The global antidiabetics market size is estimated to register a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing worldwide incidences of diabetes and growing demand for oral hypoglycemic and insulin drug.
Antidiabetics, also known as oral hypoglycemic agents, refers to types of drugs primarily designed to use for the treatment of diabetic patients. As per the reports published by International Diabetes Federation, global diabetes prevalence is estimated to increase by 550 million by 2030, which is expected to have a high impact on the antidiabetics market growth in the coming years. The reports further stated, diabetes and obesity share an integral relationship and comprise of the biggest public health challenge of the 21st century. It was reported that almost 85% of patients diagnosed with diabetes are also diagnosed with obesity. Furthermore, unregulated and irregular dietary habits are causing diabetes. The global obesity incidences was 1.3 billion in adults and over 35 million in children under the age of five in 2010.
The development of high accurate therapies for diabetes have increased tremendously due to the rising demand for advanced treatment methods to meet the needs of the increasing diabetic population size globally. The COVID-19 pandemic outbreak has brought an unpredicted effect on several businesses across ventures and had adversely affected the market. Rising financial recovery help from governments and other organizations can be key reasons, which is expected to make the market stable in the coming years.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing number of diabetic patients and growing incidences of lifestyle-induced disorders such as obesity are expected to boost the market growth in the coming years.
- Rising number of the global base of geriatric population along with high demand for oral hypoglycemic and insulin drug are projected to fuel the market in the coming years.
- Increasing R&D initiatives focusing at developing new products and the presence of several strong pipeline portfolio are the key factors driving the market growth.
- Increasing government expenditure and awareness campaigns globally are major factors to propel the growth of the market during the forecast period.
- New products exhibiting higher efficacies and the potential commercialization of these products are expected to offer immense opportunities for the market expansion.
Scope of the Report
The report on the global antidiabetics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Antidiabetics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Products (Thiazolodinediones, Insulin, Biguanides, GLP-agonists, Sulphonylureas, SGLT-2, DPP-4 Inhibitors, Meglitinides, and Alpha-glucosidase Inhibitors)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Sanofi S.A.; Takeda Pharmaceuticals Company Limited; Eli Lilly and Company; Oramed Pharmaceuticals; Boehringer Sohn AG & Ko. KG; Merck & Co. Inc.; Novo Nordisk; Bristol-Myers Squibb; Halozyme Therapeutics; and Pfizer Inc.
Market Segment Insights
Insulin segment is expected to grow at a rapid pace
Based on products, the global antidiabetics market is segregated into thiazolodinediones, insulin, biguanides, GLP-agonists, sulphonylureas, SGLT-2, DPP-4 inhibitors, meglitinides, and alpha-glucosidase inhibitors. The insulin segment accounted for a key share of the market in 2020 and is anticipated to expand at a rapid pace in the coming years owing to the introduction of new products and the potential future commercialization of products currently in the pipeline. However, the biguanides segment is projected to hold a major share during the forecast period due to R&D activities for the development of biguanides product array.
North America is anticipated to constitute a key market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to constitute a key share of the market during the projected period due to high market penetration of modern insulin products and ongoing extensive R&D programs in the region. The market of Asia Pacific, however, is anticipated to exhibit a high CAGR during the forecast period owing to improving healthcare expenditure levels and increasing patient disposable incomes of a large number of the population in the region.
Segments Covered in the Report
The global antidiabetics market has been segmented on the basis of
- DPP-4 Inhibitors
- Alpha-glucosidase Inhibitors
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Sanofi S.A.
- Takeda Pharmaceuticals Company Limited
- Eli Lilly and Company
- Oramed Pharmaceuticals
- Boehringer Sohn AG & Ko. KG
- Merck & Co. Inc.
- Novo Nordisk
- Bristol-Myers Squibb
- Halozyme Therapeutics
- Pfizer Inc.
Key players competing in the global antidiabetics market are Sanofi S.A.; Takeda Pharmaceuticals Company Limited; Eli Lilly and Company; Oramed Pharmaceuticals; Boehringer Sohn AG & Ko. KG; Merck & Co. Inc.; Novo Nordisk; Bristol-Myers Squibb; Halozyme Therapeutics; and Pfizer Inc. The main market players are continuously engaged in various market development activities such as mergers and acquisitions, research and developments, investments for innovative products, and collaborations to enhance their market position.