Transparency Market
Research (TMR), in one of its newest market research reports mentions
that the international diabetes drugs market to be highly fragmented
and fiercely competitive owing to the presence of numerous prominent
market vendors. With the expansion and diversification of product
portfolio by the already existing market players and entry of new
market players, the competition in the said market is very likely to
intensify in the years to come. Regional expansion through
acquisitions and mergers and various strategic alliances is expected
to continue so as to remain another major growth promoting strategy
for the participants of the said market.
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The report profiles
names like Novo Nordisk A/S, Bayer AG, Boehringer Ingelheim GmbH,
Merck & Co., Novartis AG, and Sanofi as prominent market players
in the international market for diabetes drugs. Apart from these
companies, some of the other prominent market players pertaining to
the said market are Takeda Pharmaceutical Company Limited, Boehringer
Ingelheim GmbH, Johnson & Johnson, Eli Lilly and Company and so
on.
In accordance with
the market research report by TMR, the world market for diabetes
drugs stood at a market valuation of around US$ 43.1 bn in the year
2016 and the said market is likely to be valued at around US$ 58.4 bn
by the end of the year 2025, rising at a growth rate of 3.6% CAGR
over the period of forecast that extends from the year 2017 to 2025.
North America to
Lead the Market with Advanced Treatment Facilities
The world market for
diabetes drugs is segmented into major geographies of North America,
Latin America, Europe, Asia Pacific, and the North east and Africa.
The region of North America accounted for the most of the market
revenue in the year 2016, owing to high prevalence of diabetes in the
said region. The region of Europe is projected to account for the
second large share of the market in the year 2016 due to increased
investment in research & development activities and a very
promising pipeline of various diabetes drugs in the said region. Asia
Pacific is too foreseen to expand fast, owing to the better promotion
and awareness promotion in the said region.
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Furthermore, the
region of Middle East & Africa is expected to rise over the
period of forecast owing to augmented prevalence of diabetes. In
addition to that, rising disposable income particularly in the region
of Middle Eastern countries are further expected to boost the market.
The region of Latin America is foreseen to progress over the period
of forecast due to over-dependence on insulin both by the patients
and physicians.
Illness due to
Various Lifestyle Factors to Encourage Market Growth
The growth promoting
factors such as increasing per capita income in different parts of
the world resulted in adoption of fast food and unhealthy food habits
coupled with changing lifestyles have been one of the major factors
that resulted in the high prevalence of obesity, which has been as a
major cause for diabetes worldwide. Sedentary lifestyle has also
resulted in the rise of prevalence of diabetes and as such
accelerated the demand for diabetes drugs. The growing prevalence of
diabetes in both the developed and developing countries is driving
the world market for diabetes drugs. Expanding base of geriatric
population worldwide and augmented adoption of therapeutics for type
1 and type 2 diabetes are foreseen to boost the world diabetes drugs
market. Research and development activities pertaining to the
introduction of better drugs are also accelerating the growth of the
said market.
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