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

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

The United States Diabetes Care Drugs Market is expected to register a CAGR greater than 3% over the forecast period, 2022-2027.

COVID-19 has carved an especially fatal route through the 1 in 10 diabetics in the United States, including those who never contracted the virus. Because, when the epidemic struck, those with the chronic condition were already in worse form than they had been in years. It took the fatal COVID-19 outbreak to highlight a larger, more intractable public-health catastrophe in the United States: for more than a decade, the world's richest country has been losing the war against diabetes. COVID-19, which has killed over 600,000 individuals in the United States, has had a particularly devastating impact on millions of diabetic Americans. Early on, doctors and scientists recognized that many critically ill coronavirus patients also had a chronic condition. According to the Centers for Disease Control and Prevention (CDC), 40% or more of those who died from COVID-19 also had diabetes.

Based on drugs, the insulin segment holds a significant share in the market. Over 100 million people around the world need insulin, including all the people suffering from Type-1 diabetes and between 10% and 25% of people with Type-2 diabetes. Production of insulin is very complex, and there are very few companies in the market that manufacture insulin. Due to this, there is high competition between these manufacturers, who always strive to meet the patient’s needs to supply the best-quality insulin.

Key Market TrendsOral-Anti Diabetes Drugs Segment is Having the Highest Market Share in 2021

The Oral-Anti Diabetes Drugs segment is expected to increase with a CAGR of over 5.4 % during the forecast period, mainly due to the demand from the diabetes population, which was more than 26 million by the end of 2022.

According to the International Diabetes Federation, diabetes patients will spend USD 966 billion in 2021, with Type 1 diabetes patients spending most of their money on insulin medicines. Only a small percentage of Type 2 diabetes patients require insulin. Although Type 1 diabetes affects just 10% of the population, their insulin consumption is greater. Increased knowledge of the advantages of insulin for diabetes patients, particularly in emerging nations, is driving the demand for insulin. Other reasons, such as quick advancement in insulin delivery methods, medication and analog research by major pharmaceutical firms, and an increase in the elderly and obese population, may fuel the insulin market's growth.

In the Oral Anti Diabetes Drugs segment, Metformin is having the highest share. Metformin is a biguanide medication used to treat type 2 diabetes. It is given for "off-label" usage in patients suffering from diseases such as insulin resistance. Since the introduction of metformin into T2DM therapy, many patients have been effectively treated with this internationally available medicine with a favorable risk/benefit profile that is recommended as a first-line prescription by IDF guidelines. As a result, metformin remains the most prescribed oral antidiabetic drug globally, accounting for 45-50% of all prescriptions and being used by over 150 million individuals each year. Long-term favorable experience with metformin usage, solid evidence of clinical efficacy and safety, high adherence rate, cheap cost, broad availability, and cost-effectiveness all contribute to the large market share.

Thus, owing to the above factors it is expected to drive the market growth over the forecast period.

Increasing Diabetes Population in the United States

The United States dominates the global insulin therapeutics market, owing to the high prevalence of diabetes in the region because of the sedentary lifestyle and the launch of new drugs in the region. The United States is expected to grow tremendously during the forecast period, owing to factors, such as the high prevalence of obesity and increasing awareness regarding diabetes care in the Country. North America remained the largest market for insulin drugs, primarily due to high demand from the United States.

In January 2020, Novo Nordisk announced that the US Food and Drug Administration (FDA) had approved Fiasp (insulin aspart injection) 100 u/mL for use as a new mealtime insulin option for children with diabetes. Such developments are expected to increase the sales of Fiasp during the forecast period.

Thus, owing to the above factors it is expected to drive the market growth over the forecast period.

Competitive Landscape

Manufacturers have constantly innovated in order to compete and battle in the industry under study. According to a new study on the SGLT2 Class (Jardiance, Farxiga), medicine aids in the treatment of renal and cardiovascular illnesses.

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