The Global Antidiabetics Market size is estimated to reach USD 160.21 Billion from USD 74.06 Billion in 2022, exhibiting a CAGR of 10.2% through 2030. The market growth is driven by the growing predominance of diabetes among the populace on account of changing lifestyles, unhealthy dietary habits such as alcohol consumption, tobacco smoking, and others. The European Society of Cardiology estimates that the number of people with diabetes across the globe will reach 628.6 million by the end of 2045.
Several education programs and campaigns for awareness by diabetes associations and government organizations to raise the level of awareness and provide information regarding the benefits of diabetes control is favoring antidiabetics market growth. Currently, combinations of drugs of various agents such as sitagliptin and metformin, and various other drug combinations are in multiple stages of clinical & pipeline development. The expanding geriatric population across the globe will also offer lucrative scope for industry growth, as chances of diabetes and associated disorders are higher in aged individuals. With advancing age, the prevalence of type 2 diabetes increases along with the heightened risk of vascular diseases, stroke, and coronary heart diseases. Aged diabetes patients are also at high risk of developing a physical disability or sarcopenia. The aging baby boomer population across the globe may foster antidiabetics market revenue share over the forecast period.
Based on patient type, the geriatric segment contributed significantly towards the global antidiabetes market share with revenue generation of USD 27 million revenue in 2022 and is forecast to witness major traction due to the exponential rise in the aging population. The European Society of Cardiology estimates that among the total disease burden, nearly 39.7% was due to aging population growth.
Request a Sample@ https://qyresearchmedical.com/sample/119033
Based on product type, the insulin product segment accounted for 67.60% of the global antidiabetics market share in 2018 and is forecast to witness substantial growth of 12.4% through the forecast period on account of expanding type-2 diabetic patient pool. Moreover, the introduction of short-acting analog has enhanced the product’s ability in post-prandial glucose-controlling in both type 1 and type 2 diabetic patients, which is fuelling product demand.
Based on administration mode, the insulin pump segment is estimated to exhibit a CAGR of 11% through the forecast period due to increased preference for insulin pumps on account of its advantages, such as less glucose variability, reduced episodes of severe glycemic conditions, and others.
In the regional landscape, North America accounted for 38.7% of the antidiabetic market revenue share and is forecast to register a growth rate of 10.3% through the forecast period. The robust growth can be attributed to the growing prevalence of diabetes equally among the pediatric and adult population in the region.
Asia Pacific is estimated to grow at the highest rate of 10.5% over the forecast timeline on account of the presence of a large diabetic patient pool, along with increasing healthcare expenditure in the region.
Key players operating in the global antidiabetics market are Eli Lilly, Bayer Corporation, Novartis, Johnson & Johnson, AstraZeneca, Pfizer, Bristol-Myers Squibb, Novo Nordisk, Oramed Pharmaceuticals, Merck, Takeda Pharmaceutical, Sanofi, and Boehringer Ingelheim, among others. These industry players are adopting several strategies such as acquisitions, mergers, collaborations, new product development, and capacity expansion, thereby supporting the overall growth of the market. Moreover, rising investments by the key industry players for the R&D activities will further bolster market growth over the analysis period.
On 28th July 2022, AstraZeneca received Fast Track Designation in the United States for the development of its proprietary FARXIGA®, which has been already approved as a treatment for type-2 diabetes, to reduce the risk of cardiovascular death or hHF (hospitalization for heart failure) in adults following a heart attack or an acute myocardial infarction.
In December 2022, Mankind Pharmaceuticals, one of the Indian leading pharmaceutical companies, signed a collaborative marketing agreement with Glenmark Pharmaceuticals to market an antidiabetic drug called ‘remoglifozin’ in India. The move enabled both the companies to expand their business in the Asia Pacific region.
Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Reports and Data has segmented the global antidiabetics market on the basis of patient type, application, product, administration mode, and region:
Patient Type Outlook (Revenue, USD Million; 2022-2030)
Application Outlook (Revenue, USD Million; 2022-2030)
- Type II Diabetes
- Type I Diabetes
Product Outlook (Revenue, USD Million; 2022-2030)
- Drug class
Administration Mode Outlook (Revenue, USD Million; 2022-2030)
- Insulin Syringe/Insulin Pen
- Insulin Pump
- Intravenous Infusion
Regional Outlook (Revenue, USD Million; 2022-2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Buy quantitative research Report at discounted price – USD 1500 https://qyresearchmedical.com/report/checkout/119033/1500
You can place an order or ask any questions, please feel free to contact firstname.lastname@example.org | +1 9197 992 333
QYResearch Medical has more than 4000 global well-known customers, covering more than 30 industries including pharmaceuticals, medical technology & devices, healthcare services etc. Company services cover one-stop solution as Data-Analysis-Suggestion-Consulting Implementation. Research regions cover North America, Europe, Latin America, Middle East and Africa, Asia- Pacific.
For Latest Update Follow Us: