Diabetes Therapeutics Market Expected to Reach $317.92 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Diabetes Therapeutics Market," The diabetes therapeutics market size was valued at $118,063.3 million in 2020, and is estimated to reach $317,915 million by 2030, growing at a CAGR of 10.4% from 2021 to 2030.

Diabetes therapeutic is a drug used by diabetic patients to restore the blood glucose metabolism to a normal state. It includes insulin analogues and oral hypoglycemic agents.

The factors that drive the global diabetes therapeutics market growth include rise in geriatric population, increase in the prevalence of diabetes worldwide, sedentary lifestyle of people, development of affordable & effective diabetes therapeutics, growth in awareness among population about self-management of diabetes, and increase in support from the government.  For instance, according to American Diabetes Association (ADA), in 2019, approximately  37.3 million Americans were diagnosed with diabetes. Moreover, surge in awareness of diabetes care and market potential in developing regions are expected to provide numerous opportunities for diabetes market share by company. However, side effects of diabetic drugs and stringent approval process for these drugs restrict diabetes therapeutics market trends.

Depending on product, the market is bifurcated into injectables and oral-antidiabetic drugs (OAD). The injectables segment is the highest contributor to the market growth owing to increase in prevalence of diabetes. The oral-antidiabetic drugs segment is anticipated to be lucrative for market players due to increase in prevalence of type 2 diabetes and rise in geriatric population.

North America was the leading revenue contributor to the global diabetes therapeutics market share in 2020, and is expected to remain dominant throughout the forecast period. This is attributed to its well-developed healthcare industry, increase in geriatric population, and high prevalence rate of diabetes. However, Asia-Pacific is expected to grow at the highest CAGR of 11.2% during the forecast period, due to increase in the number of diabetes patients, high population base, and growth in disposable income in the region.

The top 10 diabetes drugs key players operating in the global diabetes therapeutics market include Astrazeneca Plc., Boehringer Ingelheim GmbH, Eli Lilly and Company, Glaxosmithkline Plc., Johnson & Johnson, Merck & Co., Inc., Novartis Ag, Novo Nordisk, Sanofi S.A., and Takeda Pharmaceutical Company Limited.

The COVID-19 outbreak is anticipated to have a negative impact on the growth of the diabetes therapeutics market. There was implementation of lockdown to control spread of COVID-19. Many hospitals were converted into COVID 19 centers due to which diabetics faced delays in treatment. For instance, according to the World Health Organization (WHO) report, as of December 19, 2021, over 273 million cases and over 5.3 million deaths have been reported globally. Furthermore, entire healthcare sector’s focus shifted toward COVID-19. Thus, COVID-19 adversely affected the growth of the diabetes therapeutics market..

Key Findings of Study

• On the basis of products, the injectables segment was the highest contributor in 2020.
• Region wise, North America garnered the largest revenue share in 2020, whereas Asia is anticipated to grow at the highest CAGR during the forecast period.