Market Trends of Endocrinology Drugs Industry
Diabetes is Expected to Dominate the Market Over the Forecast Period
- The diabetes segment is expected to hold a significant market share in the endocrinology drugs market owing to the increase in cases of diabetes, the rise in the development of diabetic drugs, and the increase in investment in the development of diabetic drug research. For instance, as per the International Diabetic Federation (IDF) Atlas published in 2021, the number of diabetes cases in Africa was 23,633.9 thousand, 61,425.1 thousand in Europe, 72,671.9 thousand in the Middle East and North Africa, 50,547 thousand in North America, and 90,204.5 thousand in South East Asia. Hence, the high prevalence of diabetes across the globe is expected to increase the demand for diabetic drugs and thereby boost tmarket growth.
- Furthermore, a rise in investments in the development of diabetic drugs by key players or government agencies is expected to fuel the growth of the segment. For instance, in August 2022, a researcher at North Carolina Agricultural and Technical State University received a four-year, USD 2.65 million grant aimed at studying the biomarkers of dietary flavonoids and targeting carbonyl stress to help prevent type 2 diabetes. The grant came from the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDKD), part of the National Institutes of Health (NIH). Similarly, the National Institutes of Health (NIH) spent USD 1.1 billion to fund diabetes research in 2021. It was by far the single largest provider of funds for diabetes research in the United States.
- Moreover, the rise in product launches and strategic initiatives by the market players is likely to increase the demand for diabetic drugs. For instance, in May 2022, the Food and Drug Administration (FDA) approved Mounjaro (tirzepatide) injection to improve blood sugar control in adults with type 2 diabetes as an addition to diet and exercise. Similarly, in March 2022, the FDA approved a 2.0 mg dose of Ozempic (once-weekly semaglutide subcutaneous injection), a glucagon-like peptide-1 (GLP-1) analog for the treatment of adults with type 2 diabetes by the Novo Nordisk.
- Hence, due to the rise in cases of diabetes and the increase in the research funding for the development of diabetic drugs, the diabetes segment is expected to witness significant growth over the forecast period.
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North America Anticipated to Hold a Significant Share in the Market Over the Forecast Period
- North America is anticipated to have a significant market share in the market, owing to the well-established healthcare infrastructure, high prevalence of endocrine diseases, and new product launches. For instance, in August 2021, the Food and Drug Administration (FDA) approved an expanded label for Eli Lilly and Company's rapid-acting insulin, Lyumjev (insulin lispro-aabc injection), 100 units/mL indicated to improve glycemic control in adults with type 1 and type 2 diabetes, to include administration via continuous subcutaneous insulin infusion (CSII) with an insulin pump.
- Similarly, in April 2021, Genix Pharmaceuticals Corporation entered into an exclusive Canadian licensing and supply agreement with Acme Generics LLP for the manufacture, sale, marketing, and distribution of Canada's first available generic version of Synthroid (Levothyroxine sodium), a widely prescribed treatment for hypothyroidism.
- Furthermore, as per the American Cancer Society 2023 updates, the estimated number of new thyroid cancer cases in the United States is 43,720. Hence, a high prevalence of thyroid cancer is likely to utilize the drugs and therapies, thereby driving the market growth over the study period. Moreover, as per the Diabetes Canada update, budget 2021 committed USD 35 million over five years for diabetes research, surveillance, prevention, innovation, and the development of a comprehensive diabetes framework in Canada.
- Thus, due to the rise in cases of endocrine diseases and the increase in research funding for the development of endocrine drugs, North America is expected to hold a significant market share over the forecast period.
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