New York, USA, Dec. 02, 2021 (GLOBE NEWSWIRE) -- A research report published by Research dive on the global antidiabetics market explains the impact of COVID-19 pandemic on the present outlook and the future of the market. Comprehensive analysis on drivers, restraints, challenges, lucrative opportunities, COVID-19 impact, key segments of the market, and competitive landscape are provided in the report.
Highlights of the Report
The outbreak of the COVID-19 has had favorable impact on the global antidiabetics market. According to the report, the global antidiabetics market gathered $63.1 billion in 2019, and is projected to garner $148.3billion by 2027, and exhibit a CAGR of 11.1% during the forecast period from 2020 to 2027. The anticipated market size in 2020 was $69.6 billion before the outbreak of COVID-19. But, due to the COVID-19 chaos, the market size increased to $70.9 billion due to the growing prevalence of diabetics and lifestyle-induced difficulties among people across the globe during the pandemic.
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Factors Influencing the Market Growth during Coronavirus Pandemic
As per the analysts of Research Dive, healthcare professionals have found that people with pre-existing medical disorders such as asthma, heart disease, and diabetes are more susceptible to becoming seriously ill with the COVID-19 infection. Besides, COVID-19 is a severe condition and it can be difficult to treat people with diabetes due to fluctuations in blood glucose levels. These factors are estimated to boost the antidiabetics market growth in the unprecedented times.
Moreover, various significant participants are adopting business growth strategies such as R&D investments and product launches, which is boosting the growth of the antidiabetics market. For example, in February 2020, Oramed focused on the advancement of drug delivery system and found positive data from its oral insulin “ORMD-0801” while conducting safety and efficacy trials at lower dosage regimens.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/339
Future Scope of the Market
The global antidiabetics market is expected to continue to observe striking growth even after the pandemic over the forecast period, majorly due to the growing awareness among people about serious impacts of COVID-19 on diabetic patients. In addition, the increasing adoption of antidiabetic drugs is expected to drive the global market growth by 2027. Furthermore, continuous R&D activities in developing antidiabetic medicines from medicinal plants is expected to create enormous growth opportunities for the global market during the analysis period.
11 Prominent Key Players of the Global Antidiabetics Market Include-
- Sanofi
- Boehringer Ingelheim International GmbH
- Eli Lilly and Company
- Johnson & Johnson Services, Inc.
- Takeda Pharmaceutical Company Limited
- Halozyme, Inc.
- Novartis AG
- Bristol-Myers Squibb Company
- Merck Sharp & Dohme Corp.
- Oramed
- Pfizer Inc.
These players are implementing various strategies such as strategic partnerships, technological advancements, product launches, and others to gain a competitive edge in the global industry. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in October 2020, Zydus Healthcare, a leading Indian Pharmaceutical company, launched generic anti-diabetic tablets, ‘Dapagliflozin’ across the country at highly affordable prices under the brand name ‘Dapaglyn.’
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