Global Diabetes Market 2022-2028

Global Diabetes Market 2022-2028

Global diabetes market is expected to grow at a CAGR of 8.6% percent for the forecasted period (2022-2028). The market is segmented on the basis of the type of diabetes, drugs class, and diabetic devices. Some of the top-selling diabetic drugs include Lantus (Sanofi), Januvia (Merck And Co), Humalog (Eli Lily And Co), Novorapid (Novo Nordisk), Levemir (Novo Nordisk), Victoza (Novo Nordisk), Janumet (Merck And Co.), Novolog (Novo Nordisk), Humalin (Eli Lily And Co.) And Galvus (Novartis). With the diabetic population expected to cross the 350 million market by 2030 the market is expected to show a strong growth rate. Diabetic drugs are highly priced which could be one of the major drawbacks.

Diabetic devices include blood glucose meters and insulin delivery devices. The market for blood glucose meters will have the highest market share compared to the insulin delivery systems such as syringes and injection pens. Continuous glucose monitoring systems will have the highest market growth. Meter and strips are expected to dominate the overall market share in diabetic devices.

Overall the market is driven by the growing burden of diabetes on economies. U.S. alone spends 11% of its health expenditure on diabetes. India and China are most affected by diabetes with over 120 million patients. A majority of diabetes patients are either undiagnosed or lack basic treatment. The impending unmet needs are forcing the companies and governments to provide basic needs for diabetes. Research and development is ongoing to develop long term solution for diabetes. Some of the leading manufacturers are trying to develop an artificial pancreas. Currently, CGMS devices are being used with insulin pumps as the secondary prototype for the artificial pancreas. It is expected that artificial pancreas will be ready for commercialization by the next decade. Development of artificial pancreas has gained support from USFDA, which is a major boost for the market.

North America is the leading geography followed by Europe and Asia Pacific. The Asia Pacific is expected to have the highest growth rate amongst the regions. North American market is driven by high awareness, availability of reimbursements and high expenditure on healthcare. Asia Pacific market is driven by the high population of diabetic patients.