Sedentary Lifestyle Will Drive Global Diabetes Therapies Market to $69 Billion by 2023 - by The Business Research Company
LONDON, July 18, 2019 /PRNewswire/ -- The global diabetes therapies market, valued at $50.8 billion in 2018, will grow to more than $69 billion by 2023 at an annual growth rate of about 6%. This growth in the forecast period can be attributed to the ageing population and increasing prevalence of sedentary lifestyles leading to obesity, thus increasing the risks of diabetes. Changing lifestyles are leading to a higher prevalence of diabetes; type II diabetes in particular. Long working hours, less physical activity, and unhealthy eating and drinking habits are the major causes of diabetes. According to a study conducted in 2018, there was a high prevalence of diabetes in people with sedentary lifestyles. Additionally, people suffering from obesity are up to 80 times more likely to develop type 2 diabetes. According to a World Health Organization (WHO) report, 74% of men and 64% of women in the UK, for instance, are expected to be overweight by 2030. These factors are expected to increase the patient pool of diabetes, thereby driving the diabetes therapies market during the forecast period.
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Top Diabetes Therapies Opportunities Are in The Injectables Segment
The Business Research Company suggests that 68% of all diabetes drugs and therapies $ sales gains by 2023 will come from injectables, adding up to almost $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.