Diabetes Drugs Market
Number of pages: 100 | Report Format: PDF | Published date: June 23, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 62.3 billion |
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Revenue Forecast in 2031 |
US$ 99.76 billion |
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CAGR |
5.37% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Drug, Type, Distribution Channel, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global diabetes drugs market was valued at US$ 62.3 billion in 2022 and is expected to register a revenue CAGR of 5.37% to reach US$ 99.76 billion by 2031.
Diabetes Drugs Market Fundamentals
Diabetes is defined by high blood glucose levels, which can harm blood vessels, the heart, kidneys, nerves, and the eyes. Uncontrolled diabetes can harm the neurological and other physiological systems. Diabetes pharmaceuticals are medications used to treat type 1 and type 2 diabetes, and they assist the body in maintaining an average blood glucose level. Various pharmacological treatments are available for diabetes management, which can be delivered orally, intravenously, or subcutaneously. Insulin, metformin, and sulfonylureas are examples of diabetes medications. Some drugs used for treating type 2 diabetes are metformin, Lantus subcutaneous, Avandia, and Invokana.
Diabetes Drugs Market Dynamics
The global prevalence of diabetes has been increasing steadily, driven by factors such as sedentary lifestyles, unhealthy diets, and aging populations. According to an International Diabetes Federation report, in 2021, nearly 537 million adults (20-79 years) had diabetes. Also, it was predicted that the total number of people living with diabetes to rise to 643 million by 2030 and 783 million by 2045. And, 3 in 4 adults with diabetes are recorded to be living with diabetes in low- and middle-income countries. This indicates a persistently growing patient pool, creating a demand for diabetes drugs. Lifestyle changes, such as adopting healthier diets, regular exercise, weight management, and a meticulous pharmacological regimen, are crucial for managing diabetes.
However, in cases where lifestyle modifications are insufficient, the demand for diabetes drugs as an adjunct to these changes has increased. In addition, the concept of personalized medicine has gained prominence in the diabetes drugs market. Efforts to identify genetic markers, biomarkers, and specific patient characteristics that influence drug response have resulted in the development of targeted therapies, allowing for more individualized treatment approaches. Improved awareness about the symptoms and consequences of diabetes has resulted in more individuals seeking diagnosis and treatment. For instance, Ascensia Diabetes Care received FDA clearance in February 2022 for its implanted, next-generation Eversense E3 continuous glucose monitoring (CGM) device. The availability of such sophisticated glucose monitoring devices aids has revolutionized the matured diabetes management industry. Earlier detection and intervention also contribute to the prompt demand for diabetes drugs.
Similarly, advances in pharmaceutical research and development have led to the introduction of innovative diabetes drugs. These include new classes of medications with improved efficacy, safety profiles, and modes of action, such as incretin-based therapies, SGLT-2 inhibitors, and GLP-1 receptor agonists. Moreover, increased R&D operations for creating innovative diabetic medicines and market product approvals contribute to the company's growing diabetes market share. The FDA approved Semglee (insulin glargine-fun) in July 2021 as a biosimilar to the reference medicine Lantus (insulin glargine), a long-acting insulin analogue. Semglee is the first interchangeable biosimilar insulin product authorized to enhance glycemic control in type 1 and type 2 diabetes adults and children.
However, various widely used diabetes drugs have faced or will face patent expirations, leading to the entry of generic versions into the market. Generic competition can significantly impact the market share and profitability of branded diabetes drugs, as generics are usually priced lower, leading to pricing pressures and reduced revenue potential. Furthermore, monitoring and managing these risks is critical to ensuring patient safety. Safety issues or product recalls can significantly impact the reputation of diabetes drugs and the market acceptance of certain drug classes or specific medications. The diabetes landscape is witnessing the emergence of alternative therapies, such as medical devices, digital health solutions, and regenerative medicine approaches. These innovative interventions aim to offer new treatment options or complementary therapies, potentially disrupting the traditional drug-based approach. The adoption of such alternative therapies may present a challenge to the market share and growth of diabetes drugs demand.
Diabetes Drugs Market Ecosystem
The global diabetes drugs market has been analyzed from the following perspectives: by drug, type, distribution channel, and region.
Diabetes Drugs Market by Drug
Based on the drugs, the global diabetes drugs market is segmented into oral anti-diabetic drugs, insulin, and others.
The insulin segment accounts for a sizeable share of the global market. Insulin is a vital treatment for individuals with type 1 diabetes, in which the body does not produce insulin. Since type 1 diabetes patients rely on exogenous insulin to regulate their blood glucose levels, the demand for insulin remains high. As the prevalence of type 2 diabetes continues to rise worldwide, the demand for insulin increases accordingly. According to the International Diabetes Federation, in 2021, 541 million adults were at a high risk of developing type 2 diabetes. Insulin is available in various formulations to cater to individual patient needs. These include rapid-acting, short-acting, intermediate-acting, and long-acting insulin and premixed formulations. The availability of diverse insulin options allows healthcare providers to tailor treatment regimens to individual patients, further contributing to the dominance of the insulin segment. Insulin can be administered through various devices, including insulin pens, insulin pumps, and syringes. These devices offer patients convenience, accuracy, and ease of use, leading to increased adoption of insulin therapy. The availability and advancements in insulin delivery devices have further bolstered the dominance of the insulin segment. Insulin is commonly used for managing gestational diabetes, a temporary form of diabetes during pregnancy. With the rising prevalence of gestational diabetes globally, the demand for insulin in this specific patient population has also increased. Several major pharmaceutical companies have a strong presence in the insulin market, with well-established brands and extensive distribution networks. These companies invest significantly in research and development, marketing, and promotion of insulin products, giving them a competitive advantage and contributing to the dominance of the insulin segment.
