Diabetes Growth is Making People Spend More on Medicine
How Much Do People Spend on Diabetes Medications?
A study by the American Diabetes Association found that the average annual cost of diabetes medications was $1,225 in 2018. This cost was even higher for people with type 1 diabetes, who spent an average of $2,500 per year on medications.
The cost of diabetes medications is expected to continue to rise in the future. This is due to a number of factors, including the increasing complexity of diabetes medications, the rising cost of research and development, and the increasing cost of healthcare in general.
How Much Do People Spend on Diabetes Supplies?
In addition to the cost of medications, people with diabetes also need to spend money on diabetes supplies. These supplies include test strips, lancets, insulin pumps, and continuous glucose monitors.A study by the National Institute of Diabetes and Digestive and Kidney Diseases found that the average annual cost of diabetes supplies was $1,040 in 2018. This cost was even higher for people with type 1 diabetes, who spent an average of $1,700 per year on supplies.
The cost of diabetes supplies is also expected to continue to rise in the future.
How Much Does the US Market Spend on Anti-Diabetic Products?
The US market spends a significant amount of money on anti-diabetic products. In 2021, the US market for anti-diabetic products was valued at $27.6 billion. This market is expected to grow to $38.4 billion by 2027.
The growth of the US market for anti-diabetic products is being driven by a number of factors, including the increasing prevalence of diabetes, the rising cost of diabetes medications, and the increasing demand for new and innovative diabetes treatments.
Global Market
The global market for anti-diabetic products is also growing rapidly. In 2021, the global market for anti-diabetic products was valued at $102.3 billion. This market is expected to grow to $149.3 billion by 2027.
Concluding Remarks
The rising prevalence of diabetes is putting a strain on healthcare systems and the finances of people with diabetes. The cost of diabetes medications and supplies is rising, and people with diabetes are often forced to make difficult choices about how to afford their care.
