What’s The Growth Forecast For Diabetic Gastroparesis Treatment Market Through 2023-2032?
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As per The Business Research Company’s Diabetic Gastroparesis Treatment Global Market Report 2023, The global diabetic gastroparesis treatment market is expected to grow from $3.5 billion in 2022 to $3.68 billion in 2023 at a compound annual growth rate (CAGR) of 5.1%. The diabetic gastroparesis treatment market is expected to reach $4.45 billion in 2027 at a CAGR of 4.8%.
What was the major driver in the diabetic gastroparesis treatment market?
The increasing prevalence of diabetes is expected to propel the growth of the diabetic gastroparesis treatment market going forward. The prevalence of diabetes refers to the proportion or percentage of the population that has been diagnosed with diabetes at a specific point in time. The use of diabetic gastroparesis treatment is primarily aimed at managing the symptoms and complications associated with this condition, which is a common complication of diabetes. For instance, in April 2023, according to a report published by The British Diabetic Association, a UK-based diabetes charity, 4.3 million individuals in the UK have diabetes and live with it. Further, more than 2.4 million people in the UK are at high risk of acquiring type 2 diabetes, and registration numbers for 2021–22 are 148,951. Therefore, the increasing prevalence of diabetes is driving the growth of the diabetic gastroparesis treatment market.
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What was the key trend in the diabetic gastroparesis treatment market?
Developing new medications is a key trend gaining popularity in the diabetic gastroparesis treatment market. Major companies operating in the diabetic gastroparesis treatment market are developing new products to sustain their position in the market. For instance, in June 2023, The U.S. Food and Drug Administration, a US-based federal agency, approved two medications used for years to treat type 2 diabetes in adults and are now approved for use in kids ages ten and older. With the approval of Empagliflozin (Jardiance) and Synjardy (Empagliflozin and Metformin Hydrochloride), a new class of drugs for type 2 diabetes in children is now available. Combining empagliflozin and metformin in Synjardy is used to achieve better glycemic control in patients with type 2 diabetes. By combining two different mechanisms of action, Synjardy can provide more comprehensive blood sugar management than using either medication alone.
Which was the largest region in the diabetic gastroparesis treatment market?
North America was the largest region in the diabetic gastroparesis treatment market in 2022, and is expected to be the fastest-growing region in the forecast period. The regions covered in diabetic gastroparesis treatment report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the diabetic gastroparesis treatment market prominent players?
Major players in the diabetic gastroparesis treatment market are Cardinal Health Inc., Pfizer Inc., F. Hoffmann-La Roche Ltd., Ipca Laboratories Ltd., Abbott Laboratories, GlaxoSmithKline plc, AstraZeneca plc, Medtronic plc, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Kimberly-Clark Corporation, Teva Pharmaceutical Industries Ltd., Janssen Global Services LLC, Boston Scientific Corporation, Fresenius Kabi AG, Bausch Health Companies Inc., Allergan Inc., Salix Pharmaceuticals Inc., Ironwood Pharmaceuticals Inc., Wockhardt Ltd., ANI Pharmaceuticals Inc., Endologic LLC, Vanda Pharmaceuticals Inc., Rhythm Pharmaceuticals Inc., Theravance Biopharma Inc., Neurogastrx Inc., Evoke Pharma Inc., and CinRx Pharma LLC.
Key diabetic gastroparesis treatment market segments
The global diabetic gastroparesis treatment market is segmented –
1) By Treatment: Medication, Surgery
2) By Route Of Administration: Oral, Injectables
3) By Indication: Compensated Gastroparesis, Gastric Failure
4) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Other Distribution Channels
5) By End User: Hospitals, Homecare, Specialty Clinics, Other End Users
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