Transparency Market Research (TMR), in one of its newest market research reports mentions that the international diabetes drugs market to be highly fragmented and fiercely competitive owing to the presence of numerous prominent market vendors. With the expansion and diversification of product portfolio by the already existing market players and entry of new market players, the competition in the said market is very likely to intensify in the years to come. Regional expansion through acquisitions and mergers and various strategic alliances is expected to continue so as to remain another major growth promoting strategy for the participants of the said market.
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The report profiles names like Novo Nordisk A/S, Bayer AG, Boehringer Ingelheim GmbH, Merck & Co., Novartis AG, and Sanofi as prominent market players in the international market for diabetes drugs. Apart from these companies, some of the other prominent market players pertaining to the said market are Takeda Pharmaceutical Company Limited, Boehringer Ingelheim GmbH, Johnson & Johnson, Eli Lilly and Company and so on.
In accordance with the market research report by TMR, the world market for diabetes drugs stood at a market valuation of around US$ 43.1 bn in the year 2016 and the said market is likely to be valued at around US$ 58.4 bn by the end of the year 2025, rising at a growth rate of 3.6% CAGR over the period of forecast that extends from the year 2017 to 2025.
North America to Lead the Market with Advanced Treatment Facilities
The world market for diabetes drugs is segmented into major geographies of North America, Latin America, Europe, Asia Pacific, and the North east and Africa. The region of North America accounted for the most of the market revenue in the year 2016, owing to high prevalence of diabetes in the said region. The region of Europe is projected to account for the second large share of the market in the year 2016 due to increased investment in research & development activities and a very promising pipeline of various diabetes drugs in the said region. Asia Pacific is too foreseen to expand fast, owing to the better promotion and awareness promotion in the said region.
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Furthermore, the region of Middle East & Africa is expected to rise over the period of forecast owing to augmented prevalence of diabetes. In addition to that, rising disposable income particularly in the region of Middle Eastern countries are further expected to boost the market. The region of Latin America is foreseen to progress over the period of forecast due to over-dependence on insulin both by the patients and physicians.
Illness due to Various Lifestyle Factors to Encourage Market Growth
The growth promoting factors such as increasing per capita income in different parts of the world resulted in adoption of fast food and unhealthy food habits coupled with changing lifestyles have been one of the major factors that resulted in the high prevalence of obesity, which has been as a major cause for diabetes worldwide. Sedentary lifestyle has also resulted in the rise of prevalence of diabetes and as such accelerated the demand for diabetes drugs. The growing prevalence of diabetes in both the developed and developing countries is driving the world market for diabetes drugs. Expanding base of geriatric population worldwide and augmented adoption of therapeutics for type 1 and type 2 diabetes are foreseen to boost the world diabetes drugs market. Research and development activities pertaining to the introduction of better drugs are also accelerating the growth of the said market.
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