LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global diabetic therapeutic market to generate close to USD 70 billion by 2021, according to their latest report.
The market study covers the present scenario and growth prospects of the global diabetic therapeutic market for 2017-2021. The report segments the global market based on types of disease into type 1 diabetes, type 2 diabetes and gestational diabetes, of which type 1 diabetes dominated the market with more than 82% of the market share in 2016.
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Technavio healthcare and life sciences analysts highlight the following three market drivers that are contributing to the growth of the global diabetic therapeutic market:
- Focus on self-management of diabetes
- The strong potential of biologics
- Unmet medical needs and scope for DMDs
Focus on self-management of diabetes
The increasing adoption of insulin delivery system for type 1 diabetes management has risen in recent years due to various factors like awareness, health consciousness, and a marginal improvement in healthcare policies allowing some reimbursement for the drugs.
According to Sapna Jha, a lead analyst at Technavio for cardiovascular and metabolic disorders research, “The different drugs used in hospitals and specialty clinics are now being used in home care treatment by individuals with the guidance of a physician. The development of new diabetes devices like insulin pens, pumps, and jet injectors is handy and helps in self-management as they can be carried anywhere and can be used at any time.”
The strong potential of biologics
The market has been witnessing a growing demand for biologics, which are expected to drive market growth. Biologics such as next-generation GLP-1 analogs, insulin, and other therapeutic peptides will increase revenue. Insulin is the most effective and physiologically relevant form of diabetes management, and the market is estimated to grow by the increasing price of various biologics in the forecast period. The Alliance of Community Health Plans has reported that the price of various biologics such as Humalog, Novolin, Levemir, Lantus, and Humulin has increased tremendously from 2010 to 2015.
Unmet medical needs and scope for DMDs
The global diabetic therapeutics market represents a significant unmet need regarding safety and desired outcomes. Even though the market is served by various blockbuster drugs such as JANUVIA and Victoza, other marketed drugs are associated with increased risk of cardiovascular diseases and hypoglycemia.
Moreover, a lack of disease-modifying drugs (DMD)s is another prominent unmet need of type 2 diabetics. Currently, the global type 2 diabetes drugs market is served by drugs belonging to various classes such as GLP-1 receptor agonists and DPP-4 antagonists. However, none of these mechanisms exert a clinically significant effect on the underlying cause of the disease. Lack of DMDs unnecessarily prolongs treatment and thereby results in increased healthcare costs. Inability to check disease progression also poses the risk of developing diabetic complications at a later stage.
“Thus, the launch of a safe and effective DMD that could modify the progression of diabetes could change the treatment strategies followed currently and increase the revenue generated by the global diabetic therapeutics market,” says Sapna.
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