Diabetes, often referred to by doctors as diabetes mellitus, describes a group of metabolic diseases in which the person has high blood glucose (blood sugar), either because insulin production is inadequate, or because the body's cells do not respond properly to insulin, or both. Patients with high blood sugar will typically experience polyuria (frequent urination), they will become increasingly thirsty (polydipsia) and hungry (polyphagia). Diabetes is a chronic metabolic disease wherein the body is either not able to produce insulin (type-1) or is not able to utilize the generated insulin (type-2). This elevated sugar level leads to various symptoms such as increased thirst, weight loss, high appetite, frequent and sweet smelled urination. If untreated, diabetes causes various acute and chronic life-threatening complications. This report studies the current as well as future scenario of the diabetes diagnostic devices and drugs market globally.
The Global diabetes drugs market valued as a $12.32 billion market in 2016 is expected to grow at an exponential rate and is expected to become a $17.78 billion by 2021 at a CAGR of about 7.61%. This market is growing at a very high rate.
The market is basically segmented into two categories namely on the basis of diabetic drugs and on the basis of geography. The diabetic drugs market is again segmented into categories which are insulin derivatives and oral diabetic medication drugs. On the basis of geography the market is segmented into categories which are North America, Europe, APAC and the Rest of the World.
The North American Diabetes Drugsmarket holds the major share in the world market scenario. The market is valued at $16 billion in 2010 and is expected to reach $36.33 billion by the end of 2021 with a CAGR of 8.3%.
The major drivers for this market growth are rise in the number of diabetics, complexities in alternative diabetic therapies and strong encouragement from the Governments. The major challenges faced by this market are regulatory framework issues, lack of awareness among people and cost sensitivity issues.
The major players in this market are Abbott Labs, Merck & Co, Dexcom Inc, Johnson & Johnson.