The global antidiabetics market is experiencing robust growth, with the market expected to generate USD 89.2 billion in 2022, up from USD 80.4 billion in 2021, reflecting a year-on-year (Y-o-Y) growth rate of 10.9%. According to industry projections, the market is set to expand further at a compound annual growth rate (CAGR) of 9.6%, reaching a staggering USD 223 billion by 2032.
The primary driver of this growth is the increasing global prevalence of diabetes, which is becoming a major public health concern. As the number of people diagnosed with diabetes continues to rise, the demand for antidiabetic treatments and medications is expected to soar. Additionally, advancements in drug development and the availability of innovative therapies are contributing to the steady expansion of the market.
This substantial growth is primarily driven by the rising global prevalence of diabetes, which is expected to be the most significant factor influencing the market’s expansion. As diabetes rates continue to climb, the demand for effective antidiabetic medications and treatments is surging, prompting advancements in drug development and an increase in healthcare investments.
The antidiabetics market is poised to play a crucial role in addressing the global diabetes epidemic, providing innovative solutions to manage and treat this chronic condition.
Furthermore, the introduction of novel products is set to positively impact the market soon. For instance, in January 2022, Novo Nordisk, the renowned Danish pharmaceutical provider, unveiled the launch of oral semaglutide in India, a significant advancement in the treatment of Type 2 diabetes. Moreover, the evolution of sophisticated pumps infused with intelligent technologies, including Artificial Intelligence (AI) and Machine Learning (ML), is projected to create a plethora of opportunities in this ever-evolving landscape.
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 Market 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.
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
Key players:
- Bayer Corporation,
- AstraZeneca,
- Boehringer Ingelheim,
- Eli Lilly,
- Bristol-Myers Squibb
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Key Segments Profiled in the Global Antidiabetics Market Study
Antidiabetics Market 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
Antidiabetics Market by Patient Population:
- Antidiabetics for Pediatrics
- Antidiabetics for Adults
- Antidiabetics for Geriatrics
Antidiabetics Market 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
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