Growing Diabetes Vulnerable Population to Drive Market
With increasing life expectancy and birth rate declining, median age of the world population is expected to rise. Old age people are generally more vulnerable towards diabetes, thereby the number of people with type 2 diabetes are expected to rise and hence provide an opportunity of the injectable drugs for type 2 diabetes market to grow.
Increasing Prevalence of Type 2 Diabetes to Boost Market Growth for Injectable Drugs
Type 2 diabetes is progressive in nature and its prevalence is increasing leading to the need of suitable treatment to fulfil the unmet needs of the body of patient. Injectable drugs serve as an option to fulfil those needs and it will drive the market growth in the forecast period.
Increasing Awareness About Type 2 Diabetes to Drive Market Growth
Organizations such as the International Diabetes Federation (IDF) conduct various community-level and global-level programs that focus on educating people and enhancing their knowledge about diabetes and its management. Globally, the World Diabetes Day is celebrated on November 14 by over 200 member associations of the IDF. Such programs will make people more aware about diabetes and will provide them knowledge to manage it in a better way using various kind of drugs available in the market.
Stringent Regulation Environment to Hamper Market Growth
In an effort to protect public from harmful drug effects, governments make rule and regulations stringent. Usually government regulations make product development more expensive. Such environment can create a hindrance in the market growth in that region.
Time Consuming Approval Process of Drugs to Restrain Market Growth
From the time of research and development to the official launch of drugs, it takes a very long time. Even after development and successful trials, approval from regulatory authority takes a lot of time and a lot of entrepreneurs and big players do not invest in drug manufacturing due to this reason. Over the forecast period this may hamper the growth of injectable drug for type 2 diabetes market.
Global injectable drugs for type-2 diabetes market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The primary factor for the growth of the market can be attributed to the increase in prevalence of type 2 diabetes globally. According to NCBI (National Center for Biotechnology Information), number of people affected by diabetes mellitus is expected to reach to a figure of more than 600 million. Additionally, type 2 diabetes mellitus account for nearly 90% of all diabetes cases. Owing to this rise in diabetic patients, the market for injectable drugs for type 2 diabetes is anticipated to grow significantly.
The market is further segmented by drug type, drug application, distribution channel and region. The drug type segment is further divided into insulin, exenatide, liragultide and pramlintide. Segments other than insulin are relatively new to the market and they are expected to show moderate growth on the back of their rising awareness. In terms of application, these drugs are most commonly used for glycemic control owing to the requirement of sugar control in blood of the diabetes patients. Moreover, according to NCBI are more vulnerable towards type 2 diabetes and with the rise in old age population globally the need for cardiovascular safety rises as well. Additionally, with the increasing popularity of online pharmacies the supply chain in the field of drug delivery is expected to improve tremendously. On the back of these factors the global injectable drug for type 2 diabetes market is expected to grow notably over the forecast period.
Our in-depth analysis of the global injectable drugs for type-2 diabetes market includes the following segments:
By Drug Type
By Drug Effect
By Distribution Channel
On the basis of regional analysis, the global injectable drugs for type-2 diabetes market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Currently, North America region holds the maximum market share on the back of increasing prevalence of type 2 diabetes and obesity in the region along with the presence of world’s leading contributor, USA, in this field. Asian countries are expected to show significant growth owing to the initiatives taken by local government and health organizations to spread awareness about diabetes and its management using drugs and devices.
The injectable drugs for type-2 diabetes market is further classified on the basis of region as follows:
May 6, 2020 - Pharmaceutical giant AstraZeneca’s diabetes drug Farxiga has become the first in its class to win U.S. approval as a treatment for heart failure, opening up a major new market opportunity outside of the medicine’s established field.
May 2020 - Danish drug maker Novo Nordisk stated that as per their research one of its marketed diabetes medication semaglutide, seems to work in another widespread disease, a liver condition known as NASH.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani