibitors
- GLP-1 Receptor Agonists
- SGLT2 Inhibitors
- Others
By Diabetes Type
- Type 1
- Type 2
By Route of Administration
- Oral
- Subcutaneous
- Intravenous
- By Distribution Channel
- Online Pharmacies
- Hospital Pharmacies
- Retail Pharmacies
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Growing R&D Spending by Players Proliferated the GLP-1 Receptor Agonists Segment Growth
By drug class, the market is segmented into DPP-4 inhibitors, insulin, SGLT2 inhibitors, GLP-1 receptor agonists, and others. The GLP-1 receptor agonists segment accounted for the largest share in 2022. The key market players are investing in R&D for developing novel drugs. This factor is impelling the segment growth.
Growing Number of Clinical Trials for Type 2 Diabetes Treatment to Foster Segment Growth
By diabetes type, the market is bifurcated into type 2 and type 1. The type 2 segment accounted for a higher diabetes drugs market share in 2022 as market players are increasingly conducting clinical trials of diabetes drugs for treating type 2 diabetes. This factor is impelling the segment growth.
Surge in the Presence of Biosimilar Equivalents Impelled Subcutaneous Segment Growth
By route of administration, the market is divided into intravenous, oral, and subcutaneous. The subcutaneous segment dominated the market in 2022. The growing presence of generic and biosimilar equivalents to insulin across developing economies such as India and China is driving the segment growth.
Surging Number of Retail Pharmacies Propelled Segment Growth
By distribution channel, the market is divided into online pharmacies, retail pharmacies, and hospital pharmacies. The retail pharmacies segment captured the highest market share in 2022. The number of retail pharmacies to meet the high drug demand is increasing globally, which is driving segment growth.
Based on region, the market is segmented into the Asia Pacific, Latin America, the Middle East & Africa, North America, and Europe.
Report Coverage:
The report offers comprehensive coverage of the latest trends, key segments, and driving and restraining factors influencing the market growth. It further highlights the COVID-19 impact on the market growth and competitive strategies implemented by prominent market players.
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Regional Insights:
North America to Emerge as a Prominent Growth Hub Owing to Rising Awareness of Novel Anti-diabetic Drugs
North America diabetes drugs market is anticipated to capture the largest share during the forecast period. The surging awareness about novel anti-diabetic drugs coupled with supportive reimbursement policies is driving the regional growth.
Europe market is expected to hold the second dominating position with respect to revenue and market share during the forecast period due to growing diabetes drug launches.
Competitive Landscape:
Leading Companies Focus on Securing New Product Approvals to Gain Competitive Edge
The major market players in the field are emphasizing various competitive strategies to reinforce their industry position. Several companies are also focusing on getting approvals for their products by investing huge amounts into R&D to launch innovative products.
FAQ’s
How Big Is The Diabetes Drugs Market?
Diabetes Drugs Market Size Is USD 32.75 Billion in 2023.
How Fast the Diabetes Drugs Market Growing?
The Diabetes Drugs Market will exhibit a CAGR of 7.8% during the forecast period, 2023-2030
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