Diabetes Drugs Market by Type
Based on the type, the global diabetes drugs market is bifurcated into type 1 and type 2.
Type 2 diabetes accounts for the largest revenue share in the global market. Type 2 diabetes is the most common form of diabetes, accounting for approximately 90% - 95% of all diabetes cases. The global prevalence of type 2 diabetes has been rising rapidly, driven by factors such as sedentary lifestyles, unhealthy diets, obesity, and an aging population. The large and growing patient population with type 2 diabetes creates a significant demand for diabetes drugs, making it a dominant segment in the market. As this disease progresses, the complexity of treatment regimens tends to increase. This complexity necessitates a wide range of diabetes drugs targeting different aspects of the disease, including glycemic control, cardiovascular risk management, and associated complications. Type 2 diabetes is a chronic condition that requires long-term management and ongoing treatment. Unlike some diseases with shorter treatment durations, type 2 diabetes often requires medication adherence and regular monitoring over the patient's lifetime. The need for sustained treatment and medication use makes type 2 diabetes a significant driver of the global diabetes drugs market. The sheer scale of the type 2 diabetes patient population presents substantial commercial potential for pharmaceutical companies. The market size attracts significant investment in research and development, marketing, and promotion of diabetes drugs specifically targeted at type 2 diabetes.
Individuals with type 2 diabetes are more prone to developing associated comorbidities such as cardiovascular disease, hypertension, dyslipidemia, and obesity-related conditions. The multifaceted nature of type 2 diabetes and its associated comorbidities necessitate a wide range of diabetes drugs to address these interconnected health issues, further driving the dominance of type 2 diabetes in the global market.
Diabetes Drugs Market by Distribution Channel
Based on the distribution channel, the global diabetes drugs market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies.
Hospital pharmacies dominated the global market with 53.7% of the revenue share in 2022. Hospitals have a crucial role in managing acute and severe cases of diabetes, such as diabetic emergencies, diabetic ketoacidosis (DKA), and hyperglycemic crises. These cases often require immediate medical intervention and close monitoring, including administering diabetes drugs. Since insulin is frequently administered intravenously or through specialized devices, such as insulin pumps, hospital pharmacies are well-equipped to handle the unique requirements of insulin therapy. Hospitalized patients with diabetes may require continuous or intensive glucose monitoring and adjustments to their medication regimen. Hospital pharmacies are responsible for providing the necessary diabetes drugs to manage glucose levels during the patient's stay.
Surgical procedures, including those related to diabetes complications, may require specific medications that hospital pharmacies manage. Hospital pharmacies often have specialized services and expertise related to diabetes management. They may have clinical pharmacists specializing in diabetes care and are involved in medication therapy management, patient education, and therapeutic monitoring. These specialized services contribute to the dominance of hospital pharmacies in the diabetes drugs market.
Diabetes Drugs Market by Region
Based on the region, the global diabetes drugs market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America dominates the global market with the largest revenue share. North America has one of the highest prevalence of diabetes globally. The region has experienced a steady increase in the number of individuals diagnosed with diabetes, both type 1 and type 2. Additionally, this region has an advanced healthcare infrastructure, including well-developed healthcare systems, extensive healthcare coverage, and high access to healthcare services. This infrastructure supports the diagnosis, treatment, and management of diabetes effectively, driving the demand for diabetes drugs. The region is known for its strong focus on technological advancements and innovation in healthcare. This includes the development of new diabetes drugs, improved drug delivery systems, and advanced monitoring devices. North American pharmaceutical companies and research institutions contribute significantly to developing and commercializing innovative diabetes drugs. Furthermore, this region also has a high healthcare expenditure per capita compared to other regions. Such high level of spending on healthcare, including diabetes management, contributes to North America's strong market presence and dominance in the diabetes drugs market.
Competitive Landscape
The prominent players operating in the global diabetes drugs market are:
Diabetes is a chronic medical condition characterized by high levels of blood glucose.
Merck & Co. Inc., Pfizer Inc., Novartis AG, and Sanofi S.A are major market players in the global diabetes drugs market.
Patent expirations, generic competition, and emerging alternative therapies are some of the restraints obstructing the growth of the global market.
The type 2 diabetes segment dominates the global diabetes drugs market.
The increasing prevalence of diabetes, lifestyle-associated factors and comorbidities are some of the major factors driving the global market.
*Insights on financial performance are subject to the availability of information in the public domain