According to the latest report by IMARC Group, titled "Diabetes Drugs and Diagnostics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global diabetes drugs and diagnostics market size reached US$ 52.7 Billion in 2019. Diabetes is a metabolic disease that occurs as a result of elevated blood glucose levels in an individual. This is usually caused when the pancreas does not produce adequate insulin, a hormone that regulates blood sugar, or due to the body’s inefficiency in utilizing the produced hormone. It is a chronic disease that can cause severe damage to the blood vessels present in the eyes, heart and kidneys if left undiagnosed and untreated. As a result, efficient diagnostic services are widely available to determine blood glucose levels in a convenient and quick manner. Numerous antidiabetic medicines, including oral and injectable drugs, are also prescribed by various healthcare professionals for the effective treatment of the condition.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Diabetes Drugs and Diagnostics Market Trends:
The market is primarily driven by the increasing incidences of diabetes across the globe. This can be attributed to the sedentary lifestyle led by the majority of the population and its unhealthy food consumption patterns. The growing awareness regarding the adverse effects of the chronic disorder has impelled the demand for early diagnostics among the masses. This, along with the easy accessibility to innovative diabetes diagnostic solutions, is creating a positive outlook for the market. Moreover, a considerable increase in the geriatric population is also expected to provide an impetus to the market growth as the elderly are always more susceptible to such chronic ailments. The market is further driven by the growing popularity of self-monitoring devices among patients. These portable and easy-to-use devices assist users in monitoring their blood sugar levels in a hassle-free manner, without the help of healthcare professionals. Additionally, the advent of several web- and software-based blood glucose tracking applications and data management platforms is also providing a thrust to the market growth. Furthermore, the launch of innovative analytical technologies and the continual development of low-cost and non-invasive delivery systems for insulin are acting as major growth-inducing factors. This is supported by the growing preference for wearable devices and digital diabetes management platforms among the patients. Some of the other factors contributing to the market growth include the rising number of diabetes drugs under clinical trials and increasing investments in the healthcare infrastructure. On account of the aforementioned factors, the market is anticipated to exhibit double-digit growth during 2020-2025.
- On the basis of the segment, the market has been divided into oral antidiabetics, insulin and diabetes diagnostics.
- On the basis of the oral antidiabetic class, the market has been classified into 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.
- Based on the insulin class, the market has been categorized into long acting insulin, fast acting insulin, short acting insulin and others.
- On the basis of the diabetes diagnostics product type, the market has been segmented into blood glucose meters, blood glucose strips and lancets.
- Based on the diabetes diagnostics end user, the market has been divided into hospitals and clinics, home healthcare, ambulatory care centers, and others.
- On the geographical front, the market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players.
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