Diabetes Drug Therapy Market Size, Share, Growth, and Industry Analysis by Type (Oral, Subcutaneous, Intravenous and Other Types), By Application (Online Pharmacies, Hospital Pharmacies, Retail Pharmacies and Others) Regional Forecast To 2031

Updated On: 08 April 2024

Diabetes Drug Therapy Market REPORT OVERVIEW

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global diabetes drug therapy market size was USD 11000 million in 2022 and market is projected to touch USD 25941.19 Million By 2031, exhibiting a CAGR of 10% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the diabetes drug therapy market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.  The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The term "diabetes" refers to a condition that is considered to be chronic and is brought on by blood sugar rises brought on by an inefficient production or response of the hormone insulin. The body's capacity to digest meal sugars, produce enough insulin, or utilise insulin effectively is negatively impacted by diabetes. Diabetes can lead to a range of problems, including cardiovascular, ocular, renal, and brain issues, if it is not properly managed. The use of insulin pens and syringes to give insulin is one example of an injectable therapy. Primarily for the treatment of type 1 diabetes, insulin is administered via insulin pens and needles into the body. Oral medications are mostly used to treat type 2 and gestational diabetes and to regulate blood glucose levels in the diabetes pharmaceuticals market.

COVID-19 Impact: The Foot Restrictions due to Lockdown Led to the Rise of the Market

The COVID-19 outbreak is expected to negatively affect the development of the diabetes drug therapy market. To stop the spread of COVID-19, lockdown was implemented. Diabetes patients experienced treatment delays as a result of the conversion of numerous hospitals into COVID 19 centres. For instance, the World Health Organisation (WHO) study estimates that as of December 19, 2021, there have been reported over 273 million illnesses and over 5.3 million deaths worldwide. Additionally, COVID-19 has been the attention of the whole healthcare sector. Therefore, COVID-19 had a negative impact on the market for diabetes drug therapy.

LATEST TRENDS

"Technological Innovations with Advent of Novel Medicines and Devices to Inflate the Market Demand"

The primary drivers propelling the growth of the worldwide Diabetes Drugs Market are the rising diabetes population, technological advancements, and the rising acceptance rate in developing areas. With a growth in the number of diabetics, technological advancements and an increasing acceptance rate in emerging regions are the main factors that could support the global market. The Diabetes Drugs Market is being driven by a number of important reasons, including an increase in the number of diabetics, advances in technology, rising sales of innovative medications, and rising acceptance rates in developing nations. Diabetes can be diagnosed and treated with the aid of continuous glucose monitoring (CGM) devices and the next-generation Eversense E3 continuous glucose monitoring (CGM) system standards. Because of this, the industry is expanding thanks to the availability of such cutting-edge glucose monitoring gadgets.

Diabetes Drug Therapy Market SEGMENTATION

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• By Type

Based on type; the diabetes drug therapy market is divided into oral, subcutaneous, intravenous and others.

• By Application

Based on the application; the diabetes drug therapy market is divided into online pharmacies, hospital pharmacies, retail pharmacies and others.

DRIVING FACTORS

"Numerous Factors Aiding Diabetes to Fuel Up the Market for Drug Therapies"

As much as 60% of people globally smoke, which has increased the risk of diabetes and helped the market grow, research indicates that smoking raises the likelihood of developing the disease. An increase in the incidence of diabetes is anticipated to be fueled by rising obesity, sedentary lifestyle choices, and increased consumption of unhealthy foods.

Additionally, the ageing population is a major factor in the diabetes drug therapy market growth. Diabetes is more common among older adults. As a result, the presence of diabetic centers and an increase in the number of senior patients fuel market expansion. Additionally, the market is expanding due to the rise in factors that cause diabetes, such as geography, geography, environmental factors, diet, and obesity. One of the main risk factors for getting diabetes is being overweight. In addition, environmental variables like polluted air, water, soil, vitamin D insufficiency, enterovirus exposure, and immune system damage are to blame for diabetes.

Favourable Government Initiatives and Encouragement to Decipher the Market Demand

The rising healthcare costs and fervent government backing have also contributed to the growth of diabetes drug therapy market share. The governments of many nations are supporting the producers in order to meet the rising demand for medications. As a result, the market for diabetes medications will grow in the future. Additionally, the government's efforts to control diabetes contribute to the market's rise. The market is primarily driven by an increase in the population with diabetes. The diabetes drug therapy market is expanding as a result of government initiatives to offer facilities for the treatment of diabetes and the development of economical and efficient diabetic treatments, such as oral hypoglycaemic medicines.

For instance, in the United States, the Centres for Disease Control and Prevention (CDC) announced the National Diabetes Prevention Programme (National DPP)'s establishment as well as the collaboration of public and commercial organisations. The programme seeks to halt or postpone type 2 diabetes.

RESTRAINING FACTORS

"The Time-Consuming Approvals and the High Cost Issues to Restrain the Market"

Because of the increased prevalence of sedentary lifestyles and obesity in the world's population, there has been a sharp rise in the number of diabetes cases. The strict regulatory environment and the drawn-out clearance process, on the other hand, are two major variables that could limit market expansion. Cost concerns, stringent regulations, and lengthy medication approval processes, however, may limit the diabetes drug therapy market's ability to grow.

Diabetes Drug Therapy Market REGIONAL INSIGHTS

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"North America to Lead the Market with Well Established Health Infrastructure and Prominent Manufacturers"

Depending on the region, North America accounted for the largest share of the global diabetes drug therapy in 2020 and is predicted to continue dominating the market throughout the forecast period. This is because the region has a developed healthcare system, including diabetes care centres, a sedentary lifestyle, and a rising prevalence of diabetes. However, the area is expected to experience profitable growth as a result of an increase in the number of elderly people, an increase in the frequency of diabetes, and a sizable population base. Due mostly to the United States' high demand, North America continued to be the region with the greatest market for insulin medications. The constant healthcare advancement in diabetes drug therapy is projected to boost regional growth in the next years.

KEY INDUSTRY PLAYERS

"Key Industry Players to Promote the Market Expansion"

The market's expansion was significantly impacted by the techniques employed by market participants in recent years, such as extensions. The report covers details and information about the firms and their interactions with the market.

List of Market Players Profiled

• Abbott Laboratories (U.S.A)
• Mannkind Corporation
• Bristol Myers Squibb
• Medtronic (Ireland)
• AstraZeneca (U.K)
• Eli Lilly and Company (Indiana)
• GlaxoSmithKline (U.K)
• Sanofi (France)
• Novo Nordisk (Denmark)
• Novartis International AG (Switzerland).

REPORT COVERAGE

This report covers a comprehensive backdrop analysis, an assessment of the parent market, intensive study in the market dynamics. Past hhistorical, current, and projected size of the market from the point of both value and volume. Researching of recent industry developments, deep study on mmarket shares and strategies of major players and the emerging niche segments and regional market areas are covered in the report.