The exponential growth rate of antidiabetics industry can be, without a shadow of doubt, credited to the surging prevalence of diabetes among every age group. As chronicled by pivotal surveys, a massive percentage of children and adolescents are currently diagnosed with Type 1 diabetes. Type 2 diabetes, on the other hand, has been notorious for occurring among the middle-aged and elderly population, with obesity being tagged as the sole cause for the onset of the disease. Antidiabetics market is thus, precisely characterized by the efforts that companies undertake, with regards to manufacturing highly effective drugs for treating diabetes. Several federal and state organizations, since long, have been undertaking suitable steps to ensure timely diagnosis of this dreaded disorder. For instance, the National Diabetes Education Program (NDEP), sponsored by the National Institutes of Health and the Centers for Disease Control and Prevention, had come up with a series of tip sheets for diabetic teens to help them manage the disorder and lower complications. The incessant efforts undertaken by organizations to reduce the occurrence of diabetes are certain to have a proportional impact on antidiabetics market share in the forthcoming years.
The escalating prevalence of diabetes is quite evident from the statistics compiled by leading medical research firms. The estimates claimed by the National Institute of Health, in the United States, state that in 2007, close to 154,000 patients below the age of 20 were detected with diabetes. The Center for Disease Control and Prevention reported that in2006, 1 in every 523 patients below the age of 20 were diagnosed with diabetes. An astonishing 79% of the patients in this group fell between 10 to 19 years. These statistics testify the massive predominance of diabetes, which is a pivotal factor driving the growth path of antidiabetics industry. Global Market Insights, Inc., in fact claims antidiabetics industry size to have been pegged at USD 49.5 billion in 2016.
Antidiabetics market trends | Type 1 diabetes | Prevalence and product prominence
As per reliable statistics, between 5% to 10% among a populace of 21 million were diagnosed with Type 1 (insulin-dependent) diabetes in 2007. In a bid to explore the tenets of Type 1 diabetes further, NIH plans to support extensive R&D activities for the diagnosis, treatment, and prevention of Type 1 diabetes. The organization has, so far, funded more than 100 medical centers spanning Europe, Australia, Canada, and U.S. Considering the level of risks associated with Type 1 diabetes, researchers have commenced the clinical study of oral insulin. From the initial trials, it has been stated that oral insulin is likely to delay Type 1 diabetes up to nearly 4 years. The demand for this orally consumed product is likely to observe an incline in the years to come, which would have a considerable effect on antidiabetics industry share.
Antidiabetics market trends | Type 2 diabetes | Prevalence and product prominence
In 2012, nearly 26 million of the U.S. populace was diagnosed with diabetes, 95% of which suffered from Type 2 diabetes. Close to 7 million cases of Type 2 diabetes in the U.S. alone remain undiagnosed. This particular category of diabetes has severely adverse repercussions and requires stringent blood glucose monitoring, exercise regimen, and dietary modifications. In effect, it can be inferred that the robust increase in the prevalence of Type 2 diabetes across the American and Asian belts would proportionately impact the overall antidiabetics industry share. In 2016 in fact, the U.S. antidiabetics market alone garnered a valuation of USD 19.4 billion.
NIH has also generously been providing grants to the medical research community in a bid to discover further treatment plans for Type 2 diabetes, given its elevated prevalence in adults. The research wing of the Food and Drug Administration (FDA) have in fact, mandated a few guidelines for the development of therapeutics biologics and drugs to reduce the cardiovascular risk associated Type 2 antidiabetic therapy. The numerous initiatives undertaken by governmental organizations and regulatory bodies thus, would be the driving forces for the expansion of antidiabetics market.
