The global diabetes care drug market is projected to grow at a CAGR of over 4% during the forecast period. Diabetes is among the major health issues across the globe and it has reached alarming levels. The key factor that drives the growth of the market includes the increasing prevalence of diabetes across the globe. As per the International Diabetes Federation (IDF), around 463 million peoples had diabetes globally in 2019. The global prevalence of diabetes is projected to augment to 578 million by 2030, and 700 million by 2045. It is expected that around 4 million mortalities were observed in 2019 in the age range of 20–79 years; in addition to this, more than one million children and adolescents are living with type 1 diabetes.
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As per IDF, the annual global health expenditure on diabetes was around $760 billion in 2019. It is further estimated to reach $825 billion by 2030 and $845 billion by 2045. The expenditure includes consulting services, drugs and device costs, and other additional costs. There are different ways to treat diabetes which include weight loss, healthy eating, regular exercise, diabetes medication, or insulin therapy.Thus, this is likely to enhance the adoption of diabetes care drugs and thereby drives the market growth during the forecast period. However, the availability of alternatives such as diabetes care devices such as insulin pumps and others is projected to hamper market growth during the forecast period.
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Diabetes Care Drugs Market Segmentation
By Drug Class
- Insulins
- Non-Insulin Injectable Drugs
- Oral Anti-Diabetic Drugs
- Combination Drugs
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