New York, August 27, 2018: Diabetes is a chronic medical condition wherein insulin is produced in insufficient amount, or if insulin is produced but is not absorbed by the body. Increasing incidence of diabetes due to sedentary lifestyle coupled with consumption of high calorie food stokes demand for therapeutics for diabetes. Growing geriatric population globally susceptible to age-related medical conditions such as diabetes and blood pressure is also boosting the diabetes drugs market.
Among the different type of diabetes, type 2 diabetes is at present is grossing maximum revenue in the global market for diabetes drugs. This is because of the increased occurrence of this particular category owing to the rising problem of obesity in urban pockets, bettering healthcare facilities and outreach, and increasing healthcare spends of people. From a geographical standpoint, North America holds a leading share because of unhealthy eating patterns and sedentary lifestyle of its people in general which has led to an alarming rise in the chronic ailment.
As per a recent report by WHO, around 422 million people worldwide suffer from diabetes. This number is four times that of the number of people afflicted with the disease in 1980. The report observes that even though the prevalence has increased worldwide, low- and middle-income countries are home to most of the diabetic population. While the causes of diabetes are complex and often difficult to find, obesity and lack of physical activities are known to definitely contribute to a degree.
Diabetes of any kind can result in complications in many parts of the body and also up the risk of premature death. According to findings of WHO, in 2012 it claimed around 1.5 million lives all over the world. However, with regular physical activities and healthy diet, alongside proper medication such fallout can be prevented. Rising awareness about the same has served to boost the demand for diabetic drugs in the recent past.
Research and Development of more effective products bodes well for growth as emergence of more effective products every now and then, thanks to the constant efforts by manufacturers and research institutions in this direction. A noticeable trend in the market is the substantial sales of diabetic drugs through hospital pharmacies. Other distribution channels resulting in sales are retail pharmacies and online pharmacies.
The global diabetes drugs market is segmented in terms of disease type, therapy type, distribution channel, and region. By therapy type, the diabetes drugs market is classified into sodium glucose co-transporter 2 inhibitors, glucagon-like peptide-1 agonist, Dipeptidyl-peptidase-4 (DPP-4) inhibitors, insulin, and others. By distribution channel, the diabetes drugs market has been segregated into hospital pharmacies, online pharmacies, and retail pharmacies. Hospital pharmacies, among them, accounts for the leading market share due to availability of trained staff to sell medicines. Online pharmacies are anticipated to hold significant share in the near future due to proliferation of e-commerce and rising popularity of e-tail.
A copious number of players operate in the global diabetes drugs market on account of entry barriers being low. This makes the landscape both fragmented and competitive. A recent report on the market published by Transparency Market Research predicts the competition to intensify further in the near term owing to the entry of more players and emphasis on product development by the existing ones. Regional expansion strategies of players via mergers and acquisitions and strategic alliances is another method by which players are growing their shares.
Some of the current key companies operating in the global market for diabetes drugs are Boehringer Ingelheim GmbH, Novo Nordisk A/S, Bayer AG, Novartis AG, Sanofi, and Merck & Co.
For more information on about Diabetes Drugs, please visit https://www.transparencymarketresearch.com/diabetes-drug-market.html
Corporate Comm India(CCI Newswire)