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United States Diabetes Market to Reach US$ 77.6 Billion by 2024: Development of Continuous Glucose Monitoring (CGM) Devices Propelling Growth

As per the latest report by IMARC Group, titled “United States Diabetes Market Report: 2019 - 2024”, the United States diabetes market size reached US$ 45.4 Billion in 2018, growing at a CAGR of around 11.8% during 2011-2018. Diabetes, also known as diabetes mellitus, is a chronic disease in which the ability of the human body to produce or respond to the hormone insulin becomes impaired. It results in abnormal metabolism of carbohydrates and elevated levels of glucose in the blood. It can also cause severe health complications such as low vision, kidney failure, heart disease and lower-extremity amputations. As per the report released by the Centers for Disease Control and Prevention (CDC) in 2017, more than 100 million adults in the United States are living with diabetes or prediabetes.

United States Diabetes Market Trends:

On account of the rising prevalence of diabetes, the US Government has launched various prevention programs for raising awareness about its symptoms and encouraging a healthier lifestyle amongst individuals. For instance, the CDC started the National Diabetes Prevention Program (National DPP) to prevent type 2 diabetes in the country. The main objective of the program is to encourage patients to increase physical activity and improve their eating habits. In line with this, there has been a rise in the diabetes diagnosis, monitoring and treatment rates in the country. Further, technological advancements have enabled manufacturers to develop continuous glucose monitoring (CGM) devices that allow type-2 diabetes patients to check their blood periodically using testing strips. Apart from this, the US Food and Drug Administration (FDA) has recently approved the production of Basaglar and Admelog, the biosimilars of insulin glargine and lispro. Several other diabetes drugs are also projected to gain approval in the coming years, which will further drive the growth of the market. Owing to these factors, the market value is expected to reach US$ 77.6 Billion by 2024, expanding at a CAGR of 9.13% during 2019-2024.

Market Summary:

Breakup by Segment:

The market has been bifurcated into the oral antidiabetics and insulin segments. At present, insulin accounts for the majority of the total market share. This can be attributed to the enhanced convenience and efficacy offered by insulin delivery systems. Insulin is usually taken through pen, syringe, pumps and jet injectors, with the insulin pen being preferred the most in the country.

Competitive Landscape:

The competitive landscape of the market has also been examined with some of the key players being Sanofi US Services Inc., Novo Nordisk Inc., Eli Lilly and Company, Merck & Co., Inc., Zeneca Holdings Inc. and Johnson & Johnson.

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