Iran Diabetes Drugs and Devices - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2018 - 2029

Iran Diabetes Drugs and Devices - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2018 - 2029

Iran's diabetes drugs and devices market size is estimated at USD 1 billion in the current year. The market is expected to reach 1.3 billion in five years, registering a CAGR of more than 4.3% during the forecast period.

Inadequate precautions that disrupt traditional patient relationships, drug shortages, disruptions to routine diabetes care, and the lack of infrastructure for telemedicine services increase the risk to developing countries during the COVID-19 pandemic. This presents the most significant challenge in diabetes care management. Diabetes is becoming increasingly common in Iran, as in many other countries. In addition to the difficulties posed by diabetes management in a poor country, Iran has faced new challenges over the past two years due to increased sanctions. During the COVID-19 crisis, the severity of sanctions in Iran more than tripled. Regular blood glucose monitoring, healthy diet, regular physical activity, medication, and adherence to foot care should be considered to control hyperglycemia better and prevent or at least delay complications in people with diabetes. This is an essential component of diabetes self-management. During the COVID-19 crisis, shortages and rising prices of devices such as insulin pens increased patient anxiety and hindered disease management.

One of the most common problems faced by patients is poor medication adherence. Many patients find it challenging to follow recommended treatments. Adherence rates for oral hypoglycemic agents (OHAs) range from 36% to 93% in managing type 1 and type 2 diabetes. Sulfonylureas are commonly used to treat type 2 diabetes. Patient compliance is critical to the effectiveness of oral diabetes therapy. It was crucial to highlight the current state of compliance with diabetes medications among patients with type 2 diabetes in Tehran and the cultural differences within the same Iranian community.

Based on the abovementioned period, the market under study is expected to grow during the analysis period.

Iran Diabetes Drugs and Devices Market Trends

The continuous Glucose Monitoring Segment is Expected to Witness the Highest Growth Rate Over the Forecast Period

Continuous glucose monitoring sensors use glucose oxidase to measure blood sugar levels. Glucose oxidase converts glucose to hydrogen peroxidase, which reacts with platinum in the sensor to send an electrical signal to a transmitter. The sensor is the most important part of any continuous blood glucose monitoring device. Technological advances in improving sensor accuracy are expected to drive the growth of the segment during the forecast period.

According to a research study conducted by Joost van der Linden et al. and published in the Diabetes Technology & Therapeutics Journal, real-time continuous glucose monitoring (rtCGM) was employed at a population level to analyze changes in glycemic control with diversified temporal and geographic precision. Furthermore, current continuous glucose monitoring devices can provide a retrospective view of blood glucose levels by downloading the data or giving an up-to-date overview via a receiver display. As newer technologies like cell phone integration become more accessible and cost-effective, this segment is likely to experience growth in the foreseeable future.

The industry players are adopting diverse techniques such as collaborations, partnerships, mergers, acquisitions, and expansions to boost industry disclosure. For instance, WaveForm Technologies Inc., developer of innovative cosmetics for continual glucose monitoring, and A. Menarini Diagnostics S. r. l. guiding diagnostics company, entered a partnership to commercialize WaveForm Technologies' continual Glucose supervise (CGM). Thus, owing to the influences mentioned above, it's expected to control the slice development over the forecast period.

Rising diabetes prevalence

Patients with type 1 diabetes (T1D) must maintain a good lifestyle, influenced by individual personality traits, social interactions, socioeconomic status, and living environment variables. Continuous glucose monitoring (CGM) combined with multiple daily injections (MDI) has been shown to reduce non-severe and severe hypoglycemia in patients with type 1 diabetes who are prone to this side effect. Patients with type 1 diabetes, who are at high risk of hypoglycemia, can use self-contained continuous blood glucose monitoring to control their blood sugar levels, even in the dire living conditions created by the severe lockdowns caused by the COVID-19 pandemic crisis. You can control it. People with diabetes in Iran face economic hardships. Pharmacies do not sell enough insulin for diabetics. Instead, more expensive insulin will be sold on the open market. Parents of diabetic children may not be able to find insulin. For children and adults with type 1 diabetes, insulin costs 20-30% of their monthly family income. This does not include the cost of costly test strips and other consumables. In addition, Iranian insurers are cutting funding for diabetes treatment. Limited insulin is available, and Iranian families with diabetic children are coping by reducing the amount of carbohydrates in their children's diets. People living with Diabetes in Iran confront financial difficulties.

Pharmacies do not sell enough insulin to people with diabetes; instead, insulin is sold on the open market at a higher price. Sometimes, a diabetic child's parent is unable to locate insulin. Insulin costs 20-30% of a family's monthly income for type 1 diabetic children and adults. This does not include the excessively high cost of test strips and other supplies. In addition, insurance firms in Iran are lowering financial assistance for diabetes treatments. Because insulin is scarce, Iranian families with diabetes children adapt by limiting the number of carbs in their children's diet. Though food and lifestyle are highly helpful in managing blood glucose levels, they frequently fail and necessitate oral medication therapy. If the second phase of pharmacological therapy fails, multiple oral medicines will be used. Various therapies will be optimized, and they will be shifted to oral-injectable multiple treatments in the ultimate stages. Guidelines for regulating blood glucose levels have evolved with broad modifications in hyperglycaemia prescription therapy. Considering these developments in diabetes care, the trend in glucose-lowering medicines and their efficacy in blood glucose is critical.

The increasing diabetes prevalence and the above factors will likely drive segment growth over the forecast period.

Iran Diabetes Drugs and Devices Industry Overview

Manufacturers have constantly innovated to survive in the market. Large companies such as Abbott and Medtronic have made numerous mergers, acquisitions, and partnerships to gain market dominance while adhering to organic growth strategies. The manufacturers of insulin delivery devices are spending a huge amount on the R&D of the devices. For example, Novo Nordisk partnered with Abbott Diabetes Care, which may also assist in enabling insulin statistics to be shared between Novo Nordisk-connected insulin pens and digital fitness equipment well suited to the FreeStyle Libre portfolio of products.

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