According to research conducted by Precedence, the global market size of type two diabetes drugs was 29.81 billion dollars in 2021 and the speculations state that by 2030 the market size will increase to 61.6 billion dollars. The type 2 diabetes market has been predicted to have a growth rate of 8.4% from 2022 to 2030. The competition in diabetes medication and treatment is tough. The pharmaceutical companies and Contract Manufacturing Organizations like Scorpion Biological Services are leaving no stone unturned in introducing new therapeutic medications and treatments.
Type 2 Diabetes – A Raging Health Problem
Type 2 diabetes is a very common metabolic problem that is strongly related to obesity and metabolism disorders. According to the Center for Disease Control and Prevention, 130 million United States residents are suffering from diabetes or prediabetes. These statistics are serious. The rising prevalence of diabetes in the USA has made it the biggest market holder of diabetes in North America. The expanding diabetes market is due to prevalence of the disease, suitable government regulation and beneficial reimbursement facilities. In Europe, the UK and Germany are dominating the type 2 diabetes market due to increased prevalence. The increased research In the field and obesity in the general public have fueled the need for increasing the size of this market.
Driving Factors for Growth of The Market:
The increase in the demand for insulin over the world is the major driving force behind the increasing market size because growth prospects are mostly seen in the insulin segment of the market. The innovation in quality, variety and effectiveness of insulin provides the needed space for growth to take place. The major problem in diabetes is the dysfunction related to insulin. Although there are other medications and therapies available that help in diabetes, insulin remains the centre of it all. Hence, it is not wrong to say that the increasing need for research and innovations in the insulin segment has the potential to take the diabetes market even higher.
Challenges Facing The Diabetes Market Growth:
In some countries, the research in the diabetes field is lagging. Several factors are taking a part in this problem but the most important one is the lack of proper infrastructure for healthcare. A strong market needs a strong infrastructure or it will collapse. The research, manufacturing, distribution, trials and other general procedures in pharmaceuticals require a solid infrastructure. The diabetes type 2 market can’t grow in countries where the proper infrastructure is not present.
In some countries where proper infrastructure is present, the restriction in diabetes market growth is due to strong government regulations. The vast regulatory requirements for the drug and therapy approvals take up a lot of time and slow down the whole market.
Opportunities for the Future:
The introduction of generic insulin has been a major stepping stone in the upcoming market growth. The investments and trends in research and trials has seen an all time high in the last few years. New insulin analogues like Lispro by Eli Lilly launched in 2019 are the indicators of an ever-expanding diabetes market. The sky is the limit!
