Top Diabetes Therapies Opportunities Are in The Injectables Segment
The Business Research Companysuggests that68% of all diabetes drugs and therapies $ sales gains by 2023 will come from injectables, adding up toalmost $12 billion in annual sales.To take advantage of these opportunities, pharma manufacturers should use the strategies suggested by The Business Research Company’s analysis of the diabetic therapy market trends, including the development of new drugs for diabetes-associated comorbidities, and investing in expanding manufacturing operations. For instance, University at Buffalo spinoff Transira Therapeutics LLC is developing an injectable, hormone-based drug to support the treatment of type 2 diabetes patients.Sanofi S.A., a competitor in the diabetic therapies market, spent EUR 5.5 billion ($6.2 billion) for late stage product development in 2017.
The diabetes drugs market can be segmented into the oral drugs market and injectable drugs market.Oral drugs are mainly used in the treatment of type 2 and gestational diabetes, to control blood glucose levels. Injectable therapies include insulin administered through the use of insulin pens and insulin syringes. Insulin pens and syringes are used for injecting insulin into the body, mainly for the treatment of type 1 diabetes. In some cases, type 2 and gestational diabetes patients also require insulin injectables.
The injectables drugs segmentwas the largest segment in the global diabetic therapies market in 2018, with around 63% of the global total. This large share in the market was due to the prices of injectables being higher than for oral drugs. This segment is expected to grow at the highest forecast annual growth rate of around 7% to 2023. Major factors for this growth include increasing access to injectables in developing and some underdeveloped countries. The oral drugs segment is expected to be the slower growing segment, at an annual growth rate of about 5.5%.