The global diabetes drugs and diagnostics market reached a value of US$ 52.7 Billion in 2019. Diabetes, or diabetes mellitus, refers to a metabolic disorder in which an individual experiences high levels of blood glucose. It is usually caused by inadequate insulin production or a faulty response to insulin in the body. This disorder can lead to chronic health problems, such as cardiovascular diseases (CVDs) and renal, nerve and neural damage. Various anti-diabetic medicines, along with self-monitoring, continuous glucose monitoring and insulin delivery devices, are used for diagnosing the disorder and monitoring its effects in the body. Apart from this, numerous software- and web-based diabetes and blood glucose tracking applications and data management platforms are also being widely used across the healthcare sector. Looking forward, IMARC Group expects the market to exhibit double-digit growth during 2020-2025.
Owing to the sedentary lifestyle led by a majority of the population, coupled with their unhealthy dietary habits, there is an increasing prevalence of diabetes mellitus across the globe. Furthermore, the rising geriatric population, which is more susceptible to medical ailments, is also contributing to the market growth. In line with this, rising awareness regarding the symptoms and adverse health effects of diabetes has led to the widespread adoption of diabetes diagnosis and drug treatment solutions. Additionally, various technological advancements, such as the development of low-cost and non-invasive insulin delivery systems, wearable devices and digital diabetes management platforms, are acting as another growth-inducing factor. Other factors, including rising disposable incomes, improving healthcare infrastructure and extensive research and development (R&D) activities, are projected to drive the market further.
IMARC Group’s latest report provides a deep insight into the global diabetes drugs and diagnostics market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the diabetes drugs and diagnostics market in any manner.
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The report has also analysed the competitive landscape of the market along with the profiles of the key players.
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