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

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

The North America Diabetes Drugs Market is set to witness a CAGR of more than 3%, during the forecast period 2022-2027. The market is estimated to reach a value of more than USD 39 billion by 2027.

The COVID-19 pandemic positively impacted the North America Diabetes Drugs Market. Diabetes and uncontrolled hyperglycemia are risk factors for poor outcomes in patients with COVID-19 including an increased risk of severe illness or death. People with diabetes have a weaker immune system, the COVID-19 complication aggravates the condition, and the immune system gets weaker very fast. People with diabetes have more chances to get into serious complications rather than normal people.

Diabetic drugs are medicines developed to stabilize and control blood glucose levels amongst people with diabetes. Diabetic drugs are commonly used to manage diabetes. Diabetic drugs have been potential candidates for treating diabetic patients affected by SARS-CoV-2 infection during the COVID-19 pandemic. In North America, till April 2022, the United States was having the highest COVID cases around 82 million, the country also registered the highest death rate. Pandemic emergency has created a rise in remote care from both patients and providers and removed many long-standing regulatory barriers.

The North American region had witnessed an alarming increase in the prevalence of diabetes, in recent years. In developed countries, such as the United States and Canada, the rate of diabetes is at an all-time high, mainly due to lifestyle changes. Diabetes is associated with many health complications. Patients with diabetes require many corrections throughout the day for maintaining nominal blood glucose levels, such as the administration of additional insulin or ingestion of additional carbohydrates by monitoring their blood glucose levels.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.

Key Market TrendsThe Oral Anti-Diabetic Drugs Segment is expected to dominate the North America Diabetes Drugs Market

The Oral Anti-Diabetic DrugsSegment held the highest market share of about 45% in 2021 and is expected to dominate the North America Diabetes Drugs Market with a revenue of around 20 billion.

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. According to the Division of Metabolism and Endocrinology Products in the FDA’s Center for Drug Evaluation and Research, “Patients want effective treatment options for diabetes that are as minimally intrusive on their lives as possible, and the FDA welcomes the advancement of new therapeutic options that can make it easier for patients to control their condition”. 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.

In July 2022, Zydus Lifesciences announced that it has received final approval from the USFDA to market Empagliflozin and Metformin Hydrochloride tablets in multiple strengths. Empagliflozin and Metformin Hydrochloride tablets are used with proper diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus. They are also used to lower the risk of cardiovascular death in patients with type 2 diabetes mellitus and established cardiovascular disease.

Diabetes medications are covered by most health insurance plans because they are considered medically necessary. Medicare generally covers diabetes medications. The American Diabetes Association has a guide to Medicare and diabetes prescription drug benefits. For patients covered by insurance, typical out-of-pocket costs consist of a prescription drug copay ranging from USD 10 to USD 50, depending on the drug. If the patient takes multiple drugs, copays can total USD 200 a month or more.

Owing to the rising rate of obesity, growing genetic factors for type-2 diabetes, the increasing prevalence, and the aforementioned factors it is likely that the market will continue to grow.

The United States is Expected to Dominate the North America Diabetes Drugs Market

United States holds the highest market share in the North America Diabetes Drugs Market and is also expected to register a CAGR of around 3% in the forecast period.

An estimated 1.4 million Americans are diagnosed with diabetes every year, according to the American Diabetes Association. Diabetes is one of the leading causes of death in Canada and other North American countries. 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. Non-insulin treatments, used as first-line therapies for patients suffering from type 2 diabetes, currently capture more than half the sales in the anti-diabetic market. Over the past decade, two important classes have entered this market: dipeptidyl peptidase-4 inhibitors (DPP-4), and sodium-glucose cotransporter-2 inhibitors (SGLT-2). Oral antidiabetic agents work in various ways to reduce blood sugar levels in people with type 2 diabetes; some stimulate insulin secretion by the pancreas, and others improve the responsiveness of cells to insulin or prevent glucose production by the liver. Others slow the absorption of glucose after meals.

For instance, in June 2021, the Food and Drug Administration (FDA) approved Semaglutide as a supplement to diet and exercise for the treatment of obesity. Dulaglutide and Exenatide are not approved by the FDA for the treatment of overweight individuals. However, the efficacy of both medications in terms of weight loss has been shown, and they are increasingly being used clinically. Several studies have evaluated the cost-effectiveness of GLP-1RAs in the treatment of diabetes. In addition to using health insurance to help cover the costs of prescription drugs, many pharmaceutical companies also offer deals on the cost of prescription drugs themselves. The ADA also helps with costs for insulin and diabetes medication.

Owing to the aforementioned factors the market is expected to grow during the forecast period.

Competitive Landscape

The North America Diabetes Drugs Market is consolidated, with major manufacturers namely Eli Lilly, Sanofi, Novo Nordisk, and AstraZeneca holding a presence in the North American region. A major share of the market is held by manufacturers that are concomitant with strategy-based M&A operations and are constantly entering the market to generate new revenue streams and boost existing ones. These measures taken by the market players will ensure a competitive marketplace, therefore, forcing the companies to experiment with more new technologies.

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