Diabetic Drugs will Grow The Global Diabetic Drug Market at a CAGR Of 7.1 % During Forecasted Period 2017-2023.Beside this governmental initiatives for research and development and rising demand for the better treatment has help in the growth of the market. Lack of awareness and high cost of drugs may responsible for restraining the market.
Diabetes is one of the major problem across the globe. Diabetes is the metabolic disorder in which there is decrease in the level of insulin which ultimately causes increase in the blood sugar level. Global diabetic drug market is driven because of increasing diabetic population.
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Global diabetic drug treatment is segmented on the basis of type of diabetes into type-1 and type-2. On the basis of route of administration they are segmented into oral, intravenous and other. On the basis of drug class they are insulin, sensitizers, SGLT-2 inhibitors, alpha-glucosidase inhibitors, secretagogues, peptide analogs and others and on the basis of end users they are segmented into hospital, retail pharmacy and other.
On the basis of drug class, Sensitizers are sub segmented into thiazolidinediones and biguanides. Secretagogues are further sub segmented into sulfonylureas and non-sulfonylureas
Major Key Players
The major key player for the global diabetic drugs market are Eli Lilly (US), Novo Nordisk (Denmark), Abbott (US), AstraZeneca (UK), Biocon (US), Sunpharma (India), Sanofi (France), Novartis (Switzerland), Merck Co. (US), Pfizer (US), Daiichi Sankyo (Japan), Boehringer Ingelheim (Germany), Akros Pharma (US), Amgen (US), Adocia (France), Peptron (South Korea), Takeda (Japan)
Increasing diabetic population is fueling the growth of the market. Global diabetic drug market is highly competitive market due to presence of many of small and medium companies. Companies are concentrating on introduction of the new drugs having better results.
Eli Lilly and Company is an US headquartered pharmaceutical companies. Many anti diabetic drugs are available in the market Basaglar, Glucagon, Glyxambi, Humalog, Humulin and Trulicity are some of the major products of this company. Trulicity is one of the most successful product of the company. Trulicity revenue in 2016 was increased by 7 %. In 2016, Synjardy has approved by FDA for the treatment of type 2 diabetes.
Novartis is a multinational pharmaceutical company headquartered in Denmark. Victoza, Tresiba, Levemir and NovoLog are some of the major products of the company. Company has recently launched Fiasp which is a fast acting insulin. In Q1 2017 the total sale of company for Diabetes and obesity care was 23,761 million Danish kroner.
Abbott Laboratories is one of the leading pharmaceutical company headquartered in US. Thyrocab, Mixtard and Human Actrapid are the major products of the company used in the treatment of type-2 diabetes. Mixtard an antidiabetic drug is the most selling drug in India.
AstraZeneca is the Swedish multinational pharmaceutical company headquartered in UK. Farxiga and Augmentin are the important productof the company. The companies diabetic product sale in 2016 was $ 2.4 billion which was increased by 11 % compare to 2015. Farxiga’s sale was increased by 72 % and on 2016 it hit $835 million.
Global Diabetic Drug Market - Regional Analysis
Geographically, North America has a dominating market for global diabetic drug market. The crucial reason for the growth of the market is increasing diabetic population. Almost 9.3 % of total America population is suffering from diabetes. Other than this well-developed infrastructure and governmental initiatives for the research and development has help to increase the market. Asia Pacific has the fastest growing market. More than 60% of world diabetic population lives in Asia Pacific region which is the major driving factor for the market.
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