5th May 2023
Diabetic is a disease condition in which the body has lost the ability to regulate the blood sugar level in the blood. The reason behind this condition varies between patients, it may be due to insulin resistance, imbalance in insulin hormone secretion, pancreatic organ damage, and so on. The Diabetic condition was categorized based on the disease origin such as Type-1, Type-2, Juvenile, and Gestational. The Diabetic therapy was given to the patient based on the analysis of these disease conditions. Currently, there are a lot of diabetic drugs exist in the market today, and still continuous research were going on for diabetics to bring new innovative treatments such as cell-based therapy, which is stem cell therapy at the pioneer level continues to drive the market of Diabetic therapy in the future.
The growing prevalence of diabetes worldwide is a significant driver of the diabetic therapy market. According to the International Diabetes Federation, approximately 463 million adults were living with diabetes in 2019 and projected to rise to 700 million by 2045. The increasing prevalence of the disease is driving demand for diabetic therapies, including medications, insulin, and lifestyle interventions. Further, the development of new and innovative diabetic therapies, including insulin pumps, continuous glucose monitoring devices, and digital health platforms bring a solution to resolve the diabetic condition of patients and manage diabetic health conditions. In addition to that, Doctor’s organizations, and Governments are working together to conduct awareness of diabetes and its complication among the population leading to an increase in the market demand for Diabetic Therapy in the upcoming years.
The Global Diabetic Therapy Market has reached a value of $88.5 billion in 2022. The market is projected to grow from $92.97 billion in 2023 to $134.34 billion in 2030 with a CAGR of 5.4% in the forecast period of 2023-2030. This market is estimated based on different key pointers that attribute to the growth which are therapy types including Drug-Based Therapy (Insulin, DPP-4 inhibitors, GLP-1 receptor agonists, SGLT2 inhibitors), disease types including Type-1 Diabetics, Type-2 Diabetics, Juvenile Diabetics, Gestational Diabetics, drug delivery systems such as Injections, Oral, Inhalers, Pumps. and distribution channels such as Online pharmacies, Hospital, Retail Pharmacy Shops. Leading companies such as Novo Nordisk, Eli Lilly & Company, Sanofi S.A, Merch & Co., C.H. Boehringer, AstraZeneca, Johnson & Johnson, and Biocon Limited.
In drug-based therapy, the Insulin segment holds the largest revenue for the Diabetic Therapy Market. Insulin was majorly given the patients who can’t secret the insulin naturally or the amount of Insulin secreted is less due to pancreatic damage. This class of drug sustains the market for a longer period due to the high prevalence of diabetic conditions, increasing changes in lifestyle moving toward sedentary causing obesity lead to diabetics’ condition, continuous development in drug delivery systems, and increasing approval drugs by FDA & other regulatory bodies eventually propels the revenue of the insulin segment leading to improve the diabetic therapy market in the upcoming years as predicted.
North America is a significant driver of the diabetic therapy market, primarily due to the high prevalence of diabetes in the region, the availability of advanced healthcare infrastructure and technologies, and increasing awareness about diabetes and the importance of early diagnosis and effective management. According to the International Diabetes Federation, North America has the highest prevalence of diabetes among all regions, with approximately 48 million adults living with the disease. This high prevalence of diabetes in North America is driving demand for diabetic therapies.
In 2023, Medtronic launched a product MiniMed 780G system which is a next-generation Insulin pump system, it contributes to managing glucose levels through continuous glucose monitoring systems. On the other hand, in 2023, FDA approved the diabetic drug Rybelsus oral semaglutide, which is developed by Novo Nordisk against the Type-2 diabetic condition and it is the first oral GLP-1 receptor agonist. Leading companies in this region are hugely investing in the development of novel drugs and innovative solutions to manage diabetic health, along with the increased number of drug approval leading to enhance market of Diabetic Therapy as projected in the forecast period.
The increasing prevalence of diabetic conditions around the world creates a huge demand to manage the disease status among the patient population enhancing the market for effective diabetic therapy. It is recommended that companies should adopt patient-centric approaches in the development and delivery of diabetic therapies. This involves understanding the needs and preferences of patients and incorporating them into the development process. Patient-centric approaches can improve patient outcomes. Further, digitalization in the healthcare sector to manage diabetic health continues to enhance the growth of the diabetic therapy market in the coming years as predicted.