New York, USA, Dec. 22, 2020 (GLOBE NEWSWIRE) -- According to a report by Research Dive, the global antidiabetics market is estimated to garner $148.3 billion at a CAGR of 11.1% during the forecast period. The all-inclusive report provides a brief summary on the current scenario of the market including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during and post the pandemic era. The report also offers the market figures which makes it easier and more beneficial for the new participants to understand the real-time market.
Factors Impacting the CAGR Figures Pre and during COVID-19
The report discloses the real-time CAGR recorded by the market during the pandemic. According to the report, the global antidiabetics market has earned a CAGR of 11.1%. The market was predicted to raise at a CAGR of 10.8% as per a previous analysis by the Research Dive. The main reason behind the market growth is the increasing diabetic patients across the globe and the adoption of oral-based antidiabetics drugs.
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Factors Impacting the Market Size of the Industry during and post the Pandemic
The comprehensive report states that the real-time market size has surpassed the pre-Covid-19 approximations. The real-time market size is recorded to be $70.9 billion, while it was estimated to reach to $69.6 billion as per the previous analysis. The main factor enhancing this growth is the excellent result of these insulin antidiabetic products.
Post Pandemic Insights
According to the report, the global antidiabetic drugs market is going to sustain its growth and demand even after the post pandemic. Several medical studies have shown that some of the medicinal plants such as O sanctum, stem bark & seeds and Azadirachta indica leaves contain antidiabetic properties which will play significant role in the prevention, treatment and mitigation of diabetics. Moreover, in November 2019, WHO has launched first insulin prequalification program to increase treatment for diabetic patients in low and middle income countries.
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Recent Developments in the Market
As per the report, the key players of the market include -
- Eli Lilly and Company
- Sanofi
- Boehringer Ingelheim International GmbH
- Halozyme, Inc.
- Takeda Pharmaceutical Company Limited
- Johnson & Johnson Services, Inc.
- Merck Sharp & Dohme Corp.
- Novartis AG
- Pfizer Inc.
- Bristol-Myers Squibb Company
- Oramed.
These companies are focusing on R&D, product launches, mergers and acquisitions, and partnership and collaborations so as to sustain the growth of the industry in the post pandemic world. In February 2020, Oramed, a clinical pharmaceutical organization concentrated on the advancement of drug delivery system, has found positive data from its oral insulin “ORMD-0801” while conducting efficacy and safety trails at lower dosage regimens. ORMD-0801 is the first commercially accessible oral insulin tablet for the diabetic treatment.
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