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Report: Antidiabetics Market on growth track- $110 bn by 2024

Author : Rahul Sankrityayan | Published Date : 2019-03-19 

The Antidiabetics Market is set to exceed USD 110 billion by 2024; according to a new research report by Global Market Insights. Rising prevalence of diabetes due to unhealthy dietary habits including alcohol consumption, tobacco smoking coupled with physical inactivity will act as high impact rendering factor for industry growth. Furthermore, increasing number of baby boomers, susceptible to suffer from chronic conditions will stimulate antidiabetics business growth.

With the exponentially growing population and the prevalence of a sedentary lifestyle, a significant rise in the patient pool suffering from diabetes has been observed, which is likely to spur global antidiabetics market share. The WHO estimates that diabetes would be among the leading causes of death by 2030, which would severely strain the overall healthcare fraternity. The rising number of diabetic cases have prompted the governments across various geographies to take steps toward promoting awareness regarding this disorder. 

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For instance, the ‘Diabetes UK’ is slated to launch one of the biggest campaigns to encourage consciousness regarding Type II diabetes. The program will also make people aware of the harmful consequences of developing diabetes, encourage them to get screened regularly, and provide other related details. The prevalence of campaigns and awareness programs such as the aforementioned are certain to bring about a positive influence on antidiabetics market size, which was pegged at USD 49.5 billion in 2016.

In consequence to the unmet medical requirements of the healthcare fraternity and the rapid increase in the diabetic patient base, antidiabetics industry players have been concentrating on increasing their funding on research & development activities with an aim to launch novel insulin products that will efficiently treat this persistent sugar disorder. Major companies such as Sanofi Aventis, Eli Lilly, and Novo Nordisk presently predominate antidiabetic market share, pertaining to their popular brand value, wide range of products, and increased R&D investments. Many antidiabetics products that are currently in the pipeline to be commercialized are manufactured by these companies. In addition, global antidiabetics industry involves the participation of other generic manufacturers such as Pfizer, Oramed Pharmaceuticals, Inc., Takeda Pharmaceuticals, Boehringer Ingelheim, and Merck & Co. Inc.

Insulin product segment is forecasted to progress at 12.3% CAGR over the projected period. With expanding patient population majorly suffering from type 2 diabetes, the need to administer insulin therapy will grow in the forthcoming years. Insulin is also used in combination with several oral drugs for better control of blood glucose. In addition, insulin also needs to be externally injected to patients with type 1 diabetes, that should impel segmental growth in coming period. Among several types of insulin, rapid acting analog insulin will show fastest growth over the forecast period.
 
Drug class product segment held 45.7% market share in 2017. DPP-IV drug class accounted for the largest revenue size in 2017 and will witness similar trend over the coming years. DPP-IV when combined with other antidiabetic agents are known to show positive effect on glucose control. These drugs show neutral effect on weight that further favours segmental growth. Development of new antidiabetic drugs including DPP-IV will boost segment growth in upcoming years.

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Antidiabetics Market, by Product

Insulin :
Rapid acting analog
Long acting analog
Premixed insulin
Short acting analog
Intermediate acting insulin

Drug class :
Alpha glucosidase inhibitors
Biguanides
Sulphonylureas
GLP-1 (Glucagon like peptide) agonists
DPP-IV (Dipeptidyl Peptidase) inhibitors
Meglitinides
SGLT-II (Sodium Glucose Transport Proteins) inhibitors
Thiazolidinedione

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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