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With 10.6% CAGR, Antidiabetics Market Size to Reach USD 110 bn by 2024

Author : Rahul Sankrityayan | Published Date : 2019-05-30 

The Antidiabetics Market is set to exceed USD 110 billion by 2024; according to a new research report by Global Market Insights. Increasing focus on research activities for development of antidiabetics will stimulate antidiabetics business growth during the upcoming years. Adverse events and need for more effective drugs are leading firms to invest more into antidiabetic drugs and antidiabetics delivering devices. For instance, Novo Nordisk is investing heavily on its pipeline drug, Ozempic, for type 2 diabetes in adults. In addition, need for development of affordable drugs, especially in emerging nations will result into huge pipeline portfolio of firms, further offering lucrative industry growth opportunities in the foreseeable future.

Growing pervasiveness of diabetes worldwide will spur global antidiabetics market growth over the forecast timeframe. According to World Health Organization, in 2014, 422 million people suffered from diabetes mellitus, estimated to become the seventh death-leading cause by 2030. Thus, rising prevalence of the disease will lead to high adoption of antidiabetic drugs to control blood sugar as well as control disease complications. Moreover, accelerating number of obese/overweight people, pursuing unhealthy lifestyle habits is significantly increasing the risk of suffering from diabetes. Growing incidence of diabetes can be attributed to increasing obese population, thereby augmenting demand for antidiabetics in coming years.

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Drug class product segment anticipated to reach over 43 billion by 2024 includes alpha glucosidase inhibitors, biguanides, sulphonylureas, GLP-I (Glucagon-like peptide 1), DPP-IV (Dipeptidyl peptidase-4), meglitinides, SGLT-II (gliflozin) and thiazolidinedione. Industry players, investing heavily in development of superior antidiabetic drugs will drive segment growth in future. Company named Valviotis is currently conducting preclinical testing for drug developed for increasing gut microbiome diversity, that would function as treatment of the target disease.   
 
Pediatric segment by patient population will grow considerably with 11.4% CAGR during the forecast period. Growing prevalence of type 1 diabetes among children will drive pediatric segment by patient population over the forecast timeframe. While adult segment will be driven by lifestyle changes, unhealthy diet and growing obese population.   
 
Insulin syringe/pen segment is anticipated to witness 10.4% CAGR during the forecast period. Rising demand for self-injection devices, elevated accuracy in dosage delivery and growing prevalence of diabetes will drive insulin syringe/pen segment over the coming years. Cost-effectiveness of insulin pens as compared to insulin pumps should contribute towards segment growth.

Multinational pharmaceutical companies like Pfizer, Merck, GlaxoSmithKline, Novartis, Eli Lilly, Sanofi, AstraZeneca are aiming towards expanding their market across 57.2 million people by 2025. Expanding their respective product portfolios will be the major growth strategy adopted by these players over the coming years. Generic drug manufacturers will also witness high growth opportunities in this market taking advantage of the reliance factor on low cost medicines.
 
The Asia Pacific antidiabetics market is forecast to reach USD 28 billion by 2023. India and China are anticipated to be the revenue pockets due to high patient pool across these regions. In addition to this, the regional growth will be fueled by increasing penetration rates of insulin analogs. The European market is estimated to register a CAGR of 9% from 2016-2023. The growth is mainly attributed to the large obese population in this region.
 
North America insulin antidiabetic market share worth USD 22.2 billion in 2015, will witness a noticeable surge in the coming years, driven by factors like better healthcare facilities in terms of accessibility, high disposable income, and favorable reimbursement policies.

Insulin products will significantly grow over the coming years and will account for a revenue of USD 75 billion by 2023. Growing diabetes occurrence rates coupled with rising awareness among people about its treatment and control will drive the insulin market growth.

Some of the notable players operating in antidiabetics market are Eli Lilly, Bayer Corporation, Novartis, Johnson & Johnson, AstraZeneca, Pfizer, Bristol-Myers Squibb, Novo Nordisk, Merck, Boehringer Ingelheim, Oramed Pharmaceuticals, Takeda Pharmaceutical and Sanofi. Industry players are focusing on research and development to develop superior product to gain significant market share and increase their consumer base in especially developing countries that are estimated to witness robust growth during the forecast timeframe.

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Antidiabetics Market, by Patient Population

1 Pediatric
2 Adult
3 Geriatric

Antidiabetics Market, by Route of Administration

1 Insulin syringe/ Insulin pen
2 Insulin pump
3 Intravenous infusion
4 Oral

Chapter 1.  Methodology

1.1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data sources
1.4.1.  Secondary
1.4.1.1. Paid sources
1.4.1.2. Unpaid sources
1.4.2.  Primary

Chapter 2.  Executive Summary

2.1. Antidiabetics industry 3600 synopsis, 2013 – 2024 (USD Million)
2.1.1.  Business trends
2.1.2.  Product trends
2.1.3.  Patient population trends
2.1.4.  Route of administration trends
2.1.5.  Regional trends

Chapter 3.  Antidiabetics Industry Insights

3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry impact forces

3.3.1.  Growth drivers
3.3.1.1.  Strong product pipeline of antidiabetics
3.3.1.2.    Globally rising prevalence of diabetes
3.3.1.3.    Increasing prevalence of lifestyle induced disorders such as obesity

Chapter 4.  Antidiabetics Market, By Product

4.1. Key segment trends

4.2. Insulin

4.2.1.  Market size, by region, 2013-2024 (USD Million)

4.2.2.  Rapid acting analog
4.2.2.1.  Market size, by region, 2013-2024 (USD Million)

4.2.3.  Long acting analog
4.2.3.1.  Market size, by region, 2013-2024 (USD Million)

4.2.4.  Premixed analog
4.2.4.1.  Market size, by region, 2013-2024 (USD Million)

4.2.5.  Premixed insulin
4.2.5.1.  Market size, by region, 2013-2024 (USD Million)

4.2.6.  Short acting analog
4.2.6.1.  Market size, by region, 2013-2024 (USD Million)

4.2.7.  Intermediate acting insulin
4.2.7.1.  Market size, by region, 2013-2024 (USD Million)

Data Tables

TABLE 1.    Antidiabetics industry 360 0 synopsis, 2013 - 2024
TABLE 2.    Global antidiabetics market, 2013 – 2024 (USD Million)
TABLE 3.    Global antidiabetics market, by product, 2013 - 2024 (USD Million)
TABLE 4.    Global antidiabetics market, by patient population, 2013 – 2024 (USD Million)
TABLE 5.    Global antidiabetics market, by route of administration, 2013 – 2024 (USD Million)
TABLE 6.    Global antidiabetics market, by region, 2013 – 2024 (USD Million)
TABLE 7.    Industry impact forces
TABLE 8.    Insulin market size, by region, 2013 – 2024 (USD Million)
TABLE 9.    Rapid acting analog market size, by region, 2013 – 2024 (USD Million)
TABLE 10.    Long acting analog market size, by region, 2013 – 2024 (USD Million)

Related Report- Healthcare Assistive Robot Market By Product, By Application, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024

Know more @ https://www.marketwatch.com/press-release/12-bn-by-2024-healthcare-assistive-robot-market-growth-statistics-2018-2024-2019-05-30

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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