Global Diabetes Care Drugs Market Report 2022: Rising Prevalence of Type-1 and Type-2 Diabetes in Children Drives Growth

DUBLIN, Feb. 22, 2023 /PRNewswire/ -- The "Global Diabetes Care Drugs Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.

The global diabetes care drugs market is projected to grow at a CAGR of 8.17% to reach US$103.851 billion by 2027, from US$59.936 billion in 2020.

The rising prevalence of type-1 in children and type-2 diabetes in adults is causing a surge in demand.

According to WHO, diabetes is a chronic disease that is caused by a high level of glucose present in the blood. It can lead to severe damage to organs such as the heart, blood vessels, and kidneys, among others. Diabetes type 2 is considered the most common type of diabetes and affects adults when the body becomes resistant to insulin.

On the other hand, type 1 diabetes is dependent on insulin and is caused when the pancreas produces very little insulin. The number of individuals suffering from diabetes has risen from 108 million to 422 million in 2014. Moreover, the prevalence of diabetes in individuals over 18 years, which was previously found to be 4.7% in 1980, has surged to 8.5% in 2014.

In addition, diabetes can be treated if a healthy diet is followed and a good amount of exercise and strict recommendation of the doctor is followed. On the other hand, persons suffering from diabetes are actively demanding diabetes care drugs to keep their condition in check, and this is leading to market growth.

A growing proportion of the geriatric population is driving the market growth.

One of the major factors of the rise in demand for diabetic care drugs from geriatric individuals is the fact that during older age, the immune system and the endocrine system, among the other functions of the body, are not up to their full potential, which makes pancreas little weaker and thus making them prone to diabetes. Therefore, this is causing the elderly population to demand diabetic drugs.

Product offerings, acquisitions, and launches by Major Market Players in the diabetes care drugs market space

The involvement and participation of the market player are increasing to cater to the demand of the end-user more effectively. They are bringing advancement and enhancements by the launch of new products and partnership agreements with better compositions, which are more effective, thus contributing to improving their market position and bolstering the market growth further.

Some of the examples of product launches and partnership agreements are as follows:

• In May 2022, the new once-weekly GIP (glucose-dependent insulinotropic polypeptide) and GLP-1 (glucagon-like peptide-1) receptor agonist MounjaroTM (tirzepatide) injection from Eli Lilly and Company has been given FDA approval. It is indicated as a supplement to diet and exercise to improve glycemic control in adults with type 2 diabetes. Mounjaro is not recommended for usage in people with type 1 diabetes mellitus and has not been evaluated in individuals with a history of pancreatitis.
• In February 2022, Suganon (evogliptin), a novel treatment for people with type 2 diabetes, is being introduced in Latin America by Eurofarma. New DPP-4 enzyme inhibitor Suganon (evogliptin) provides the advantages of simple administration and low possibility for drug interactions, delivering better convenience and safety for prescribers and type 2 diabetic patients.

The Asia Pacific region is poised to show a considerable growth rate over the forecast period owing to increasing healthcare sector spending, and the North American region is expected to hold a noteworthy share over the forecast period.

The North American region is expected to hold a noteworthy share over the forecast period owing to the fact that the healthcare sector in countries such as the US is well developed. In conjunction, there is a good number of investments in the R&D of better drugs and medicines in order to control diabetes type 2 effectively pharmaceutical companies.

The Asia Pacific region is poised to show a considerable growth rate over the forecast period owing to the increasing number of efforts being made and the initiatives being taken by the government by pumping investments into the healthcare sector in order to promote the development of better drugs for diseases such as diabetes in India. In addition, there is increasing involvement of market players such as Mankind and Glenmark to manufacture and distribute diabetes-related drugs in countries such as India.

Segmentation:
By Condition

• Diabetes Type 1
• Diabetes Type 2

By Drug Class

• Insulin
• Rapid Acting
• Short-Acting
• Long Acting
• Sulfonylureas
• Meglitinides
• Thiazolidinedione

By Delivery Method

• Vials
• Pens
• Tablets

By End-User

• Hospitals and Clinics
• Household

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Europe
• UK
• Germany
• France
• Spain
• Italy
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Asia Pacific
• Japan
• China
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Other

Companies Mentioned

• AstraZeneca
• Eli Lilly and Company
• Sanofi
• Novo Nordisk A/S
• Mankind Pharma
• Glenmark Pharmaceuticals Ltd.
• Natco Pharma Litmited

For more information about this report visit https://www.researchandmarkets.com/r/qazsee-diabetes?w=5

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