Market Trends of Endocrinology Drugs Industry
Diabetes is Expected to Dominate the Market During the Forecast Period
- The diabetes segment is expected to hold a significant market share in the endocrinology drugs market owing to the increase in cases of diabetes, the rise in the development of diabetic drugs, and the increase in investment in the development of diabetic drug research. For instance, as per the International Diabetic Federation (IDF) Atlas published in 2022, the number of diabetes cases in Africa was 24 million, 61 million in Europe, 73 million in Middle East and North Africa, 51 million in North America, and 32 in Southeast Asia. Hence, the high prevalence of diabetes is expected to increase the demand for diabetic drugs, thereby boosting market growth.
- Also, a rise in investments in the development of diabetic drugs by key players or government agencies is expected to fuel the growth of the segment. In August 2022, a researcher at North Carolina Agricultural and Technical State University received a four-year, USD 2.65 million grant to study the biomarkers of dietary flavonoids and targeting carbonyl stress to help prevent type 2 diabetes. The grant was provided by the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDKD), which is part of the National Institutes of Health (NIH). Additionally, in 2021, the NIH allocated USD 1.1 billion for diabetes research, making it the largest funder of diabetes research in the United States.
- Moreover, the rise in product launches and strategic initiatives by the market players is likely to increase the demand for diabetic drugs. For instance, in May 2022, the Food and Drug Administration (FDA) approved Mounjaro (tirzepatide) injection to improve blood sugar control in adults with type 2 diabetes as an addition to diet and exercise. Similarly, in March 2022, the FDA approved a 2.0 mg dose of Ozempic (once-weekly semaglutide subcutaneous injection), a glucagon-like peptide-1 (GLP-1) analog for the treatment of adults with type 2 diabetes by the Novo Nordisk.
- Hence, due to the rise in cases of diabetes and the increase in the research funding for the development of diabetic drugs, the diabetes segment is expected to witness significant growth during the forecast period.
Understand The Key Trends Shaping This Market
Download PDF
North America is Anticipated to Hold a Significant Share in the Market During the Forecast Period
- North America is anticipated to have a significant market share owing to the well-established healthcare infrastructure, high prevalence of endocrine diseases, and new product launches.
- For instance, as per the American Cancer Society 2023 updates, the estimated number of new thyroid cancer cases in the United States is 43,720. Hence, a high prevalence of thyroid cancer is likely to utilize the drugs and therapies, thereby driving the market growth during the forecast period. Moreover, as per the Diabetes Canada update, the 2022 budget committed USD 35 million over five years for diabetes research, surveillance, prevention, innovation, and the development of a comprehensive diabetes framework in Canada.
- The strategic activities of market players, such as product launches, strategic acquisitions, and collaborations, are expected to contribute to market growth during the forecast period. For example, in March 2023, Eton Pharmaceuticals, a pharmaceutical company focused on developing and commercializing treatments for rare diseases, acquired a rare disease product candidate, ET-600, from Tulex Pharmaceuticals. ET-600 is an innovative product candidate under development for treating an endocrinology condition estimated to impact fewer than 5,000 pediatric patients in the United States.
- As a result of the increase in cases of endocrine diseases and the rise in research funding for the development of endocrine drugs, North America is expected to hold a significant market share during the forecast period.
Get Analysis on Important Geographic Markets
Download PDF
