Hypoglycemic drugs are medications prescribed to treat low blood sugar levels and reduce sugar levels in diabetic patients. Short-acting sulfonylureas and biguanides are commonly prescribed oral medications to control blood glucose levels and minimize health risks associated with fluctuating sugar levels.

The global Hypoglycemic Drugs Market is estimated to be valued at US$ 720.72 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing prevalence of diabetes across the globe remains a key factor driving the growth of the hypoglycemic drugs market. It is estimated that over 537 million adults were living with diabetes in 2021 worldwide, and the number is expected to rise to 643 million by 2030 and 783 million by 2045. Several factors such as obesity, sedentary lifestyles, and unhealthy diets are contributing to the increased risk of diabetes. As per the International Diabetes Federation, approximately 1 in 2 adults living with undiagnosed diabetes and 1 in 3 with prediabetes are expected to progress to diabetes within 5 years. This rising disease burden has significantly boosted the demand and adoption of oral hypoglycemic drugs for effective diabetes management. Furthermore, ongoing development of novel drug delivery systems and pipeline drugs with improved efficacy, tolerability, and better safety profiles is also expected to support market growth over the forecast period.

Segment Analysis
The global hypoglycemic drugs market is dominated by the oral antidiabetic drugs sub-segment due to its ease of administration and increased patient compliance compared to other sub-segments such as insulin therapies and others. Oral antidiabetic drugs are prescribed as the first line treatment option for type 2 diabetes patients as they are convenient, economical and have minimal side effects compared to insulin therapy.

Key Takeaways
The Global Hypoglycemic Drugs Market Size is estimated to be valued at US$ 720.72 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030.

Regional analysis: North America region is currently dominating the hypoglycemic drugs market owing to the rising incidence of diabetes and obesity and growing technological advancements in the region. Asia Pacific is expected to witness the highest growth during the forecast period 2023-2030 due to the rising geriatric population, increasing awareness regarding diabetes management and growing healthcare expenditure in emerging economies such as India and China.

Key players: Key players operating in the hypoglycemic drugs market are Austal, BAE Systems, Damen Shipyards Group, Dearsan, Fr. Fassmer GmbH & Co. KG, Fincantieri S.p.A, Fr. LÃ1⁄4rssen Werft GmbH & Co. KG, Hamilton Jet, Israel Shipyards Ltd, Eastern Shipbuilding Group Inc. These players are focusing on new product launches, collaborations and geographic expansions to increase their market share in the hypoglycemic drugs market.

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