by The global hypoglycemic drugs market is primarily driven by the increasing prevalence of diabetes worldwide. Diabetes drugs help control blood sugar levels in patients with type 1 diabetes and type 2 diabetes. Type 2 diabetes accounts for over 90% of all diagnosed cases of diabetes and usually begins as insulin resistance where the body fails to properly use insulin leading to elevated levels of blood glucose. Some common diabetes drugs used are insulin, sulfonylureas, glucosidase inhibitors, thiazolidinediones, DPP-4 inhibitors, GLP-1 receptor agonists and SGLT2 inhibitors. Many new drugs are also in the pipeline for treatment of diabetes with improved efficacy and safety profiles.
The global hypoglycemic drugs market is estimated to be valued at US$ 720.72 million in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing Prevalence of Diabetes: The increasing prevalence of diabetes is a key driver expected to fuel the growth of the hypoglycemic drugs market over the forecast period. According to World Health Organization (WHO), the number of people living with diabetes has nearly quadrupled since 1980 due to aging population and increasingly sedentary lifestyles with over 422 million people now living with the disease. The International Diabetes Federation estimated that 643 million people will suffer from diabetes by 2030.
Drug Innovation leading to New Product Launches: Continuous research efforts in development of novel drug formulations and devices for improved diabetes management is another significant driver of the hypoglycemic drugs market. Pharmaceutical companies are introducing new generation diabetes drugs with advantages over existing therapies in terms of superior efficacy and safety such as SGLT2 inhibitors and GLP-1 receptor agonists. Several pipeline drugs are also under various stages of development and clinical trials which are likely to be commercialized over the forecast period.
Segment Analysis
The global hypoglycemic drugs market is dominated by oral anti-diabetic drugs segment which accounts for over 60% market share. This is because oral drugs are considered first line therapy for diabetes treatment due to their convenience of oral administration, better patient compliance and relatively low cost as compared to other segments like insulin. Within oral anti-diabetic drugs segment, sulfonylureas drug type dominates due to its low cost and affordability.
PEST Analysis
Political: Regulations related to drug approval and pricing influence the market. Stringent regulations may hamper growth while support for R&D encourages new product development.
Economic: Rising disposable income and growing healthcare spending in developing nations drive market growth. However, high drug costs can limit market potential in price-sensitive regions.
Social: Growing diabetes prevalence due to sedentary lifestyle and urbanization fuels demand. However, social stigma around insulin therapies limits their acceptance.
Technological: Advancements in drug delivery methods, combination therapies and personalized medicine approaches present new opportunities.
Key Takeaways
The Global Hypoglycemic Drugs Market Size is expected to witness high growth owing to the rising global diabetes prevalence. The global hypoglycemic drugs market is estimated to be valued at US$ 720.72 million in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023-2030.
The Asia Pacific region is expected to witness fastest growth over the forecast period owing to improving access to healthcare facilities and rising healthcare spending in emerging economies like India and China.
Key players operating in the hypoglycemic drugs market are Novo Nordisk A/S, Sanofi, Eli Lilly and Company, AstraZeneca, Boehringer Ingelheim, Merck & Co. Inc., Johnson & Johnson, Takeda Pharmaceutical Company Limited, Bayer AG, Novartis AG.
Key players Novo Nordisk A/S, Sanofi, Eli Lilly and Company have led the market over the past few years, with product innovations and portfolio expansion strategies to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
