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The global diabetes drugs market has been forecast to increase at a compound annual growth rate (CAGR) of 9.7% through to 2015, with the industry set to hit a value of US$98.4 billion by 2018.
Today, diabetes is one of the major areas of concern worldwide. The rising number of patients is due to the ever increasing population around the globe mainly in the Asia Pacific region. Currently, over 370 million people suffer from diabetes across the globe, which is expected to exceed 550 million by 2030.
As of now, the age bracket of 40-59 years is the most affected diabetes population followed by the age group of 60-79 years. However, the age group of 60-79 years is expected to account for the highest number of diabetes patients by 2030.
Major products in this market consist of glucose monitors, test strips, lancets, continuous blood glucose meters, software programs for diabetes monitoring, artificial pancreas, syringes, insulin, insulin pumps and other insulin delivery devices and anti-diabetic drugs. Of these, insulin devices, blood glucose monitoring devices, lancets and oral hypoglycemic agents are the most revenue generating products.
The rapidly growing diabetic population, sedentary lifestyle, rise in cases of obesity and inappropriate food habit are the major factors driving the growth of the global diabetes devices and drugs market. However, the lack of awareness surrounding diabetes diagnosis and treatment and adverse side effects of diabetes drugs are some of the factors acting as a restraint for this market.
There are large numbers of diabetes patients left undiagnosed every year and this population is expected to grow further with the rapid increase in the population, in the coming future. This untapped market is likely to serve as an opportunity for the market players in the diabetes devices and drugs market.
Key players within the diabetes drugs market include Eli Lilly and Co., Merck and Co. Inc., Novo Nordisk and Sanofi. Novo Nordisk accounted for the largest share, 27.4% in 2011 in the global diabetes drugs market followed by Sanofi accounting for 19.2%.
For more information on the global diabetes drugs market, see the latest research: Global Diabetes Drugs Market
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