Diabetes Therapeutics and Diagnostics Market Size, Share, Growth, And Industry Analysis, By Type (Insulin, Insulin Delivery, Oral Hypoglycemic Drugs, Diagnosis And Monitoring, and Others), By Application (Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes, and Others), Regional Forecast To 2031

Updated On: 08 April 2024

Diabetes Therapeutics and Diagnostics Market Report Overview

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The global diabetes therapeutics and diagnostics market size was USD 123740 million in 2022 the market is expected to reach USD 150806.25 million in 2030, exhibiting a Compound annual growth rate (CAGR) of 2.5% during the forecast period. 

A sort of medication that aids in managing diabetes is known as a diabetic therapeutic. These drugs assist diabetics in maintaining healthier blood sugar levels as well as heart health. Diabetes is a serious, multifaceted disorder that can have an impact on the whole body. Inadequate insulin production by the pancreas is the cause of diabetes. The hormone insulin, which is produced by beta cells and released by the pancreas, converts the glucose in food into energy. Different forms of diabetes exist, and they are all significant, complex bodily conditions. Type 1, type 2, and gestational diabetes are the three primary kinds of the disease. Type 2 diabetes is a chronic condition in which the body does not produce enough insulin from the pancreas to use the glucose from food as fuel. Risk factors for type 2 diabetes are highly correlated with genetic and familial variables.

The main signs of type 2 diabetes are excessive thirst, feeling exhausted and lethargic, constant hunger, taking longer to recuperate, and others. Diabetes is an incurable disease that can only be managed with medication and a change in lifestyle. medication administered orally or intravenously to raise the body's level of insulin. Syringes and insulin pens are used to administer insulin.

COVID-19 Impact: Limitations Induced By the Pandemic to Hamper Market Growth

However, a number of industries have temporarily suspended their operations or are running with a reduced staff due to lockdowns and other restrictions imposed by the relevant governing bodies in response to the current COVID-19 outbreak. Due to this factor, the global diabetes therapeutics and diagnostics market is anticipated to see significant drops in revenue growth, much like other markets. The high costs associated with installing and maintaining these devices could potentially impede the expansion of the global fraud detection and prevention market throughout the course of this projection period.

Latest Trends

"Increase in the Number of Geriatrics to Fuel Market Growth"

Due to an increase in the number of geriatrics with type 2 diabetes, the market for inadequately controlled type 2 diabetes treatments is anticipated to grow strongly throughout the forecast period. 85–90% of diabetes cases worldwide are type 2. The 7th edition of the International Diabetes Federation's (IDF) report estimates that 415 million people worldwide have diabetes. The same report noted that China has the largest percentage of diabetics, with over 100 million people affected. There are currently very few medications on the market for the treatment of type 2 diabetes that is not well managed.

Diabetes Therapeutics and Diagnostics Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into insulin, insulin delivery, oral hypoglycemic drugs, diagnosis and monitoring and others.

In terms of product, diagnosis and monitoring is the largest segment.

• By Application Analysis

Based on application, the market can be divided into type 1 diabetes, type 2 diabetes, gestational diabetes and others.

In terms of application, type 2 diabetes, gestational diabetes is the largest segment.

Driving Factors

"Rising Prevalence of Diabetes to Propel Market Growth"

The market for inadequately controlled type 2 diabetes treatment is expanding as a result of the rising prevalence of diabetes in the world. The rapidly rising prevalence of diabetes worldwide is also a result of an ageing population and changes in lifestyle. This market will rise as NGO initiatives to cure diabetes in the general population increase. The market for inadequately controlled type 2 diabetes treatments will expand as a result of technological advancements that result in the creation of greatly enhanced medications for the treatment of diabetes. On the other hand, unfavorable payment policies will impede the expansion of the market for poorly managed type 2 diabetic treatments. In addition, expensive medicines and the possibility of technical error will have an effect on diabetes therapeutics and diagnostics market growth.

"Advanced Technology Used in Diagnosis to Augment Market Growth"

With new technologies being created to better treat and manage diabetes mellitus, the field of diabetic therapeutics is continually changing. Novel therapeutic strategies that are more effective and secure than conventional therapies have emerged as a result of this. A family of medication called biguanides is used to treat type II diabetes. Since their initial introduction in the early 1960s, they have played a crucial role in the treatment plan for diabetes. The prevalence of type II diabetes is predicted to rise throughout the course of the projection period, along with patient and physician awareness of the benefits of biguanides and expanding use in developing nations like China and India.

Restraining Factors

"Health Hazard of the Diagnosis to Impede Market Expansion"

These diagnoses come with specific health risks. Diabetic neuropathy is a disorder in which long-term elevated blood sugar levels harm nerves. This might result in tingling, burning, or shooting pains that typically start at the fingers or toes and move upwards, as well as numbness in the fingers, hands, toes, and feet. Vomiting, diarrhea, constipation, issues with sexual function, and other symptoms can also be signs of this nerve injury.

Diabetes Therapeutics and Diagnostics Market Regional Insights

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"Asia Pacific to Dominate the Market Due to Excellent Healthcare"

A burgeoning diabetic population and rising healthcare spending in developing nations like India and China are predicted to make Asia Pacific the area with the greatest CAGR over the projection period and largest diabetes therapeutics and diagnostics market share. Additionally, it is projected that rising knowledge of diabetes treatment choices will fuel growth during the forecast period. For instance, GlaxoSmithKline (GSK) recently introduced Sitagliptin/new Januvia's medicine Patadaylight in Japan to treat patients with diabetes who are obese or overweight. Soon after getting permission from regulatory bodies including the FDA and EMEA, the business plans to launch it globally.

Due to the high prevalence of type 2 diabetes among Americans, particularly youngsters who suffer from obesity and poor lifestyle habits like smoking, North America retained a sizable share of the market.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players of diabetes therapeutics and diagnostics are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• 77 Elektronika Kft. (Hungary)
• Menarini Diagnostics S.R.L (U.K.)
• Abbott Laboratories (U.S.)
• Agamatrix Inc. (U.S.)
• Animas Corp. (U.S.)
• Ascensia (U.S.)
• Becton Dickinson (U.S.)
• Debiotech S.A. (U.S.)
• Eli Lilly And Co. (U.S.)
• Glaxo Smithkline (U.K.)

Report Coverage

This research profiles a report on diabetes therapeutics and diagnostics with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.