Published Date : Apr 04, 2016
Diabetes is undoubtedly one of the deadliest issues in front of the globe, and at the pace at which its prevalence is rising, it will soon become one of the leading causes of deaths on a global front. The World Health Organization states that in 2014, the prevalence of diabetes among adults aged 18 and above was over 9%. Over 1.5 mn people died directly owing to the complications caused by diabetes in 2012 and by 2030, the disease is projected to become the seventh leading causes of deaths across the globe.
This surging rise in the prevalence of the disease is one of the foremost factors leading to the high demand for insulin. Insulin therapy often makes up a critical part of diabetes treatment and is presently the mainstay of the conventional method of treating diabetes patients.
The global market for insulin is currently dominated by only a handful of leading pharmaceutical companies such as Novo Nordisk A/S, Eli Lilly and Company, and Sanofi, which collectively account for over 80% of the market. Some Chinese companies such as Shanghai Fosun Pharmaceutical Co., Ltd and Tonghua Dongbao are also highly influential in the China market, which has become a highly lucrative regional market for companies offering diabetes therapeutics owing to the rapid pace at which diabetes is spreading in the country.
However, despite insulin being the mainstay of diabetes therapeutics in the present day scenario, the rising popularity of next-generation, oral anti-diabetes therapies is projected to pose a stiff competition to the global insulin market in the coming years.
The widespread acclaim and acceptance received by the recently introduced of SGLT2 inhibitors, which have also demonstrated their effectiveness against certain cardiovascular conditions, is a sign that insulin is steadily losing its popularity as being the ultimate solution for managing diabetes.
So even as insulin will continue to enjoy significant demand from the market over the next many years owing its widespread popularity, the alternative therapies in the market will slowly yet steadily be able to establish their consumer base.