by The global Hypoglycemic Drugs Market is primarily driven by the growing prevalence of diabetes across the globe. Hypoglycemic drugs are used to treat diabetes by controlling blood glucose levels. Some common hypoglycemic drugs include insulin, sulfonylureas, biguanides, thiazolidinediones, alpha-glucosidase inhibitors, among others. These drugs either help the pancreas produce more insulin, help the body respond better to insulin, or help the body absorb glucose from the blood.
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 9.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing prevalence of diabetes is one of the key factors propelling the hypoglycemic drugs market growth. According to the International Diabetes Federation (IDF), around 537 million adults aged between 20-79 years were living with diabetes in 2021 globally. This number is projected to rise to 643 million by 2030 and 783 million by 2045. Diabetes imposes serious health burden and its complications are among the leading causes of morbidity and mortality worldwide. This has increased the demand for more effective drug treatment options for diabetes management. Innovation in drug development has led to the availability of varied treatment options with different mechanisms of action, which has further augmented the hypoglycemic drugs market revenue.
SWOT Analysis
Strength: Hypoglycemic drugs have a well established market with insulin being used for over 100 years for treatment of diabetes. Various new drug formulations and delivery mechanisms have increased efficacy and patient compliance.
Weakness: High development and regulatory costs for new drugs limits number of market players. Side effects of certain drug classes like sulfonylureas increase risks. Requirement of lifetime treatment increases costs for patients and healthcare systems.
Opportunity: Growing geriatric population and rise in sedentary lifestyles driving increase in diabetes prevalence globally. Developing economies with large patient populations offer high market potential. New drug delivery technologies like inhalable formulations can improve treatment outcomes.
Threats: Increased focus on lifestyle management and alternatives like plant-based therapies pose threat. Biosimilars and generic versions once patents expire can capture market share. Stringent regulations delay market entry for new drugs.
Key Takeaways
The Global Hypoglycemic Drugs Market Size is expected to witness high growth over the forecast period driven by the rise in prevalence of diabetes worldwide. The North American region currently dominates the market due to presence of major players and higher healthcare spending. However, Asia Pacific is expected to show fastest growth due to improving access to diagnosis and treatment in countries like China and India which are home to a huge diabetic population.
Key players operating in the hypoglycemic drugs market are Eli Lilly & Company, Boehringer Ingelheim GmbH, Vistin Pharma AS, Janssen Pharmaceutica NV, Sanofi, Astellas Pharma Inc., AstraZeneca plc., Merck & Co., Inc., Novartis AG., Novo Nordisk A/S, Teva Pharmaceuticals Pvt Ltd., and Sun Pharmaceutical Industries Ltd. These companies have a strong portfolio of drugs across categories like insulins, DPP-4 inhibitors, SGLT-2 inhibitors and others. They are engaged in new product development through clinical research focusing on specialty drugs and novel delivery systems to target unmet needs and obtain product differentiation.
The Asia Pacific region dominates the global market currently and is expected to grow at a high rate during the forecast period. This is attributed to rising healthcare spending leading to better access to diagnosis and treatment in populous countries such as China and India. Growing awareness regarding benefits of controlling blood sugar levels will also support the demand for hypoglycemic drugs in the region. However, stringent regulations and pricing control in some APAC markets may restrain the market to a certain extent.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
