Diabetes Devices and Drugs Market to Score Past US$ 231,909.8 Million Valuation by 2023, Owing to R&D of Novel Therapies for the Treatment of Diabetes
Diabetes may give rise to other conditions related to the eyes, nervous system, heart, kidney, and skin. There are several types of insulin used in the treatment of diabetes that include, rapid-acting, short-acting, intermediate-acting, long-acting, and pre-mixed. Continuous glucose monitoring is a FDA-approved approach that measures blood sugar level in the management of diabetes.
The global diabetes devices and drugs (diagnosis, monitoring, and therapeutics) market is estimated to account for US$ 118,955.0 Mn in terms of value in 2020 and is expected to reach US$ 231,909.8 Mn by the end of 2027.
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Global Diabetes Devices and Drugs (Diagnosis, Monitoring, and Therapeutics) Market: Drivers
R&D of novel therapies for the treatment of diabetes is expected to boost growth of the global diabetes devices and drugs (diagnosis, monitoring, and therapeutics) market over the forecast period. For instance, in April 2020, Hua Medicine, a clinical-stage drug development company based in China, announced positive results of a clinical study that assessed the efficacy of metformin, DPP-4 inhibitors or SGLT-2 inhibitors, alone or in combination treatment, in the treatment of type 2 diabetes.
Global Diabetes Devices and Drugs (Diagnosis, Monitoring, and Therapeutics) Market: Opportunities
Increasing funding in diabetes R&D is expected to offer lucrative growth opportunities for players in the market. For instance, in April 2020, JDRF, a nonprofit 501 organization based in the U.S., announced to raise US$ 2.5 million for R&D in type 1 diabetes through JDRF House ParT1D for a Cure.
Global Diabetes Devices and Drugs (Diagnosis, Monitoring, and Therapeutics) Market: Restraints
Adverse effects of drugs used in the treatment of diabetes are expected to limit growth of the global diabetes devices and drugs (diagnosis, monitoring, and therapeutics) market. For instance, sulfonylureas, a class of drugs widely used in the management of diabetes mellitus type 2, may led to low blood sugar, upset stomach, skin rash or itching, weight gain.
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The global diabetes devices and drugs (diagnosis, monitoring, and therapeutics) market was valued at US$ 108,190.4 Mn in 2019 and is forecast to reach a value of US$ 231,909.8 Mn by 2027 at a CAGR of 10.0% between 2020 and 2027. Factors such as increasing research and development of diabetes treatments, and diagnostic products is supporting growth of the market.
Therapeutics held dominant position in the global diabetes devices and drugs (diagnosis, monitoring, and therapeutics) market in 2019, accounting for 74.1% share in terms of value, followed by diagnosis & monitoring. Therapeutics segment consists of treatment options such as insulin which is a blockbuster treatment. Moreover presence of other drugs is also expected to support growth of the market over the forecast period.
Type 2 diabetes segment held dominant position in the global diabetes devices and drugs (diagnosis, monitoring, and therapeutics) market in 2019, accounting for 64.8% share in terms of value, followed by type 1 diabetes respectively. For instance, according to the study, ‘Global Prevalence of Type 2 Diabetes over the Next Ten Years (2018-2028)’, published by the American Diabetes Association, 500 million people worldwide suffered from type 2 diabetes in 2018.
Increasing geriatric population in Asia Pacific is expected to boost growth of the market. For instance, according to United Nations Population Fund, geriatric population in Asia Pacific is expected to triple between 2010 and 2050 to reach 1.3 billion people by 2050.
Major biologic drugs and conventional drugs used in the treatment of diabetes are expected to lose patent protection in 2020. For instance, AstraZeneca’s Bydureon (exenatide) used for the treatment of type 2 diabetes is expected to face patent expiration in October 2020.
Global Diabetes Devices and Drugs (Diagnosis, Monitoring, and Therapeutics) Market: Competitive Landscape
Major players operating in the global diabetes devices and drugs (diagnosis, monitoring, and therapeutics) market include, Abbott Laboratories, Bristol-Myers Squibb, DexCom, Inc., Eli Lilly and Company, Companion Medical, GlaxoSmithKline plc, Glenmark Pharmaceuticals, Johnson & Johnson, Lupin Ltd., F. Hoffmann-La Roche AG, and Sanofi.
Global Diabetes Devices and Drugs (Diagnosis, Monitoring, and Therapeutics) Market: Key Developments
April 2020: DexCom, Inc. launched a new patient assistance program that offers two 90-day supply shipments of Dexcom continuous glucose monitoring (CGM) system supplies and reduces customer cost to US$ 45 per 90-day supply shipment, in order to aid current U.S. customers who have lost insurance due to the COVID-19 pandemic
April 2020: Abbott Laboratories announced that the FreeStyle Libre 14 day system, a CGM technology, can be used in the hospital setting 2 during the COVID-19 pandemic, according to the U.S. Food and Drug Administration
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- By Category
- Diagnosis and Monitoring
- Blood Glucose Monitoring Devices
- Other Testing Devices
- Software Programs for Diabetes Monitoring
- Artificial Pancreas
- Insulin Delivery
- Oral Hypoglycemic Agents
- Cell Therapies
- By Disease Type
- Type 2 Diabetes
- Type 1 Diabetes
- By Region
- North America
- Latin America
- Asia Pacific
- Middle East
- Diagnosis and Monitoring
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