We all know that the obesity drugs from Novo Nordisk and Eli Lilly are getting recognition and hype and will not be taken down anytime soon. By the end of the decade, obesity products are going to grow in the drug, according to a new report from Evaluate.
According to Evaluate’s 2024 world preview report, if last year was an “ age of uncertainty” for the industry then this one is “ Pharma’s growth boost. The 2023 report detailed key assumptions like the U.S. market’s profitability and the growth that big M&A deals offer, in flux. Now we can predict the reality of the future.
Due to rising obesity in the population, Oncology drugs have taken back and rising obesity and diabetes meds, especially drugs from Novo Nordisk and Eli Lily.
North America dominates the worldwide market due to a sedentary lifestyle and the introduction of new medication. Increasing obesity has caused to increase in awareness of diabetes treatment. Because of increasing obesity and diabetes, North America remained the largest medication for insulin medicine. Diabetes affects more than 36 million Americans, with 90% to 95% having Drug Class 2 diabetes.
Asia-Pacific region region is predicted to increase the demand for diabetes drugs. Diabetes patients are increasing due to sedentary lifestyles and poor diets. In India and China, the demand for diabetes medication is increasing in the Asia-Pacific region. In China, more than 129 million people suffer from diabetes and India’s diabetes population is estimated to reach 82 million by 2032
Retail pharmacies have the second largest market share in the diabetes market. With the rising incidence of diabetes globally, technology is advanced in treating diabetes. The market is constrained by the high cost of managing and treating diabetes, North America dominates the category with a share of more than 40% in 2022. According to statistics, more than 300 million people are suffering from diabetes in India and treating them costs around 12% of all healthcare spending globally. There is an epidemic of diabetes worldwide.
