According to the latest report by IMARC Group, titled “Diabetes Drugs and Diagnostics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global diabetes drugs and diagnostics market size reached US$ 68.4 Billion in 2022. Diabetes drugs and diagnostics refers to the expansive industry centered around medications and diagnostic tools designed to manage and diagnose diabetes. It encompasses a wide range of pharmaceutical products and diagnostic devices tailored to treat and monitor diabetes effectively. Diabetes drugs play a crucial role in controlling blood glucose levels, while diagnostic tools aid in early detection, ongoing monitoring, and accurate management of the disease. It offers innovative solutions that empower patients and healthcare professionals in their battle against diabetes, enhancing the quality of life for those affected and mitigating the potential complications associated with the condition.
Global Diabetes Drugs and Diagnostics Market Trends:
The growing prevalence of diabetes across the globe due to the increasing sedentary lifestyles, unhealthy dietary habits, and geriatric population is one of the major drivers contributing to the market growth. Additionally, the ongoing research and development (R&D) efforts by pharmaceutical companies and diagnostic device manufacturers, striving to innovate and introduce novel products that offer improved efficacy and convenience, are creating a positive outlook for the market. Moreover, the growing awareness among individuals and healthcare professionals regarding diabetes management and early detection is also contributing to the market growth. Furthermore, the increasing adoption of advanced technologies, such as continuous glucose monitoring systems and smartphone applications for diabetes management, that offer real-time data and enhanced patient convenience is providing a considerable boost to the market growth. In addition to this, the rising collaboration and partnerships between pharmaceutical companies, diagnostic device manufacturers, and healthcare institutions aimed at leveraging collective expertise and resources to develop comprehensive diabetes management solutions, are favoring the market growth. These collaborative efforts enhance product portfolios, foster technological advancements, and address unmet medical needs, ultimately benefiting patients. Additionally, the sudden shift toward patient-centric care and growing emphasis on preventive healthcare prompting governments and healthcare organizations to focus on diabetes prevention and management programs, such as early screening and timely intervention, is providing remunerative growth opportunities for the market. Looking forward, the market value is projected to reach US$ 109.8 Billion by 2028, expanding at a CAGR of 8.2% during 2023-2028.
- Based on the segment, the market has been categorized into oral antidiabetics (breakup by class- biguanides, alpha-glucosidase inhibitors, sodium-glucose cotransport -2 inhibitors (SGLT-2 inhibitors), dipeptidyl peptidase-4 inhibitors (DPP-4 inhibitors), sulfonylureas, dopamine -D2 receptor agonist and others, insulin (breakup by class- long-acting insulin, fast-acting insulin, short acting, and others), diabetes diagnostics (breakup by product type- blood glucose meters, blood glucose strips and lancets; breakup by end-user- hospitals and clinics, home healthcare, ambulatory care centers and others).
- Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined along with the profile of the key players.
|Base Year of the Analysis
Scope of the Report
Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
||Oral Antidiabetics, Insulin, Diabetes Diagnostics
||North America, Europe, Asia Pacific, Middle East and Africa, Latin America
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