The global antidiabetics market is projected to be valued at USD 106.3 billion in 2024, with expectations to soar to USD 298.2 billion by 2034. This remarkable growth trajectory translates to a compound annual growth rate (CAGR) of 10.9% over the forecast period, reflecting the escalating demand for effective diabetes management solutions.
As one of the fastest-growing sectors in the pharmaceutical industry, the antidiabetics market is primarily driven by the rising global prevalence of diabetes. Antidiabetic medications play a crucial role in blood glucose management through various therapeutic approaches, including oral medications, insulin therapies, and emerging biologics.
Key factors contributing to this significant market expansion include heightened awareness of diabetes management and ongoing advancements in drug development. With the increase in diabetic patients attributed to lifestyle changes and an aging population, there is an urgent need for new and effective antidiabetic therapies.
The continuous research and technological innovations aimed at improving patient outcomes and enhancing diabetes management are instrumental in propelling market growth. These advancements not only focus on developing new medications but also emphasize personalized treatment approaches tailored to individual patient needs.
A Diabetic Future: Market Poised for Explosion
Industry analysts predict a bright future for the antidiabetic market, with projections of even greater heights. The market is anticipated to skyrocket to a staggering US$223 billion by 2032, fueled by a sustained Compound Annual Growth Rate (CAGR) of 9.6% between 2022 and 2032. This impressive growth trajectory is directly linked to the rising prevalence of diabetes worldwide, making effective management solutions increasingly critical.
A pivotal driving force behind this exponential growth is the escalating worldwide incidence of diabetes, solidifying the Global Antidiabetics Industry’s position as a vital player in healthcare advancements. The industry is poised to play a crucial role in shaping the future of diabetes treatment and management from 2022 to 2032.
For instance, in July 2021, Ypsomed AG expanded the range of features of the mylife YpsoPump system. The app-based deployment of the Dexcom G6 Continuous Glucose Monitoring (CGM) System allows people with diabetes to manage their therapy through their smartphones.
On the contrary, expenses associated with insulin pumps, lack of awareness about the treatment methods, and poor reimbursement framework in developing countries are anticipated to hinder the market growth.
Key Takeaways from the Antidiabetics Market Study:
- The insulin segment to record a CAGR of 9.4% by 2032
- The oral segment is to witness a CAGR of 9.5% during the forecast period
- Market in the U.S to value US$ 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.
Antidiabetics Market 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
Antidiabetics Market Key players:
- Bayer Corporation,
- AstraZeneca,
- Boehringer Ingelheim,
- Eli Lilly,
- Bristol-Myers Squibb
Key Segments Profiled in the 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
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 clients face 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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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