Antidiabetics market trends | Government initiatives | Organizational contributions
Pertaining to the rapidly increasing demand for diabetic treatment medication, major antidiabetics market giants have been focusing on enhancing the efficacy of currently manufactured drugs. In addition, antidiabetics industry has also been witnessing a robust upgradation in the product portfolio, subject to consumer demands. Recently, Novo Nordisk submitted a regulatory application that demanded the deployment of its drugs in the EU and the U.S. for treating patients diagnosed with Type 2 diabetes. The acclaimed pharmaceutical company, Zydus Cadila has also developed anti-diabetic metformin hydrochloride and sitagliptin drugs, for which it has received approval from U.S. Food and Drug Administration. The approval for this product has facilitated the onset of new remedies for patients across the United states, which will considerably impel antidiabetics industry over the coming years.
Developing next-gen remedies has become the most preferred strategy for antidiabetics industry firms in recent times. For instance, the Korean pharma giant, Jeil Pharmaceuticals has received the support of the Korean government to develop JP-2266 diabetes medication. Jeil Pharmaceuticals has been specifically selected by the Korean Ministry of Health and Welfare for a project on advanced medical technology, through the implementation of which the Ministry plans to gradually reduce the risk of hypoglycemia and inconvenience of insulin injections. This effort, in particular, has garnered critical acclaim across antidiabetics market, and is likely to encourage other governmental organizations and companies to traverse along a similar path.
Numerous awareness programs are being launched across myriad geographies, with an intent to educate people regarding the causes and effects of diabetes. Recently, the American Diabetes Association organized its 77th scientific session to spread awareness regarding the prevention and treatment of obesity among the pediatric population, given that this medical condition is the principal cause behind the occurrence of Type 2 diabetes among adults. In addition, the Centers for Disease Control and Prevention and the National Institutes of Health claim that nearly 50% of diabetes cases among the Asian Americans and Hispanic Americans remain undiagnosed. As the awareness programs for diabetes detection increase, the number of people in queue for diagnosis testing would observe a rise as well, which would eventually augment antidiabetics industry share over the years ahead.
Antidiabetics market trends | Plausible challenges | Future scope
One of the most vital challenges encountered by antidiabetics industry is patients’ non-adherence to treatment and timely drug consumption. Most consumers look forward to a complete eradication of the disease, however, it has been observed that a substantial percentage of chronic diabetics have not even been following the prescribed medication schedule. In effect, the proposed drug does not depict the expected results, which may negatively impact the dynamics of antidiabetics market. Cost-effectiveness is another factor that may restrain the growth of antidiabetics industry to some extent.
The ongoing demand for a variety of treatments that may not require human intervention have led to a massive shift in the manufacturing strategies of pharmaceutical firms, that will now commence their focus on smart, next-gen diabetic treatments. These methodologies may not require patients to completely adhere to prescription schedules, as the proposed treatment device may be incorporated with high-end technology that would periodically supply the medication to the patient’s body, without requiring the patient to be consciously aware that he is being administered with the necessary drug. In consequence, this would lead to the creation of a lucrative growth avenue for pharma firms, and is likely to have a positive impact on the product landscape of antidiabetics industry.
Pharma companies have of late, resolved to analyze the medical space at the foundation levels, in a bid to understand the dynamics of antidiabetics market. The repercussions of this move would lead to the genesis of an extensive medication portfolio, which would ultimately have a rather positive aftermath on antidiabetics industry. The involvement of R&D organizations and regional governments in the battle against diabetes has also resulted in the transformative trend of manufacturing nature-based drugs, which would provide numerous health benefits and promote the deployment of low-cost nutraceutical therapies. Fortified by a global struggle against defeating diabetes, antidiabetics industry size is likely to be pegged over USD 110 billion by 2024.
Global Market Insights, Inc. has a report titled “Antidiabetics Market Size By Product (Insulin [Rapid Acting, Long Acting, Premixed Analog, Premixed Insulin, Short Acting, Intermediate Acting], Other Antidiabetics [Alpha-Glucosidase Inhibitors, Biguanides, Sulphonylureas, GLP-1 Agonist, Meglitinides, DPP-4 Inhibitors, SGLT-2, Thiazolidinedione]), By Application (Type I Diabetes, Type II Diabetes), Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Japan, India, China, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Price Trends, Competitive Landscape & Forecast, 2017 – 2024” available at https://www.gminsights.com/industry-analysis/antidiabetics-market .