Rising urbanization, increasing intake of sugary foods, and changing lifestyle preferences like lack of exercise are leading to growth in obesity globally. Earlier, developed markets in US and Europe faced a strong demand for diabetes drugs due to the large number of patients.
However, today these patterns are a common sight in developing economies of Asia as well. For example, India has become home to one of the largest diabetic population in the world. This population counted in millions, forms over 8% of India’s total population.
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FDA Approval to Boost the Diabetes Drugs Market
FDA or the US Food and Drug Administration approved a non-insulin drug for pediatric patients in 2019.
- The drug, Victoza has shown efficacy in treating type 2 Diabetes. The drug is behind metformin, which was the first drug to be approved for pediatric patients in 2000.
- Victoza has been under the trial since 2010. According to a statement released by FDA, increasing number of children is being diagnosed with the type 2 Diabetes. This prompted the FDA to expand an additional treatment option.
According to Center for Disease Control and Prevention, there are additional 5000 deaths in the US each year among the young population.
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Technological Advancement Promise New Opportunities
Currently, the pace of technological innovation is leading to growth in many sectors. The medical sector, consisting of pharmaceutical companies and insurance companies are major beneficiaries of this development.
- On one hand, technologies like 3D printing, growing sources of outsourcing are leading to major reductions in costs. Additionally, growing support for innovation in major economies like US and China are spelling a boon for the industry.
- Moreover, portable monitoring technologies available through smartphones are making way for better healthcare systems and leading to more preventive care for the industry.
This has led to an increase in number of diagnosis. On the other hand, it has helped the insurance support a more solid preventive care framework for the treatment of various diabetics.