In a groundbreaking revelation, the Global Antidiabetics Industry is set to achieve unprecedented growth, poised to reach an impressive US$ 89.2 billion in 2022, soaring from the US$ 80.4 billion recorded in 2021. This substantial year-on-year growth rate of 10.9% reflects the industry’s resilience and vitality.
The journey doesn’t end there – industry analysts predict a monumental leap as the Global Antidiabetics Industry is anticipated to hit a staggering US$ 223 billion by 2032, maintaining an impressive Compound Annual Growth Rate (CAGR) of 9.6% between 2022 and 2032. This projection underscores the sustained demand for innovative solutions to combat the rising global prevalence of diabetes.
A pivotal driving force behind this exponential growth is the escalating worldwide incidence of diabetes, making the Global Antidiabetics Industry a vital player in healthcare advancements. The industry is set to play a crucial role in shaping the future of diabetes treatment and management from 2022 to 2032.
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For instance, in July 2021, Ypsomed AG expanded the range of features of the mylife YpsoPump system. The app-based deployment of the Dexcom G6 Continuous Glucose Monitoring (CGM) System allows people with diabetes to manage their therapy through their smartphones.
On the contrary, expenses associated with insulin pumps, lack of awareness about the treatment methods, and poor reimbursement framework in developing countries are anticipated to hinder the market growth.
Key Takeaways from the Global Antidiabetics Industry Study:
- The insulin segment to record a CAGR of 9.4% by 2032
- The oral segment is to witness a CAGR of 9.5% during the forecast period
- Market in the U.S to value US$ 79.6 Billion by 2032· The UK market to hold a value of US$ 9.2 Billion
- Japan to exhibit a CAGR of 7.9% during the forecast period
- China to secure a market value of US$ 16 Billion by 2032
“Increasing incidences of diabetic patients across the globe and the rising geriatric population are projected to play a vital role in driving the market. Moreover, ongoing R&D is another factor that will benefit the market in the forthcoming period,” says an FMI analyst.
Global Antidiabetics Industry Competition Analysis
- In May 2021, F. Hoffmann-La Roche Ltd., launched mySugar Pump Control under the mySugr app. mySugr Pump Control enables patients to control insulin pumps via smartphone to import and view the data status.
- In May 2022, the Food and Drug Administration approved a new drug for people with Type 2 diabetes. The drug, Tirzepatide is a once-a-week injection that helps people in managing their blood glucose levels and lessen food intake
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Global Antidiabetics Industry Key players:
- Bayer Corporation,
- AstraZeneca,
- Boehringer Ingelheim,
- Eli Lilly,
- Bristol-Myers Squibb
Key Segments Profiled in the Global Antidiabetics Industry Study
Global Antidiabetics Industry by Product:
- Insulin-based Antidiabetics
- Rapid-Acting Analog
- Long-Acting Analog
- Premixed Insulin
- Short-Acting Analog
- Intermediate-Acting Insulin
- Antidiabetics Drug Class
- Alpha-Glucosidases Inhibitors
- Biguanides
- Sulphonylureas
- GLP-1 (Glucagon-like peptide) Agonists
- DPP-IV (Dipeptidyl Peptidase) Inhibitors
- Meglitinides
- SGLT-II (Sodium-Glucose Transport Proteins) Inhibitors
- Thiazolidinedione
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Global Antidiabetics Industry by Patient Population:
- Antidiabetics for Pediatrics
- Antidiabetics for Adults
- Antidiabetics for Geriatrics
Global Antidiabetics Industry by Route of Administration:
- Antidiabetics Administration through Insulin Syringes/ Insulin Pens
- Antidiabetics Administration through Insulin Pumps
- Intravenous Antidiabetics Infusion
- Oral Antidiabetics Administration
- Other Routes of Antidiabetics Administration
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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