New York, USA, Aug. 25, 2021 (GLOBE NEWSWIRE) -- A latest report on the global antidiabetics market published by Research Dive sheds light on the impact of COVID-19 pandemic on the current and future scope of the market. This report is a useful study for stakeholders, investors, market participants, and new entrants in the search of comprehensive insights on the impact of COVID-19 on the market growth.
Key Highlights of the Report:
The COVID-19 pandemic has had a positive impact on the growth of the global market for antidiabetics in 2020. As per the report, the global antidiabetics market garnered $63.1 billion in 2019 and is projected to garner $148.3 billion, rising at a CAGR of 11.1% by 2026. In the present situation, the market size has surged owing to the growing occurrence of diabetes in people worldwide.
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Factors Boosting the Market Growth during the COVID-19 Crisis:
The rising adoption of antidiabetics in the treatment of diabetes during the COVID-19 pandemic is increasing the growth of the global market. Moreover, as per medical scientists, people with pre-existing medical conditions like heart disorders, asthma, and diabetes are likely to be more vulnerable to acquire the coronavirus infection. Also, if such people get infected with this novel virus, their chances of recovery are uncertain. Hence, people with diabetes are greatly adopting antidiabetics drugs as a precautionary measure during the pandemic. These factors are expected to fuel the growth of the global market.
Current Face of the Market Due to COVID-19:
Before the outbreak of the pandemic, the market was estimated to garner $69.6 billion in 2020. In the present situation, the market size has increased and reached up to $70.9 billion in 2020.
The rise in the market growth is mainly owing to the growing innovations in products by key market players all over the world in this pandemic period. Market players are heavily investing to make additional enhancements in antidiabetics drugs amidst the COVID-19 disaster to obtain a leading-edge in the global market. Also, as diabetes patients are realizing the impacts of COVID-19 on diabetic people, the demand for antidiabetic drugs is surging, which is booting the market growth.
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Future Scope of the Market:
According to the report, the global antidiabetics market is expected to undergo continuous growth even after the end of the COVID-19 pandemic, owing to growing partnerships, investments in R&D activities, and new developments in the market. Some of the foremost players, such as -
- Johnson & Johnson Services, Inc.
- Halozyme, Inc.
- Pfizer Inc.
- Boehringer Ingelheim International GmbH
- Takeda Pharmaceutical Company Limited
- Novartis AG
- Merck Sharp & Dohme Corp.
- Bristol-Myers Squibb Company
- Sanofi
- Eli Lilly and Company
- Oramed
And others, are anticipated to come up with innovative developments and pave way for lucrative opportunities for the market growth in the upcoming years.
For instance, in October 2020, Zydus Healthcare Limited, a leading Indian Pharmaceutical company, announced about its launch of the antidiabetic Dapagliflozin tablets in India upon its patent expiry under the brand called 'Dapaglyn'.
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