"Saudi Arabia Diabetes Drug & Insulin Delivery Device Market Opportunity Outlook 2025" Report highlight:
- Diabetes Drug Market Opportunity: > US$ 1.5 Billion by 2025
- Diabetes Device Market Opportunity: > US$ 1 Billion by 2025
- Glucose Monitoring Device Market Absolute Growth: 33% (2019-2025)
- Oral Hypoglycemic Drugs Market - Availability, Dosage & Price Analysis
- Insulin Availability, Dosage & Price Analysis
- Insulin Delivery Device Market - Availability, Price & Sales Analysis
- Glucose Monitoring Device Market - Availability & Price Analysis
- Investments & Collaborations by Leading Market Players
Over the past few years, Saudi Arabia has witnessed exponential economic growth and fortune, which is followed by the swift technological transformation that resulted in major undesirable effects on lifestyle. Consequently, the prevalence of physical inactivity, obesity and sedentary behaviors along with the consumption of high caloric diet, and sugar-sweetened beverages went on the increase and became very common among Saudi society.
The diabetes incidences are increasing rapidly among the kingdom population and the same is expected to remain consistent in upcoming year due to presence of high percentage of obese and overweight population. Unhealthy lifestyle and lack of physical activities are two major factors responsible for the development of diabetes at early age in Saudi Arabian children and it is further observed that the prevalence rate of juvenile diabetes has been increasing continuously during the past few years. Driven by above mentioned factors, the diabetic burden in Saudi Arabia is expected to increase with higher momentum in future, which will ultimately lead to exponential demand of antidiabetic drugs there by driving the overall diabetes drug and insulin delivery market in coming years.
Several different initiatives and programs are undertaken by the regulatory bodies for supporting the diabetic patients in Saudi Arabia. Increasing diabetes patients, drug development in the field of diabetes, presence of generic drugs, government support, technological advancement, rising geriatric population, rising awareness and increasing healthcare and expenditure are the factors that are driving the diabetes market. The pipeline that the country’s research and development center is holding is expected to double the market size at tremendous rate in the near future. Already the market is flooded with several branded and generic diabetes drugs and soon it will be joined by another large numbers of promising diabetes drugs. Various stake holders of the Saudi Arabia diabetes market are constantly working on the best possible treatment therapies for the diabetic population. To accompany this, the government has also started some healthcare missions that aims at providing the best healthcare solution to the patients who are in the urgent need of a treatment or who have failed earlier treatments. This whole covers a larger portion of the diabetes mellitus patients as a big part of the mission covers arrival of generic drug makers in the country and focusing towards the disease that are observed in larger percentage.
The diabetic population has widely accepted the presence of branded and imported drugs in the country driven by the socio economic parameters, which are apparently leading to accelerating growth of the branded diabetes drugs market in the country. In addition to the presence of branded drugs, the market is also observing an increase in the number of home grown pharmaceutical companies and distributors engaged in research, development and distribution of diabetes drugs in the market.
As per the report findings, it is estimated that soon the market will flourish in all the parameters that are important for a market to dominate the entire diabetes market. Strong brand loyalty and increasing lifestyle diseases are some of the factors that are expected to drive the diabetes drug market in the upcoming timeframe. Furthermore, the country is experiencing growing healthcare infrastructure, increasing per capita income and a large influx of health insurance companies which are estimated to fuel the growing diabetes market. Such huge penetration of the parameters responsible for market growth is estimated to develop a strong and competitive landscape for the future diabetes market.