Diabetes Therapies Market Characteristics
The diabetes therapies market consists of manufacturers’ sales of drugs and therapies for treating diabetes. The drugs most commonly used are alpha-glucosidase inhibitors, biguanides/metformin, sulfonylureas, meglitinides and thiazolidinediones. Innovative techniques relating to diabetes therapies research and development include gene editing, and identification of microbial strains for treatment of diabetes. These advances have created new treatments for diabetes.
Competitive Landscape Of The Diabetes Therapies Market
Major players in the global diabetes therapies market include NOVO NORDISK A/S, Eli Lilly And Company, Sanofi S.A., and Merck & Company, Inc.
Diabetes Therapies Market Size
The diabetes therapies market size is expected to reach $70 billion by 2023, growing at a CAGR of around 6% . The growth in the diabetes therapies market market can be attributed to increasing investments and government initiatives in the healthcare industry.
However, the market for diabetes therapies is expected to face certain restraints from several factors such as lack of awareness and high investment costs.
Diabetes Therapies Market Segmentation
The global diabetes therapies market is further segmented based on type and geography.
By Type - The diabetes therapies market is segmented into oral and injectables diabetes therapies market.
By Geography - The diabetes therapies market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North America diabetes therapies market accounts for the largest share in the diabetes therapies industry.
Trends In The Diabetes Therapies Market
Developing new drugs for Type 2 diabetes and undertaking reserach and development into novel techniques are the major trends in the diabetes therapies market.
Potential Opportunities in the Diabetes Therapies Market
With rising ageing population and development in discovery procedures, the scope and potential of the global diabetes therapies market is expected to increase in the forecast period.
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