The size of the North America Non-Insulin Diabetes Therapies market is predicted to be USD 3.91 billion by 2027 from USD 3.14 billion in 2022, registering a CAGR of 4.51% during the forecast period.
The proliferation of diabetes fuels the market for North America. Also, the Non-Insulin Diabetes Therapies, a large number of ongoing trials, and availability of advanced treatment options for diabetes are influencing the market growth.
Diabetes is becoming an increasingly common health condition, disable patients and potentially lead to fatal health complications. The geriatric population is vulnerable to diabetes. Diabetes could strike anybody at any age, although it is more frequent in people over 60. One in four adults over the age of 65 has diabetes. Diabetes is more likely to occur in people who are overweight, older, or have other diseases such as pancreatic problems or high blood pressure. Diabetes is the sixth greatest cause of mortality.
On the other hand, the increasing demand for economic and long-acting drugs has been increased owing to the prevalence of diabetes in the developed countries such as the United States and Canada. Advanced technologies are included in the products of major corporations; these technologies can anticipate, monitor, and adapt to their surroundings. These technological developments give manufacturers a huge edge over their competition, helping them maintain dominance in North America's non-insulin diabetes therapies market.
Increasing research and development activities by the major companies are creating lucrative growth opportunities. Moreover, growing investments and funding by the government and private organizations for healthcare advancements and infrastructure is encouraging market growth. In addition, the key players take partnerships, mergers, and various strategies in developing the market on a global platform.
However, the shortage of treatment options and the high cost of therapies are the two major factors restricting the market growth in the region. Also, poor patient awareness is a factor that impedes the non-insulin anti-diabetes drugs market.
This research report on the North American Non-Insulin Diabetes Therapies Market has been segmented and sub-segmented into the following categories:
By Drug Type:
By Country:
North American held the largest share of the Non-Insulin Diabetes Therapies Market, and it is projected to continue its dominance in the coming years. As per the International Diabetes Foundation (IDF), approximately 17,100 new cases of diabetes were reported. This high incidence rate is driving the market growth in the concerned region. Owing to the advancements in the technological advances in the healthcare sectors and increasing healthcare spending on healthcare treatments are propelling the market growth. Moreover, the Presence of most prominent market participants such as the United States and Canada are expanding the regional market growth. Because of the growth in the number of people facing diabetic problems, the growth in this market is expected to increase exponentially in the coming years.
The United States dominated the North American Non-Insulin Diabetes Therapies Market due to the increasing number of people with type 2 diabetes, the growing prevalence of diabetes among people aged 6-19 and 35-50, and the recent product approvals. Over the last few years, a large portion of the diabetic population in the United States has been taking generic medicines. Diabetes medicines cost more in the United States than any other type of medication. Generics accounted for half of the medicines prescribed in this category. Another cost-related problem can be seen in the Insulin market. Despite the fact that the medication is an old innovation, there are no generic versions available yet.
On the other hand, Canada is projected to witness a moderate share in Non-Insulin Diabetes Therapies Market and contribute to the regional market growth. The increasing number of diabetes patients and improved treatment options to treat diabetes encourage market growth.
KEY MARKET PLAYERS:
Notable companies treating Diabetes in the market include Tobira (New Jersey), Eli Lilly and Sumitomo Dainippon Pharma (Japan), Novo Nordisk (Denmark), Takeda (Japan), Sanofi (China), Mannkind (California), Bristol-Myers Squibb (New York), AstraZeneca (U.K), Boehringer Ingelheim (Germany), Bayer (Germany).
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