Global Antidiabetics Market to Grow Substantially and Reach USD 121.4 Billion by 2026
According to BlueWeave Consulting, The Global Antidiabetics Market was valued at USD 63.5 billion in 2019 and is expected to reach USD 121.40 billion in 2026, at a CAGR of 9.7% during the forecast period.
The increasing risk of diabetes across all age-group worldwide, need for medication without substantial side effects and increasing R&D outlays of the pharmaceutical companies drive the growth of this market. The complete treatment for diabetes has become the focal point of care due to the burgeoning diabetic population across all age-groups including children. The anti-diabetics market developed immensely in the recent years due to growing occurrence of diabetes mellitus and, is expected to expand substantially due to its mounting demand and acceptance in developing and developed nations during the forecast period.
Diabetes is a chronic metabolic disease wherein the body is either unable to produce insulin (Type-1) or cannot absorb the manufactured insulin (Type-2). The diabetic individual suffers from high blood glucose (blood sugar) and experience symptoms such as grown thirst (polydipsia), weight loss, increased hunger (polyphagia), and recurrent and sweet-smelling urination (polyuria). If such symptoms are not appropriately addressed, diabetes can cause severe and chronic life-threatening complications.
Any person irrespective of age or gender may suffer from diabetes at any point in life. The obese people and the individuals with unhealthy diets and less physical activity are more prone to diabetes. Diabetes may lead to critical ailments such as sightlessness, amputations, kidney failure, and advanced risk of death.
The Antidiabetic Market is segmented based on Product, Administration Route, Patient Age-group and into Insulin segment and Drug segment based on product. Based on Product, the market is subdivided into Insulin Products and Drugs while based on Route of Administration, it is divided into Syringe/Pen, Insulin Pump, Intravenous Infusion and Oral.
"The Insulin Products segment and Insulin-Pump segment hold the major market share."
The Insulin Product segment leads the antidiabetic market, followed by Drug segment. It secured a notable market share in 2019 and, is anticipated to continue the same at a remarkable CAGR of 12.4% during the forthcoming period due to its high success rate. Besides, short-acting analogue in this segment has improved glucose-controlling ability in Type 1 and Type 2 diabetes. The segment is expected to witness unparalleled growth due to surge in diabetes-2 patients.
In category of Administration route, the Insulin pumps segment dominates the market and is expected to grow at significant CAGR of 11 % due to the advantages and convenience of its use during the period 2020-2026. It allows less chance of severe glycaemic conditions with less glucose variability and, stores data that can be further used in analysis and treatment scheduling.
“The Key Drivers of the Antidiabetics Market are Growing investment in Drug development and Prevalence of Diabetes across the world.”
According to the European Society of Cardiology, Diabetic population size will reach 628.6 million by 2045, as per the study of European Society of Cardiology. The diabetic treatment needs appropriate interference and administration of medicines while taking care of patients. Progression in antidiabetic drugs has amplified success rates and reduced difficulties.
Various new drugs such as dipeptidyl peptidase-4 inhibitors, discriminatory sodium-glucose cotransporter 2 inhibitors, and exclusive peroxisome proliferator-activated receptor agonists are in growth stages. Besides new devices have been introduced, improving chances for effective combination treatments. Also, public and structural efforts for innovations in diabetes drugs space induce the market for the time being.
The number of diabetic patients has increased due to sedentary lifestyles, obesity, the rise in geriatric populations and inadequate healthcare services across the globe, propelling growth for antidiabetic market.
However, high cost of insulin may limit Antidiabetic Market development to some degree in emerging countries.
“North America dominates the Antidiabetics Market.”
North America market retains the major market share and is anticipated to preserve it with modest CAGR on account of advancements, better healthcare infrastructure, high spending on healthcare, promising repayment policies, and prevalent use of long-acting and fast-acting insulin equivalents in nations of this region. The Asia Pacific is expected to observe substantial growth during the projection period due to government initiatives, increasing healthcare outlays as well increasing Type I and Type II diabetic population.
Some of the “Leading players” operating in the Global Antidiabetics Market are Astra Zeneca plc, Boehringer Ingelheim GmbH, Eli Lilly & Co., Johnson & Johnson, Mankind Pharma Ltd., Merck & Co. Inc., Novartis AG, Novo Nordisk A/S, SanofiS.A., and Teva Pharmaceutical Industries Ltd.