Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "North America Oral Anti-Diabetic Drug Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
With the increasing prevalence of diabetes across North America, the oral anti-diabetic drug market is projected to experience notable growth, reaching a market valuation of USD 22.54 billion by 2028. According to a recent market research publication, the surge in market size from USD 17.92 billion in 2023 to the forecasted value by 2028 will be at a compound annual growth rate (CAGR) of 4.70%. The COVID-19 pandemic has, somewhat paradoxically, had a positive influence on the market for oral anti-diabetic drugs in North America. Diabetes patients, being at a higher risk of severe illness from COVID-19, required more stringent blood glucose management during the pandemic, contributing to increased demand for effective diabetes medications.
The trend within the market sees the biguanide segment, which includes the widely-used drug metformin, maintaining the largest market share due to its extensive and historical effectiveness in managing type 2 diabetes. The reputation for safety, low cost, and efficacy has kept metformin at the forefront of treatment options in 2022 and is anticipated to continue its dominance during the forecast period.
Market Growth Fueled by Biguanide Segment Domination
- Metformin continues to lead as the most prescribed oral antidiabetic drug globally.
- Increased off-label use of metformin for conditions like polycystic ovarian syndrome and insulin resistance.
- Ongoing research into the potential antiaging, anticancer, and neuroprotective benefits of metformin.
United States to Lead in Market Share
As the nation with the highest diabetes rates in North America, the United States is set to dominate the market throughout the forecast period. A contributing factor to this is the rapid pace of development in novel pharmaceuticals for diabetes management, offering a diverse array of treatment options beyond insulin.
With the FDA's approval of new medications such as Semaglutide for concurrent issues like obesity, the oral anti-diabetic drug landscape in the U.S. is expanding. This, alongside financial assistance programs and the presence of major pharmaceutical players, is driving significant market growth.
Competitive Landscape
The competitive dynamics of the North American oral anti-diabetic drug market show a concentration of key players such as Eli Lilly, AstraZeneca, and Sanofi, which have established a substantial international presence. Their focus on innovative treatment solutions continues to redefine the diabetes care ecosystem.
Market analysts predict the upward trajectory of the oral anti-diabetic drug market in North America will persist, bolstered by continuous advancements in pharmaceuticals and a strong foundation of medical research and development. This will undoubtedly drive forward the region's prowess in effectively combating the escalating challenge of diabetes.
A selection of companies mentioned in this report includes
- Takeda
- Novo Nordisk
- Pfizer
- Eli Lilly
- Janssen Pharmaceuticals
- Astellas
- Boehringer Ingelheim
- Merck And Co.
- AstraZeneca
- Bristol Myers Squibb
- Novartis
- Sanofi
For more information about this report visit https://www.researchandmarkets.com/r/q6amc4
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