Diabetes Therapeutics Market to Reach $3,390 Bn, Globally, by 2030 at 10.4% CAGR: Allied Market Research
Surge in the prevalence of diabetes, rise in sedentary lifestyle, and increase in incidences of other chronic diseases such as hypertension drive the growth of the global diabetes therapeutics market.
PORTLAND, Ore. , May 11, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Diabetes Therapeutics Market by Product (Injectables, Oral antidiabetic Drugs): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global diabetes therapeutics industry was estimated at $1,258 billion in 2020, and is anticipated to hit $3,390 billion by 2030, registering a CAGR of 10.4% from 2021 to 2030.
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Prime determinants of growth-
Surge in the prevalence of diabetes, rise in sedentary lifestyle, and increase in incidences of other chronic diseases such as hypertension drive the growth of the global diabetes therapeutics market. At the same time, surge in awareness among population about self-management of diabetes has supplemented the market growth yet more. Furthermore, development of affordable and effective diabetes therapeutics such as oral hypoglycemic agents and several government initiatives to provide diabetes care facilities are expected to create lucrative opportunities in the industry.
Covid-19 scenario-
- The majority of the hospitals across the world were converted into Covid-19 centers, owing to which the diabetic patients faced delays in treatments, thus impacting the global diabetes therapeutics market negatively, especially during the initial period.
- Rapid vaccination drive across the world has assuaged the global situation, since it has started getting back to normalcy. With this drift on board, the market for diabetes therapeutics is also expected to recoup soon.
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The injectables segment to dominate by 2030-
Based on product, the injectables segment held nearly three-fourths of the global diabetes therapeutics market revenue in 2020, and is expected to lead the trail by 2030. The same segment would also manifest the fastest CAGR of 10.6% from 2021 to 2030, owing to rise in the prevalence of diabetes among individuals across the world.
North America garnered the major share in 2020-
Based on region, Asia-Pacific, followed by North America, held the major share in 2020, generating more than one-third of the global diabetes therapeutics market. Rise in the prevalence of diabetes, sedentary lifestyle, and well-established healthcare infrastructure in the province propel the market growth. The Asia-Pacific region, however, would grow at the fastest CAGR of 11.2% by 2030, due to increase in number of geriatric population and surge in the incidence of diabetes among them.
Key players in the industry-
- Boehringer Ingelheim GmbH
- Glaxosmithkline Plc.
- Merck & Co., Inc.
- Astrazeneca Plc.
- Novo Nordisk
- Sanofi S.A.
- Takeda Pharmaceutical Company Limited.
- Eli Lilly and Company
- Novartis Ag
- Johnson & Johnson
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