With A 6.1% CAGR, Diabetes Drugs Market Size Will Reach USD 78,261.7 Million by the end of 2026

Published March 9, 2023

Diabetes Drugs Market Outlook 2023: Market Trends, Segmentation, consumption by Regional data, Market Growth and Competitive Landscape

By the end of 2026, the market for diabetes medicationsis projected to reach USD 78,261.7 Million, which was valued at USD 48,753.1 million in 2018, and is expected to have grown at a CAGR of 6.1%. Diabetes medications treat both type 1 and type 2 diabetes mellitus by lowering the body's blood glucose levels. Diabetes medications from various drug classes can be given orally, intravenously, or subcutaneously. The rising prevalence of diabetes, particularly type 2 diabetes, and the rising demand for effective drug therapies for the treatment of diabetes are some of the factors anticipated to drive the diabetes drug market during the forecast period.

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Key Market Drivers

One of the top companies in the diabetes medication market is Novo Nordisk A/S. It is anticipated that Novo Nordisk A/S will maintain its position over the course of the forecast period as a result of growing alliances that will foster technological advancements, escalating research expenditures to build a portfolio of superior treatment options, and the development of strategic plans aimed at providing affordable anti-diabetic medications to low-resource nations. In terms of revenue, this company currently controls more than half of the market for diabetes medications, followed by Sanofi, Eli Lilly, and Company. Novartis AG, Boehringer Ingelheim International GmbH, AstraZeneca, Merck and Co., Inc., and others are participants in the global market.

Availability of Low-Cost Insulin to Boost the Market

Insulin is one of the most widely used drugs for the treatment of diabetes. The exceptional properties and clinical efficacy of insulin have led to a rising uptake. Despite high efficacy, the cost associated with insulin has been a barrier towards the growth of insulin. Considering this factor, many companies are exploring potential ways to the reduced cost associated with insulin for the management of diabetes. In 2019, Eli Lilly and Company launched a new insulin drug, that was almost half the price of its previous brands. Eli Lilly announced the low-cost insulin ‘Lispro’, a product that was priced significantly less than its previous Humalog injection.

Encouraged by High Demand, Glenmark Extends Insulin Sales in India

In 2019, Glenmark Pharmaceuticals announced that it plans to bring its Remogliflozin Etabonate to India. The high demand for diabetes drugs in India has influenced Glenmark’s latest move. Additionally, a huge diabetic patient pool has also contributed to the high demand for diabetes drugs in India. Such competitor moves have aided the growth of the global diabetes drugs market. The report includes company activities, similar to the aforementioned case. The report includes a detailed analysis of company activities such as takeovers, mergers and acquisitions, agreements, and investments.

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Increasing Drug Approvals Have a Positive Impact on Overall Market

The high prevalence of diabetes on a global scale has paved way for several clinical trials. Increasing drug approvals have aided the growth of the global diabetes drugs market. Novo Nordisk’s 2018 launch of Ozempic and Fiasp is a perfect example of the aforementioned case. Additionally, the company received approval from the Food and Drug Administration and this has aided the business expansion of Novo Nordisk. The company’s latest drug approvals will bode well for the global diabetes market and is likely to enable the growth of the market in the coming years.

Fortune Business Insights has summarized the impact of several companies on the global diabetes drugs market. Furthermore, Fortune Business Insights has labelled out leading companies that have made significant contributions to the growth of the global diabetes drugs market.

Diabetes Drugs Top Companies Analyzed in the report:

  • Johnson and Johnson
  • Bayer Pharmaceuticals
  • Novo Nordisk
  • Sanofi
  • Merck
  • Eli Lilly and Company
  • AstraZeneca
  • Takeda Pharmaceutical Company Limited
  • Boehringer Ingelheim
  • Novartis

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Press Release Distributed by The Express Wire

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