The latest report by IMARC Group titled, “US Diabetes Market Report: 2019 - 2024”, finds that the US diabetes market reached a value of US$ 45.4 Billion in 2018, growing at a CAGR of around 11.8% during 2011-2018. The socio-economic structure of the United States has changed dramatically over the past several years. Some of the drastic modifications the Americans have undergone include the sudden rise in the per capita income, the thriving food processing industry, and changing lifestyle patterns. These transformations have come to evolve as the root cause of the prevalence of some of the deadly diseases in the region. Diabetes is one of them, which has taken more than 27 Million patients under its sway, representing the world’s third largest patient pool in 2018. Some of the major causes of diabetes among the Americans are obesity, consumption of processed foods, stress, increasing aged-population, sedentary lifestyle, and genetic factors.
Highlights of the US diabetes market:
- A huge number of diabetic patients is the biggest driving factor for the growth of the market.
- Insulin represents the largest drug type, accounting for the majority of the share.
- The market is expected to reach a value of around US$ 77.6 Billion by 2024.
The disposable incomes have, however, also helped in availing the consumers access to expensive treatments of diseases. As a result of being a region where the consumers earn and spend exceedingly, the manufacturers in the pharmaceuticals industry have secured plenty of opportunities to create and develop a market for their products. With a large number of diabetic patients, the demand for diabetes management products has increased significantly, such as insulin injection devices and insulin pumps, insulin therapies, oral and injectable diabetes drugs, blood glucose monitoring devices, etc. Owing to this growing demand, the market is further expected to reach a value of US$ 77.6 Billion by 2024.
The market is segmented on the basis of drug type which includes insulin and oral anti-diabetics. Currently, insulin represents the largest market, accounting for the majority of the share. An analysis of the competitive landscape provides the details of the key players operative in the market. Some of the major players in the US diabetes market are Merck, Astra Zeneca, Novo Nordisk, and Johnson and Johnson.
The report has segmented the US diabetes market on the basis of:
- US Oral Antidiabetics Market
- US Insulin Market
- Astra Zeneca
- Novo Nordisk
- Johnson and Johnson
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