NEW YORK — The global market for Type 2 diabetes will nearly double over the next six years, according to a new report.
GBI Research announced the release of a study Tuesday indicating that the market will grow from 2012's $20.4 billion to $38.8 billion by 2019, at an annual growth rate of 10.2%. The United States' market, meanwhile, will more than double, from $12.7 billion last year to $27.2 billion in 2019.
"The strong forecast for the Type 2 diabetes market is reliant upon the ability of late-stage pipeline drugs, such as gemigliptin, to reach expectations created by promising clinical trial results, and of newly marketed products, including [Takeda's] Nesina and [Boehringer Ingelheim and Eli Lilly's] Tradjenta, to capture significant share of the market," GBI analyst Dominic Trewartha said. Gemigliptin is the chemical name of Korea-based LG Life Sciences' Zemiglo, currently approved in South Korea.