MEXICO DIABETES DRUGS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

MEXICO DIABETES DRUGS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

During the forecast period 2022-2027, the Mexican Diabetes Drugs Market is set to witness a CAGR of more than 3%.

Within the first year since its inception, the COVID-19 pandemic has been responsible for premature deaths, particularly among older individuals. Most people who have died of COVID-19 were affected by the co-occurrence of two or more chronic conditions in the same individual. Several studies have confirmed that chronic diseases like diabetes are associated with adverse outcomes in COVID-19 patients.

People with diabetes have more chances to get into serious complications rather than normal people. The manufacturers of diabetes drugs have taken care during COVID-19 to deliver the medications to diabetes patients with the help of local governments.

Diabetic drugs are medicines developed to stabilize and control blood glucose levels amongst people with diabetes. Diabetic drugs have been potential candidates for treating diabetic patients affected by SARS-CoV-2 infection during the COVID-19 pandemic. The prevalence of diabetes in people hospitalized with COVID-19 infection and the recognition that improved glycemic control might improve outcomes and reduce the length of stay in patients with COVID-19 have underlined the importance of diabetes care drugs.

According to IDF Diabetes Atlas 2021, the prevalence of diabetes in Mexico has now reached 16.9% or one in six adults. In 2021, an estimated 14 million adults in Mexico are living with diabetes – a rise of 10% in the past two years. Additionally, 11 million adults in the country have Impaired Glucose tolerance (IGT), which places them at high risk of developing type 2 diabetes. Diabetes-related health expenditure in Mexico has reached USD 20 billion, putting it in the top ten countries or territories with the highest total health expenditure. Under half (47.5%) of people living with diabetes in the country are undiagnosed.

When diabetes is undetected or inadequately treated, people with diabetes are at risk of serious and life-threatening complications, such as heart attack, stroke, kidney failure, blindness, and lower-limb amputation. These result in reduced quality of life and higher healthcare costs and lead to a greater need for access to care. In Mexico, diabetes, especially Type 2, became a healthcare burden as it is the primary cause of death among women and the secondary cause of death among men. Obesity, sedentarism, bad eating habits, genetics, family background, and age are among the factors that lead to developing diabetes. Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.

Key Market TrendsOral Anti-Diabetic Drugs held the largest market share in the Mexican Diabetes Drugs Market in 2021

The Mexican Oral Anti-Diabetic Drugs market is expected to register a CAGR of more than 3.5% and record revenue of about USD 1.7 billion during the forecast period 2022-2027.

Mexico had witnessed an alarming increase in the prevalence of diabetes, in recent years. Patients with diabetes require many corrections throughout the day for maintaining nominal blood glucose levels, such as oral anti-diabetic medication or ingestion of additional carbohydrates by monitoring their blood glucose levels. The rate of newly diagnosed Type 1 and Type 2 diabetes cases is seen to increase, mainly due to obesity, unhealthy diet, and physical inactivity. The rapidly increasing incidence and prevalence of diabetic patients and healthcare expenditure are indications of the increasing usage of diabetic drugs.

Oral Anti-Diabetic Drugs have been available internationally and are recommended for use when escalation of treatment for type 2 diabetes is required along with lifestyle management. Oral agents are typically the first medications used in the treatment of type 2 diabetes due to their wide range of efficacy, safety, and mechanisms of action. Antidiabetic drugs help diabetes patients to keep their condition under control and lower the risk of diabetes complications. People with diabetes may need to take antidiabetic drugs for their whole lives to control their blood glucose levels and avoid hypoglycemia and hyperglycemia. Oral anti-diabetic agents present the advantages of easier management and lower cost, so they became an attractive alternative to insulin with better acceptance, which enhances adherence to the treatment.

Lack of health insurance deprived the poor of access to services and put them at risk of financial hardship. To protect the people against excessive health expenditures, many countries like Mexico have implemented mechanisms such as community-based health insurance, national health insurance, and targeted public health insurance. Mexico has multiple health insurance providers. The Instituto de Seguridad y Servicios Sociales de los Trabajadores del Estado [State Employee’s Social Security and Social Services Institute, ISSSTE] provides coverage for government employees, and the Instituto Mexicano del Seguro Social [Mexican Social Security Institute, IMSS] covers for private-sector employees. The Seguro Popular [People’s Insurance] was launched to protect the working-age population against steep healthcare costs. Enrolment in the Seguro Popular is independent of health status or pre-existing illness, there is no co-payment in accordance with the type of health care received, and family contributions are determined solely by the ability to pay. The various initiatives by the Mexican government are expected to drive the market’s growth. The Government of Mexico partnered with numerous private companies to utilize their supply chain (manufacturing, distribution, and retailers) to ensure low prices for drugs.

Owing to the aforementioned factors it is likely that the market will continue to grow.

Sodium-glucose cotransport -2 (SGLT-2) inhibitor Segment is Expected to register the highest CAGR in the Mexican Diabetes Drugs Market

Sodium-glucose cotransport -2 (SGLT-2) inhibitor Segment is Expected to register a CAGR of more than 10% during the forecast period.

SGLT-2 inhibitors, commonly known as gliflozins, are a kind of medication used to treat type 2 diabetes by lowering high blood glucose levels. SGLT-2 inhibitors have an important role in the management of cardiovascular risk factors such as blood pressure, glycemia, weight, cardiac function, and anti-inflammatory action. Diabetic medications have been proposed as prospective treatments for diabetic people infected with SARS-CoV-2 during the COVID-19 epidemic. Technological advancements have increased over the period leading to several modifications either in the SGLT-2 inhibitors or the formulations being developed.

Diabetes is a significant health problem and one of the astounding challenges for healthcare systems all over Mexico. The growing incidence, prevalence, and progressive nature of the disease have encouraged the development of new drugs to provide additional treatment options for diabetic patients. The roll-out of many new products, increasing international research collaborations in technology advancement, and increasing awareness about diabetes among the people are some of the market opportunities for the players in the diabetes drugs market.

Pharmacies are considered an important tool to achieve better healthcare coverage in Mexico. The pharmaceutical industry has integrated technology tools. Through the “Beyond the Pills” initiative, companies complement their drug treatment with digital platforms to favor follow-up and to ensure treatment continuity. Roche is one of the companies using the Beyond the Pills approach for treating diabetes. The pharmaceutical company has a digital platform to manage diabetes called mySugr. Through it, Roche is able to offer accessible patient solutions within an open platform to respond to unmet needs. It aims to support people with diabetes to spend more time in their ideal glucose target range and improve their quality of life. With mySugr, users can automatically upload blood glucose data from their preferred device into the mySugr logbook app and share data with healthcare professionals and caregivers.

Owing to the aforementioned factors it is likely that the market will continue to grow.

Competitive Landscape

The Mexican diabetes care devices market has been driven by manufacturers like Roche, Abbott, Novo Nordisk, Dexcom, and Medtronic to compete and struggle in the market. The major companies are partnering with each other to develop new technologies in diabetes care devices, which is likely to drive the market in the future.

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