During the forecast period, the global Antidiabetics Market is expected to generate US$ 223 billion while expanding at a CAGR of 9.6%. The increasing prevalence of diabetes around the world can be attributed to the market’s growth. Another factor driving the market during the forecast period is the ageing baby boomer population.
The International Diabetes Federation predicts that the global diabetes incidence will rise from 366 million in 2011 to 552 million by 2030. A substantial increase in the number of diabetic patients is expected to benefit the industry during the forecast period.
Also, the development of new products is anticipated to benefit the market in the coming time. For instance, in January 2022, Novo Nordisk, the Danish drug provider, announced the launch of oral semaglutide in India for the treatment of Type 2 diabetes. Moreover, the development of advanced pumps based on smart technologies such as; AI and ML are predicted to offer various opportunities.
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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 Market Study:
· The insulin segment to record a CAGR of 9.4% by 2032
· The oral segment 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 U.K 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.
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Competition Analysis
Key players in the region include Bayer Corporation, AstraZeneca, Boehringer Ingelheim, Eli Lilly, and Bristol-Myers Squibb. Recent key developments in the industry are:
· 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
It’s important to note that the choice of antidiabetic medication depends on various factors, such as the type of diabetes, overall health, and any other medications being taken. Therefore, it’s essential to consult a healthcare provider before taking any antidiabetic medication.
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
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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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