The hypoglycemic drugs market is estimated to be valued at US$ 720.72 Mn in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The hypoglycemic drugs market involves products used for controlling high blood sugar levels in diabetic patients. The key products in this market are insulin, sulfonylureas, biguanides, and meglitinides. Insulin remains the gold standard treatment for patients with type 1 diabetes and some with type 2 diabetes. Sulfonylureas and biguanides are commonly prescribed oral drugs for type 2 diabetes patients. These drugs help control blood sugar by various mechanisms like increasing insulin secretion, decreasing glucose production in the liver, and increasing insulin sensitivity.
Market Dynamics:
Rising prevalence of diabetes is a major driver for the hypoglycemic drugs market. According to the International Diabetes Federation, around 537 million adults were living with diabetes in 2021 worldwide and the number is projected to rise to 643 million by 2030 and 783 million by 2045. Increasing obesity rates and sedentary lifestyles have significantly contributed to the growing diabetes burden globally. Furthermore, growing awareness regarding diabetes management and treatment options also supports the demand for glucose lowering drugs. However, availability of alternative treatment options like bariatric surgery and strict diet and lifestyle changes pose a challenge for the market. Moreover, side effects associated with some oral drugs and complex insulin injection regimen also hampers the market growth to some extent.
SWOT Analysis
Strength: The hypoglycemic drugs market has strong growth potential owing to the rising prevalence of diabetes globally. Several approved drugs such as insulin provide effective glucose control. Furthermore, ongoing drug innovation is leading to the development of novel drug formulations with improved efficacy and safety profiles.
Weakness: High costs associated with drug development and clinical trials raise the overall costs of hypoglycemic drugs. Side effects of certain drugs deter patient compliance.
Opportunity: Rising healthcare expenditures in emerging nations provide new opportunities for market players. Furthermore, the development of superior drug delivery methods such as injectables and wearables can capture additional market share.
Threats: Price controls and regulations in various countries threaten profit margins. Also, the development of alternative treatment methods pose competition.
Key Takeaways
The global Hypoglycemic Drugs Market Growth is expected to witness high growth, exhibiting CAGR of 9.2% over the forecast period, due to increasing prevalence of diabetes. According to International Diabetes Federation, around 537 million adults were living with diabetes in 2021 which is projected to rise to 643 million by 2030 and 783 million by 2045. Hypoglycemic drugs provide effective glucose management and prevent long term complications of diabetes, thereby fueling the market growth.
North America dominates the global hypoglycemic drugs market and is expected to continue its dominance over the forecast period. This is attributed to growing diabetic population, strong healthcare infrastructure, and higher access to advanced treatment options in the region. However, Asia Pacific is anticipated to exhibit the fastest growth owing to improving healthcare standards, rising healthcare spending, and increasing prevalence of sedentary lifestyle diseases in developing countries of the region.
Key players operating in the hypoglycemic drugs market are Eli Lilly & Company, Boehringer Ingelheim GmbH, Vistin Pharma AS, Janssen Pharmaceutica NV, Sanofi, Astellas Pharma Inc., AstraZeneca plc., Merck & Co., Inc., Novartis AG., Novo Nordisk A/S, Teva Pharmaceuticals Pvt Ltd., and Sun Pharmaceutical Industries Ltd. The market is dominated by global players leveraging advantages of scale and product portfolios. These companies are continuously investing in R&D to develop novel therapies for effective glucose management.
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