Newark, NJ, Sept. 28, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global antidiabetics market is expected to grow from USD 61.8 billion in 2019 to USD 130.56 billion by 2027, at a CAGR of 9.8% during the forecast period 2020-2027.
Various key factors that boost the market growth in the forecast period are increasing R&D expenditure by pharmaceuticals, increasing prevalence of diabetes worldwide, changing lifestyle habits (for example, increasing tobacco smoking & alcohol consumption, along with physical inactivity), growing geriatric population and stressful, round-the-clock working environment. Upwards of 25% of the U.S. population aged over 65 years suffer from diabetes, as per the Centers for Disease Control & Prevention. Some of the factors that restrict the growth of the antidiabetics market are the high cost of insulin and safety issues regarding certain diabetic drugs.
Diabetes is a metabolic condition that develops when insulin is no longer released by the pancreas, or when the body is unable to make effective use of the insulin it generates. Insulin is a pancreatic hormone that serves as a gateway to enable glucose from food to transfer from the bloodstream through the body's cells to generate energy. All foods made of carbohydrates are broken down into blood glucose. Insulin assists to transfer glucose into the cells. There are three major diabetes types- Type I, Type II and Gestational. In type I diabetes, the body produces minimal or no insulin, which means that the patient would need insulin injections daily to maintain blood glucose levels. In type II diabetes, the body is not able to make good use of the insulin it produces. Type II diabetes treatment includes adopting a healthy diet and doing physical exercises regularly. It is the most prevalent form of diabetes. Gestational diabetes or GDM comes associated with high blood glucose levels during pregnancy, which can affect both the mother and the child.
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Key players operating in the global antidiabetics market include Merck & Co. Inc., Pfizer, Novo Nordisk, Sanofi-Aventis, Boehringer Ingelheim, Bristol-Myers Squibb, Takeda Pharmaceuticals, Oramed Pharmaceuticals, Halozyme Therapeutics, Tonghua Dongbao, Biocon, Wockhardt, and Eli Lilly, among others. To gain a significant market share in the global antidiabetics market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Novo Nordisk and Sanofi-Aventis are some of the biggest manufacturers and suppliers of antidiabetics in the global market.
- For instance, Mankind Pharmaceuticals signed a joint marketing deal with Glenmark Pharmaceuticals in December 2019 to sell an antidiabetic medication, remoglifozin, in India. This has helped both companies to grow their Asia Pacific business.
- Cipla partnered up with Novartis and Johnson & Johnson in February 2018 to market their antidiabetic drugs. This collaboration has resulted in the firm's expansion of its business and thus strengthened its market position.
Insulin dominated the market and held the largest market share of 18.5% in the year 2019
Based on product, the market has been divided into insulin, short-acting, intermediate-acting, long-acting, premixed, premixed analog, GLP-1 agonist, biguanides, SGLT-2, alpha-glucosidase inhibitors, meglitinides, sulphonylureas, thiazolidinediones, DPP-4 inhibitors, and other. Insulin dominated the market and held the largest market share of 18.5% in the year 2019. The large share of this segment can be attributed to its high usage rate, effective therapeutic properties, and commercialization & development of new products.
Type II diabetes dominated the market and valued at USD 44.1 billion in the year 2019
On the basis of application, the global market has been segmented into type I diabetes, type II diabetes, and gestational diabetes. Type II diabetes dominated the market and was valued at USD 44.1 billion in the year 2019. Some of the factors responsible for the growth of this segment in the upcoming years will be increasing awareness campaigns of Type II diabetes directed by different organizations and increasing trend of unhealthy lifestyle & eating habits.
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Regional Segment Analysis of the Antidiabetics Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global antidiabetics market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 44.0% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as high market penetration of the latest insulin drugs like Onglyza, Januvia, & Nesina, large healthcare expenditure, high patient awareness levels, good reimbursement framework, and advanced healthcare infrastructure. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2020-2027. This growth is due to factors like improving healthcare infrastructure, growing prevalence of diabetes, unmet patient needs, and the influx of cheaper drugs made by local manufacturers.
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About the report:
The global antidiabetics market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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