Pune, India, Nov. 08, 2021 (GLOBE NEWSWIRE) -- The Global “Diabetes Drugs Market” derives growth from advancements in drug delivery systems. According to a report published by Fortune Business Insights, titled “Diabetes Drugs: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 48,753.1 Mn in 2018. Fortune Business Insights has predicted that the market will be valued at US$ 78,261.7 Mn by the end of 2026, thereby exhibiting a CAGR of 6.1%.
- Novo Nordisk A/S, Sanofi
- Merck & Co., Inc.
- Eli Lilly and Company
- Takeda Pharmaceutical Company Limited
- Boehringer Ingelheim International GmbH
- Novartis AG
- Johnson & Johnson Services, Inc.
- and Bayer AG.
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An Overview of the Impact of COVID-19 on this Market:
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Availability of Low-Cost Insulin to Boost the Market
Insulin is one of the most widely used drugs for the treatment of diabetes. The exceptional properties and clinical efficacy of insulin have led to a rising uptake. Despite high efficacy, the cost associated with insulin has been a barrier towards the growth of insulin. Considering this factor, many companies are exploring potential ways to the reduced cost associated with insulin for management of diabetes.
In 2019, Eli Lilly and Company, launched a new insulin drug, that was almost half the price of its previous brands. Eli Lilly announced the low-cost insulin ‘Lispro’, a product that was priced significantly less than its previous Humalog injection. Fortune Business Insights’ latest report on the global diabetes drugs market is an encompassment of such product advancements. The report gauges the impact of product innovations, similar to Lispro, on the global market.
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Encouraged by High Demand, Glenmark Extends Insulin Sales in India
In 2019, Glenmark Pharmaceuticals announced that it plans to bring its Remogliflozin Etabonate to India. The high demand for diabetes drugs in India has influenced Glenmark’s latest move. Additionally, a huge diabetic patient pool has also contributed to the high demand for diabetes drugs in India. Such competitor moves have aided the growth of the global diabetes drugs market. The report includes company activities, similar to the aforementioned case. The report includes detailed analysis of company activities such as takeovers, mergers and acquisitions, agreements, and investment.
Increasing Drug Approvals Have a Positive Impact on Overall Market
The high prevalence of diabetes on a global scale has paved way for several clinical trials. Increasing drug approvals have aided the growth of the global diabetes drugs market. Novo Nordisk’s 2018 launch of Ozempic and Fiasp is a perfect example of the aforementioned case. Additionally, the company received approval from the Food and Drug Administration and this has aided the business expansion of Novo Nordisk. The company’s latest drug approvals will bode well for the global diabetes market and is likely to enable growth of the market in the coming years.
Fortune Business Insights has summarized the impact of several companies on the global diabetes drugs market. Furthermore, Fortune Business Insights has labelled out leading companies that have made significant contributions to the growth of the global diabetes drugs market.
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|Forecast Period||2019 to 2026|
|Forecast Period 2019 to 2026 CAGR||6.1%|
|2026 Value Projection||USD 78,261.7 Million|
|Market Size in 2018||USD 48,753.1 Million|
|Historical Data for||2015 to 2017|
|No. of Pages||150|
|Segments covered||By Drug Class, By Diabetes Type, By route of administration, By distribution channel & By geography.|
|Growth Drivers||Diabetes drugs are used for the treatment of diabetes mellitus|
|Insulin is safe as well as easier to administer and are more effective in maintaining the glucose level in patients with diabetes.|
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