Global Diabetes Therapeutics Market - 2022-2029

Global Diabetes Therapeutics Market - 2022-2029

Market Overview

Diabetes Therapeutics Market size was valued at US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 6.4% during the forecast period (2022-2029).

Diabetes is a chronic disease characterized by hyperglycemia, also called raised blood glucose or blood sugar. It occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin it produces. Diabetes, over time, leads to serious damage to many of the body's systems, especially the nerves and blood vessels; the treatment is to keep blood sugar in check by direct insulin or other products.

Market Dynamics

Consumer’s preference for self-medication for the treatment of diabetes, growing demand for biologics, the presence of high unmet needs, and the broad scope for dimethyl disulfide (DMD’s) are some key factors driving the growth of the diabetes therapeutics market.

The growing extensiveness of diabetes and research for new treatments propel market growth globally.

The growing prevalence of diabetes globally is fueling the global market growth. For instance, according to the International Diabetes Federation, in 2021, over 537 million adults had diabetes, making it 1 out of 10 people globally. It is estimated to rise to 643 million by 2030 and 783 million by 2045. Also, 3 in 4 adults with diabetes are in low- and middle-income countries. In 2021 diabetes caused one death every five seconds accounting for over 6.7 million deaths globally. Globally diabetes healthcare expenditure for 2021 was around $ 966 billion accounting for a 316% rise over the last 15 years. More than 240 million cases of diabetes are undiagnosed, over 541 million adults are on the verge of developing type 2 diabetes, and around 21 million live births are affected with diabetes during pregnancy.

Furthermore, the increased research for alternative treatment options is driving the global market, such as Diabetes Research Institute in the US, which is developing a bioengineered mini-organ where insulin-producing cells are encapsulated within a protective barrier. This mini-pancreas is implanted into the omentin, a part of the abdominal lining.

The complexity in the storage and distribution of insulin threatens the global diabetes therapeutics market growth.

However, growing complexity in the storage and distribution of insulin, the highly unpredictable nature of drugs in the outcome on humans, raising concerns in the scientific communities, and the gap in the national level diabetes management plans are some of the critical challenges for the growth of the diabetes therapeutics market will restrain the global market growth during the forecast period.

COVID-19 Impact Analysis

For the containment of the COVID-19 spread, various restrictions were applied by different regulatory bodies regarding people's socializing, which has negatively impacted the diabetes therapeutics market. These restrictions also disrupted the supply chain of many companies, hampering the overall diabetes therapeutics availability and creating low availability in the market. Furthermore, regular blood check-ups were difficult because of the socializing restrictions, leaving a majority of diabetes cases undetected, significantly impacting the market growth.

Segment Analysis

Type 2 diabetes is dominating the market and is predicted to continue during the forecast period (2022-2029).

Type 2 diabetes is expected to dominate the global market due to factors such as the growing prevalence, increased research activities for alternative treatment options and new product introductions. As per the data published in PUBMED in Feb 2022, For instance, according to the results obtained from a study performed to estimate type 2 diabetes global prevalence among children and adolescents in 2021, approximately 41,600 new cases of diagnosed type 2 diabetes among children and adolescents. Furthermore, the increasing research activities are contributing to the dominance of type 2 diabetes over the global market. For instance, Poxel is pursuing a different approach with a drug that targets the pancreas, the liver, and the muscles at the same instance to reduce blood sugar; it has proved this effect in a phase III trial carried out in Japan and subsequently got approved in summer 2021. Poxel is preparing a phase III trial in Europe and the US, with the subsequent application for approval in the same region. In addition, in May 2022, Eily Lilly secured FDA approval for Mounjaro (tirzepatide) intended for managing type 2 diabetes with diet and exercise.

Geographical Analysis

The North American region holds the largest market share of the global diabetes therapeutics market.

The increasing cases of diabetes in North America contribute to the dominance of this region over the global market throughout the forecast period (2022-2029), for instance, the data from the American International Diabetes Federation indicates that in 2021 in North America and the Caribbean there were 51 million adults living with diabetes which is predicted to be 57 million by 2030 and 63 million by 2045. Also, around 1 out of 4 American adults were with diabetes but undiagnosed.

According to the CDC, in 2021, 931,000 deaths were due to diabetes and a total of $ 415 billion expenditure on diabetes. Furthermore, the increasing research activities in this region ensure its dominance over the global market. For instance, Eli Lilly and Company, a U.S.-based company, has sponsored a phase 2 study of once-weekly LY3437943 compared with placebo and dulaglutide in participants with type 2 diabetes and is estimated to be completed by October 29, 2022. In addition, the large number of efforts to spread awareness and support for diabetes patients by different government and non-government organizations in this region assure North America's command over the global market during the forecast period.

Competitive Landscape

The increasing research and development for diabetes alternative treatment options create competition among the market players. Technological advances that provide excellent opportunities for high-volume manufacturing and increased reach through online platforms have made the market competitive. Major Diabetes Therapeutics market players are Novo Nordisk, AstraZeneca, Pfizer, Abbott India Ltd, Eli Lilly, AbbVie Inc., Dr. Reddy`s Labs, Sanofi, Novartis International, Merck and Boehringer Ingelheim. These key players hold the market through acquisition, product launches, and collaborations. For instance, in April 2022, Aurobindo Pharma acquired Veritas and entered the domestic formulation business. Also, in June 2022, Dr. Reddy`s Laboratories acquired an injectable product portfolio from Eton Pharma.

Abbott India Ltd

Overview:

Abbott India Limited has dealt with science-based nutritional products, diagnostic tools, branded generic pharmaceuticals, and diabetes and vascular devices in India since 1910. Abbott India Limited is headquartered in Mumbai and is a publicly listed company, a subsidiary of Abbott Laboratories, which is among India's fastest-growing pharmaceutical companies; Abbott India Limited is part of Abbott's global pharmaceutical business in India.

Product Portfolio:

Abbott India Ltd’s product portfolio for diabetes therapeutics contains a Dbetrl SR, Eugiucon, Glimmer, Gluformin G1, Gluformin G2, Metglar 1, Metglar 2, and many more.

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