- Long-acting Insulins Poised to Grab a Large Share of the Market in the Future
LONDON, June 25, 2012 /PRNewswire/ -- The alarming prevalence rate of diabetes and its significant growth over the last year has encouraged market participants in the pharmaceuticals industry to venture into the burgeoning diabetics therapeutics segment. With a slew of effective formulations in the pipeline, competition in the market will be turned up a few notches.
New analysis from Frost & Sullivan (http://www.pharma.frost.com), European Diabetes Therapeutics Market, finds that the market earned revenues of approximately $8.60 billion in 2010 and estimates this to reach approximately $13.97 billion in 2017 at a compound annual growth rate (CAGR) of 7.2 per cent from 2010-2017.
"In 2010, the incidence of diabetes was highest in Germany, with approximately 7.4 million patients, followed by France, Italy and Spain," says Frost & Sullivan Research Analyst K. Srinivas Sashidhar. "According to International Diabetes Federation (IDF) data, the prevalence is going to accelerate by 2030 and is estimated to increase in small regions such as the Benelux and Scandinavia."
The insulin market is dominated by modern insulins and analogues. Long-acting insulins are expected to have a large market in the future. New therapeutic classes of drugs are expected to be a major contributor to the OAD segment.
The expense for diabetes treatment has become a global burden, especially for the middle- and low-income groups. Participants in this space are battling pricing pressures; however, high levels of competition, improved therapies, and the introduction of biosimilars will help deal with this issue.
Major concerns surrounding drug safety and side effects have created cause for concern among participants. This factor will have an impact on the global market in the near future, considering the need for compliance with strict European Medicines Agency and Food and Drug Administration (FDA) guidelines. These issues have alarmed medicines agencies to have strict control over efficacy and safety data. As new types of products emerge in the market, safety issues are bound to have a high impact in the future.
To ensure market progression, it is vital to build awareness on disease management. Participants need access to an interdisciplinary healthcare team that must be alert to new innovations to help develop treatment plans. It is also essential to drive home the importance of diet and exercise to patients.
"New kinds of therapeutic classes, GLP-1s, and new combination therapies will take market prospects forward," says Sashidhar. "Metformin will continue to be a strong competing product in Europe."
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European Diabetes Therapeutics Market is part of the Pharmaceuticals & Biotechnology Growth Partnership Service program, which also includes research in the following markets: European Biosimilars Market, Stem Cell Therapeutics Markets in Europe, Generics Pharmaceutical Markets - A Global Analysis, Strategic Analysis of the European Prefillable Syringes Markets, and European Pharmaceuticals and Biotech Contract Manufacturing Markets. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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European Diabetes Therapeutics Market
SOURCE Frost & Sullivan