New York, USA, Oct. 31, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global antidiabetics market is envisioned to garner a revenue of $148.3 billion by 2027, rising rapidly at a CAGR of 11.1% over the estimated timeframe 2020-2027. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
Factors Impacting the CAGR Figures Pre and Post the COVID-19 Pandemic
According to the report, the market is predicted to grow at a CAGR of 11.1% during the forecast period, while it was anticipated to grow at a CAGR of 10.8% in the pre-pandemic scenario from 2020-2027. Antidiabetic medicines are developed to control and stabilize glucose levels in the blood in diabetic patients, which is expected to drive the demand for antidiabetic drugs during the forecast period. Moreover, the increasing awareness among individuals about diabetes and its seriousness is predicted to fortify the growth of the antidiabetics market over the analysis timeframe.
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Factors Impacting the Market Size Pre and Post the COVID-19 Pandemic
The real-time market size reached a revenue of $70.9 billion in 2020, while its estimations were $ 69.6 billion in the pre-pandemic scenario. According to WHO, it is confirmed that people having medical pre-existing medical disorders such as asthma, heart disease, and diabetes are more susceptible to becoming seriously ill with the novel coronavirus. This factor is predicted to bolster the growth of the antidiabetics market throughout the forecast period. In addition, the adoption of new business strategies such as R&D investments, product launches, and many more, by the leading market players to make a remarkable position in the global market is predicted to propel the growth of the antidiabetics market during the analysis period.
Post-Pandemic Insight
The increasing awareness regarding the serious impacts of coronavirus on diabetic patients is expected to increase the demand for antidiabetic drugs post-pandemic period. Furthermore, the continuous R&D activities in the development of novel antidiabetic medicines from medicinal plants are predicted to augment the growth of the antidiabetics market over the estimated period.
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Key Players of the Market
The major players of the antidiabetics market include
- Oramed
- Sanofi
- Pfizer Inc.
- Eli Lilly and Company
- Bristol-Myers Squibb Company
- Takeda Pharmaceutical Company Limited
- Boehringer Ingelheim International GmbH
- Merck Sharp & Dohme Corp.
- Johnson & Johnson Services, Inc.
- Novartis AG
- Halozyme, Inc.
These market players are concentrating on developing strategies such as new product launches, research, and development, following trending market ideas, building product portfolios, mergers & acquisitions, collaborations, and business expansions.
For instance, in July 2021, Eli Lilly and Company, an American pharmaceutical company announced its acquisition of Protomer Technologies, a pre-clinical stage biotechnology company. With this acquisition, the companies aimed to enhance the diabetes pipeline with the development of advanced treatment for type 1 diabetes through therapeutic peptides and proteins with an activity that can be controlled using small molecules.
Further, the report also summarizes many important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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Impact of COVID-19 on the Global Antidiabetics Market
