Antidiabetics Market size to exceed USD 110 bn by 2024
Latest Update: November 6, 2018 Published Date: September 18, 2017 Author: Global Market Insights, Inc.
Antidiabetics Market size 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.
Favorable government policies such as paying part of final price of diabetes medication to reduce prevailing disease burden and rising awareness about early disease diagnosis and treatment will positively impact industry growth. Organizations such as International Diabetes Federation working towards advocating people about diabetes and its treatment available in the market should positively impact growth.
Industry players are investing heavily in research and development to introduce superior treatment for diabetes in the market to gain significant market share as well as augment consumer base. Strong product pipeline indicates robust growth of antidiabetics market over the forecast timeframe. However, high price of insulin and other antidiabetic products will hamper anti-diabetics industry expansion to certain extent especially in low- and middle-income countries over the coming years.
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.
Browse key industry insights spread across 170 pages with 135 market data tables & 9 figures & charts from the report, “Antidiabetics Market Size By Product (Insulin [Rapid Acting, Long Acting, Premixed Analog, Premixed Insulin, Short Acting, Intermediate Acting], Drug Class [Alpha-Glucosidase Inhibitors, Biguanides, Sulphonylureas, GLP-1 Agonist, Meglitinides, DPP-4 Inhibitors, SGLT-2, Thiazolidinedione]), By Patient Population (Pediatric, Adult, Geriatric), By Route Of Administration (Insulin Syringe/Insulin Pen, Insulin Pump, Intravenous Infusion, Oral), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, Japan, India, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
U.S. market dominated the global industry with around 39% market share in 2017 and is estimated to show lucrative growth during the forecast period. Favorable government policies to reduce chronic disease burden in the country coupled with frequent product launches and high adoption rate will drive U.S. antidiabetics market during the forecast period.
China market is anticipated to reach over 9.4 billion by 2024. Rising prevalence of diabetes and increasing geriatric population and will act as major driving factor for China antidiabetics market. Growing adoption of unhealthy diet, escalated consumption of alcohol and tobacco smoking along with physical inactivity will result in increasing number of diabetic patients, thereby fueling industry 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.
Antidiabetics Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
Antidiabetics Market, by Product
- Rapid acting analog
- Long acting analog
- Premixed insulin
- Short acting analog
- Intermediate acting insulin
- Drug class
- Alpha glucosidase inhibitors
- GLP-1 (Glucagon like peptide) agonists
- DPP-IV (Dipeptidyl Peptidase) inhibitors
- SGLT-II (Sodium Glucose Transport Proteins) inhibitors
Antidiabetics Market, by Patient Population
Antidiabetics Market, by Route of Administration
- Insulin syringe/ Insulin pen
- Insulin pump
- Intravenous infusion
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia