According to Future Market Insights, the global hyperglycemia treatment industry is expected to reach US$ 500.49 Million in 2023 and is expected to grow at a CAGR of 12.3% between 2023 and 2033, reaching US$ 1,596 Million by 2033. With the growing number of young people prone to stress levels and poor eating habits, hyperglycemia treatments have become more popular. According to a new study, COVID-19 patients with diabetes who were newly diagnosed during hospitalization often reduced their blood sugar levels after discharge, and only 8% needed insulin a year later.
There was a higher percentage of younger, minorities, and uninsured or on Medicaid COVID-19 patients with newly diagnosed diabetes, suggesting these were cases of preexisting diabetes that had gone undiagnosed. As a result, reversal programs are being studied as well as different types of programs are being introduced on the market in developing regions. Approximately 40% of diabetic patients suffer from diabetic kidney disease (DKD) in industrialized countries. Treatments that control blood sugar and block RAAS (renin angiotensin aldosterone system) are at best delaying the progression of the disease. The growing population throughout the world, rising disposable income in developing countries, and medical tourism are all positive factors affecting this market.
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Furthermore, the wide variety of medication options available as opposed to surgical procedures offer opportunities for market participants during the forecast period, which is likely to provide a positive growth opportunity. Because of the high prevalence and incidence of insulin throughout the world, the market for insulin continues to grow due to extensive research and technological advancements in insulin delivery systems, with the support of the government towards ensuring that insulin is available worldwide.
Key Takeaways from the Market Study:
- The global market size for hyperglycemia treatment is estimated to reach US$ 500.49 Million by 2023.
- According to the forecast, the insulin therapy segment is expected to grow by 6% CAGR between 2023 and 2033.
- The oral route of administration hyperglycemia treatment market accounted for 45% of the total market value by the end of 2023.
- Hyperglycemia treatment in North America expanded with a market share of 53% in 2022.
- The retail pharmacy market is expected to account for 72% of the total market value over the next five years.
“As diabetes becomes more prevalent, oral drugs and insulin devices are being approved, where artificial intelligence and technology will be key to expanding drug delivery methods.” comments a Future Market Insights analyst.
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Competitive Landscape:
Considering the fact that many companies are expected to be focusing their efforts on the development of innovative diagnostic techniques in the near future, markets may notice many companies expand their product lines, acquire other companies, and merge their companies together in the near future.
- Tetris Pharma, a biopharmaceutical company, launched ‘Ogluo’, or glucagon-prefilled autoinjector pens, as a treatment for severe hypoglycemia in children and adults with diabetes. In addition to the UK and Germany launches, Arecor and Tetris plan to market Ogluo in “core” European markets as part of their pan-European commercialization program.
- With its US$ 4 million seed funding from SecretLab LLC founder Jason Bright, BioCoach will scale its platform that provides meal recommendations and grocery lists to people with prediabetes. A smart glucose meter and ketone meter are available for BioCoach, which work in conjunction with the biocoach app. Using the BioCoach app, a team of expert coaches gives individualized recommendations on how to adjust one’s diet based on the information that has been collected from readings.
Key Companies Profiled:
- Novo Nordisk A/S
- Merck & Company Inc.
- Medtronic
- Johnson & Johnson Services Inc.
- Teva Pharmaceuticals Ltd.
- Eli Lilly and Company
- Sanofi S.A.
- Bayer AG
- Bristol-Myers Squibb
- Abbott
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Key Segments Profiled in the Hyperglycemia Treatment Industry Survey:
By Treatment Type:
- Fluid Replacement
- Electrolyte Replacement
- Insulin Therapy
- Other Treatments
By Mode of Administration:
- Oral
- Topical
By End User:
- Hospitals & Clinics
- Retail Pharmacy
- Others
By Region:
- North America
- Latin America
- Europe Market
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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