Safety issues will have a high impact in the future
The ‘alarming’ prevalence of diabetes and the number of drugs in the pipeline means that competition in the market will grow over the next six years, predicts a study by Frost & Sullivan.
F&S researchers, in their report, European Diabetes Therapeutics Market, said the market earned revenues of approximately $8.60bn in 2010 and estimates that this will reach approximately $13.97bn by 2017, at a compound annual growth rate of 7.2% from 2010-2017.
F&S says long-acting insulins are expected to have a large market share in the future and new therapeutic classes of drugs are expected to be a major contributor. Although participants in this space are battling pricing pressures, high levels of competition, improved therapies, and the introduction of biosimilars will help deal with this issue.
Major concerns surrounding drug safety and side effects are worrying participants and this will have an impact on the global market as stricter European Medicines Agency and Food and Drug Administration (FDA) guidelines emerge.
‘As new types of products emerge in the market, safety issues are bound to have a high impact in the future,’ F&S says.
F&S research analyst Srinivas Sashidhar says in 2010 the incidence of diabetes was highest in Germany, with approximately 7.4 million patients, followed by France, Italy and Spain.
This will accelerate by 2030 and is estimated to increase in small regions such as the Benelux and Scandinavia.
‘New kinds of therapeutic classes, GLP-1s, and new combination therapies will take market prospects forward,’ Sashidhar adds. ‘Metformin will continue to be a strong competing product in Europe.’
F&S says it is vital to build awareness of disease management to ensure market progression.
‘Participants need access to an interdisciplinary healthcare team that must be alert to new innovations to help develop treatment plans. It is also essential to drive home the importance of diet and exercise to patients,’ added the research organisation.