Injectable Drugs for Type-2 Diabetes Sector: Growth Drivers and Challenges
Growth Driver
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 injectable drugs for type-2 diabetes market.
Restraints
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.
