The global diabetes therapies market, estimated at around $53.9 billion in 2019, is expected to grow to $69.3 billion by 2023, growing at an annual growth rate of 6.4%. The diabetes therapies market is expected to benefit from the latest developments in drug discovery procedures such as stem cells and organ on chip technologies. Organs on chips are micro-engineered biometric systems that simulate the activities, mechanics and physiological responses of organ systems. Drug trial processes such as target identification, validation, and screening are being executed through organ on chip and stem cell technologies. Another area of development is physiology-simulation modelling, in which the integrated physiology of the human organism in both health and disease is simulated through a computer program. For example, Eli Lilly and Pfizer have adopted Amazon’s Elastic Compute Cloud (EC2) platform to conduct simulation models in early stages of the drug discovery process that have been operational within hours, whereas traditional models would have taken weeks to conduct simulations. These technologies are considerably reducing drug discovery costs and generating reliable predictions on drug efficacy and safety. These lower drug discovery costs are likely to increase the amount of funds available to drug manufacturing companies for further research and development of new anti-diabetic drugs, thus driving the diabetes therapies market going forward.
Historically, low awareness of diabetes in many countries across the globe, especially in developing and underdeveloped regions such as the Asian and African subcontinents, was a major restraint on the diabetes therapies market. For instance, a study conducted in 2014 by the Indian Council of Medical Research (ICMR), found that only 43.2% respondents were aware of diabetes. This lack of awareness about the disease limited diagnosis and treatment, thereby restricting the growth of the market.
Forecast growth in the global diabetes therapies market comes from governments around the world who are investing in medical programs to help raise awareness and support research and development (R&D) relating to diabetes. The US State Department’s National Institutes of Health and Centers for Disease Control and Prevention jointly launched the National Diabetes Education Program to educate and sensitize people about the risks and methods of prevention of diabetes. The program includes community organizations, health care professionals, community health workers, and community-based organizations that partner with people with diabetes or who are at risk for diabetes. Similarly, in 2015, the National Health Service, UK, and Public Health England initiated the first National NHS Diabetes Prevention Programme, that aims to reduce the 4 million people in the UK expected to have Type II diabetes by 2025. These efforts directed at increasing the awareness of diabetes are expected to increase the number of people getting treatments, thus driving the diabetes therapies market during the forecast period.