Market Size of Diabetes Care Drugs Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 87.53 Billion |
| Market Size (2029) | USD 104.01 Billion |
| CAGR (2024 - 2029) | 3.51 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Diabetes Drug Market Analysis
The Diabetes Care Drugs Market size is estimated at USD 87.53 billion in 2024, and is expected to reach USD 104.01 billion by 2029, growing at a CAGR of 3.51% during the forecast period (2024-2029).
The diabetes care drugs market experienced a significant impact due to the COVID-19 pandemic. This global health crisis shed light on the potential for advancements in diabetes care through virtual consultations between healthcare professionals and individuals with diabetes, as well as the utilization of diabetes technology. The management of the crisis led to an unprecedented interest in remote care from both patients and providers, resulting in the removal of various regulatory barriers that had long been in place. As an example, the US Food and Drug Administration permitted the use of personal blood glucose meters and continuous glucose monitoring devices in hospitals during the pandemic. The high prevalence of diabetes among individuals hospitalized with COVID-19 infection, coupled with the understanding that better glycemic control could enhance outcomes and reduce hospital stays for patients with SARS-CoV-2, emphasized the significance of diabetes care devices.
Diabetes is a chronic, life-threatening disease with no known cure. As per the World Health Organization, there are over 400 million people with diabetes across the world, and its treatment constitutes around 12% of the total healthcare expenditure on a global scale. It has emerged as a global epidemic and afflicted millions worldwide.
The significant growth in the market can be attributed to factors such as the rising prevalence of diabetes and the increasing number of programs initiated by various health organizations related to health awareness. Currently, about 10% of all diabetes cases are Type-1, and the remaining are Type-2.
As of 2021, North America accounted for a major share of the market, followed by Asia-Pacific. The increase in the number of diabetes patients is primarily due to increasing obesity among people caused by unhealthy diets and sedentary lifestyles. The market in Asia-Pacific is mainly driven by increasing demand for diabetes drugs from China and India. Currently, China has over 129 million diabetes patients, while the number of diabetes patients in India is expected to reach 82 million by 2027.
Based on drugs, the insulin segment holds a significant share of the market. Over 100 million people around the world need insulin, including all the people who have Type-1 diabetes and between 10% and 25% of people with Type-2 diabetes. Production of insulin is very complex, and there are very few companies in the market that manufacture insulin. Due to this, there is high competition between these manufacturers, who always strive to meet the patient's needs to supply the best-quality insulin.
