The increasing prevalence of hypoglycemia in diabetic patients clubbed with a growing number of advancements in non-injectable glucagon by major players are some of the major factors expected to drive global market growth. Growing support from FDA for the first nasal glucagon powder is a factor propelling growth in the global glucagon market. In July 2019 for instance, the FDA announced that it approved the first-ever non-injectable emergency glucagon. Nasal glucagon powder marketed by Eli Lilly and Company under the Baqsimi brand name. The treatment approved to use for people with diabetes, ages four and up. The US list price for a BAQSIMI one-pack is $280.80 and for a two-pack is $561.60.
Intravenous or powdered glucagon is given to the individual to help restore sugar levels in the body and prevent further hypoglycemia. This is a factor boosting the growth of the global glucagon market. Additionally, the growing geriatric population across the world is another factor driving the growth of the target market over the forecast period. For instance, according to the World Population Prospects 2017 report published by the United Nations, the number of people aged 80 years or above is expected to triple from 137 Million in 2017 to 425 Million by 2050. In addition, this number is expected to increase to 909 Million by 2100, which is around seven times that of 2017.
Strong support from USFDA for research and development of new drugs and therapies and for treating symptoms of hypoglycemia is a key factor projected to offer revenue growth opportunities to manufacturers operating in the global market. Furthermore, an approach to tracking the untapped market by prominent manufacturers is another factor that creates potential opportunities for market growth. Rising investments and initiatives by various healthcare organizations and authorities to improve diabetes-related healthcare services is a factor projected to create growth opportunity for players in the market in upcoming years. By providing glucagon more consistently, it is possible to have several opportunities to improve care for at-risk diabetic patients by implementing quality metrics. Glucagon mobile app takes advantage of the Android mobile technology that helps people to reach more caregivers and offers another opportunity to support type-1 diabetes patients.
A recent trend observed in the global glucagon market is the availability of mini-dose glucagon or rescue glucagon kits. A new automated drug delivery system is a trend observed in the market. For instance, according to a study in New Orleans, held on March 25, 2019, a new automated drug delivery system help prevent severe hypoglycemia in patients who have undergone bariatric surgery. However, the high price of glucagon is a major factor challenging the growth of the target market over the forecast period.
A new delivery option for the administration of glucagon during hypoglycemic events can make the process much easier for diabetic patients, especially children, and their caregivers. The global glucagon market has been segmented on the basis of type, by application, and by region. Among type segments, the inject glucagon segment is expected to account for the highest revenue share and is projected to register the fastest growth rate in the future. This is attributable to the presence of almost all products are injection types. Based on application, the general use segment holds a major share in terms of revenue owing to the increasing prevalence of diabetes among the population. Based on the region, the North America market is estimated to account for the highest revenue share and is projected to dominate the glucagon market in the future, followed by Europe. This is attributable to the rising prevalence of hypoglycemia in diabetes patients, changing lifestyle patterns, and increasing demand for glucagon, especially among diabetic persons and ageing individuals.
The global glucagon market report includes profiles of companies such as Eli Lilly Co, Novo Nordisk A/S, Torrent Pharmaceuticals Ltd., Fresenius SE Co. KGaA, Svar Life Science AB, Xeris Pharmaceuticals, Inc., and Taj Pharmaceuticals Ltd.
Originally published at https://www.cadillacnews.com on March 8, 2021.
