Endocrinology drugs: Key market research findings
- Advances in drug delivery technology
- Rise in the prevalence of diabetes
Technavio has released a new market research report on the global endocrinology drugs market, which is expected to grow at a CAGR of more than 6% between 2016 and 2020. Increase in the prevalence and awareness of endocrine disorders is the major contributor to the endocrinology drugs market. Owing to the growing demand for superior drugs, the manufacturers are expected to come up with various promising drugs in the pipeline during the forecast period. Moreover, the market is expected to witness increased use of easy-to-use prefilled injection devices to treat endocrine disorders such as diabetes, human growth hormone deficiency, thyroid disorders, and male hypogonadism, in the coming years. The Americas dominate the global endocrinology drugs market, accounting for 51% of the total market share. Much of this market’s growth comes from the high prevalence of endocrine disease in this region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Endocrine-related diseases such as diabetes and human growth hormone (HGH) deficiency are treated by medications that are directly injected into the body. Improvement in drug delivery methods ensure better patient compliance, owing to lesser administration-associated problems. New automated injection devices such as insulin pens and insulin pumps have better, safe, and easy drug delivery system. NovoPen and FlexTouch by Novo Nordisk are the latest durable insulin delivery devices for diabetes. Moreover, several pharmaceutical companies are also developing inhaled insulin products, which can pass quickly into the bloodstream,” says Barath Palada, Lead Analyst, Pharma, Technavio Research
Diabetes drugs dominate the endocrinology drugs market, occupying around 86% of the overall market. The diabetes drugs market comprises GLP-1 agonists, insulin, and oral antidiabetic drugs. The number of people affected by diabetes is increasing across the globe, which will accelerate the growth of diabetes drugs market during the forecast period. China, India, the US, Brazil, Russia, Mexico, Indonesia, Egypt, Japan, and Bangladesh have the highest prevalence of diabetes. The trend of insulin administration is shifting toward less dosage frequency and patient-friendly routes.
The leading vendors in the global endocrinology drugs market include AbbVie, AstraZeneca, Eli Lilly, Merck, Novo Nordisk, and Sanofi. This market is highly competitive with the presence of numerous small and large vendors. The major players in the market are introducing innovative and improved formulations and drugs, utilizing new drug-delivery technologies. New vendors are expected to enter the market over the next four years due to the presence of huge growth opportunities.
A more detailed analysis is available in the Technavio report, Global Endocrinology Drugs Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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