Technology integration and DNA synthesis inhibitors are allowing pharmaceutical companies to develop drugs for incurable diseases, such as diabetes. Given the rising number of diabetic patients amid sedentary lifestyles fostered by coronavirus lockdowns and remote work arrangements, companies with approved diabetes drugs are expected to benefit from high demand for their products. We believe Senseonics (SENS) and Novo (NVO) are examples of companies that should benefit significantly as the demand for diabetes treatment drugs and monitoring equipment rises. But which of these two stocks is a better buy now? Let’s find out.Senseonics Holdings, Inc. (NYSE:SENS) and Novo Nordisk A/S (NYSE:NVO) are two established players in the medical industry. SENS is a medical technology company focused on the design, development and commercialization of glucose monitoring systems. NVO designs and manufactures pharmaceutical products. Based in Denmark, NVO operates through two segments: Diabetes and Obesity care, and Biopharm.
Diabetes is rising at an alarming rate in the West, accelerated by the remote lifestyles and work-from-home routines. As a result, pharmaceutical companies have been experimenting with innovative drugs to cure and manage the ailment. Many companies have reported promising results from their clinical trials, indicating that a diabetes treatment drug might soon be available in the market.
The size of the global diabetes drug market is projected to hit $78.30 billion by 2026, growing at a 6.1% CAGR.