According to the new market research report by Transparency Market Research, the global diabetes drug market has a highly fragmented landscape. The fragmentation of the global market is due to the number of notable players operating in the market space. Because of the low entry barriers to enter the market, the number of companies operating in the diabetes drug market is high. However, this high number of companies also means there is increased competition in the global diabetes drug market.
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The TMR report expects the competition in the global market will only intensify in the coming years of the forecast period of 2017 to 2025. The report expects the entry of more players in the market that will further fuel the competition and fragmentation of the global market. This competition in the global market will lead these companies to focus more on developing new and innovative products that will cater to the growing demand from the end-users. Some of the leading companies operating in the global diabetes drug market include names such as Merck & Co., Sanofi, Novartis AG, Bayer AG, Novo Nordisk AS, and Boehringer Ingelheim GmbH among others.
As per the research report, the global diabetes drug market is projected to exhibit a CAGR of 3.6% for the given period of forecast of 2017 to 2025. This growth rate will help the global market to achieve a valuation of US$58.4 bn by the fall of 2025. The initial valuation of the global diabetes drug market was US$43.1 Bn recorded in 2016.
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Type 2 Diabetes to Remain Key Contributor Segment for Market Growth
Among the multiple types of diabetes, the segment of Type 2 diabetes is currently grossing largest revenue for the global diabetes drug market. This environment has risen because of the growing prevalence of this particular type of diabetes. Increasing obesity in urban areas of the globe and increasing trend of consuming unhealthy and junk food are some of the key reasons behind the recent prevalence of type 2 diabetes.
On the other hand, the regional segment of North America is expected to act as the biggest contributor for the development of the global diabetes drug market in the near future. Unhealthy food habits, sedentary lifestyle, and increasing developments in the healthcare sector are all expected to help the North America region to attain the top spot among the other regional segments.
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Growing R&D Activities to Push Market Development
A key factor that is helping to drive the growth of the global diabetes drug market is the recent emergence of highly effective products that cater to the different needs of the consumers. These effective products are a result of highly intense research and development activities. The leading players in the market are putting in heavy investments to fuel such research and development activities. This too is expected to help push the development of the global diabetes drug market.
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