The Antidiabetics Market is set to exceed USD 110 billion by 2024; according to a new research report by Global Market Insights. Growing pervasiveness of diabetes worldwide will spur global antidiabetics market growth over the forecast timeframe. According to World Health Organization, in 2014, 422 million people suffered from diabetes mellitus, estimated to become the seventh death-leading cause by 2030. Thus, rising prevalence of the disease will lead to high adoption of antidiabetic drugs to control blood sugar as well as control disease complications. Moreover, accelerating number of obese/overweight people, pursuing unhealthy lifestyle habits is significantly increasing the risk of suffering from diabetes. Growing incidence of diabetes can be attributed to increasing obese population, thereby augmenting demand for antidiabetics in coming years.
Increasing focus on research activities for development of antidiabetics will stimulate antidiabetics business growth during the upcoming years. Adverse events and need for more effective drugs are leading firms to invest more into antidiabetic drugs and antidiabetics delivering devices. For instance, Novo Nordisk is investing heavily on its pipeline drug, Ozempic, for type 2 diabetes in adults. In addition, need for development of affordable drugs, especially in emerging nations will result into huge pipeline portfolio of firms, further offering lucrative industry growth opportunities in the foreseeable future.
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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.
Multinational pharmaceutical companies like Pfizer, Merck, GlaxoSmithKline, Novartis, Eli Lilly, Sanofi, AstraZeneca are aiming towards expanding their market across 57.2 million people by 2025. Expanding their respective product portfolios will be the major growth strategy adopted by these players over the coming years. Generic drug manufacturers will also witness high growth opportunities in this market taking advantage of the reliance factor on low cost medicines.
U.S. antidiabetics market held largest market share of 87.5% of North America antidiabetics market in 2017. High growth is attributable to elevating cases of diabetes along with robustly rising obese population. Majority of the adult population affected by diabetes mellitus are overweight or obese. Many firms across the U.S. are emphasizing on innovative diabetes medications. Also, growing awareness among the American population regarding diagnosis and treatment of target disease will boost demand for antidiabetics in future.
China antidiabetics market will foresee lucrative growth at 14.6% CAGR during the forecast years. Rising geriatric pool will significantly contribute to growing demand for antidiabetics across the country. Age being one of the major risk factors for the disease, China has one of the largest patient pools with diagnosed diabetes. With ever-increasing elderly population along with growing R&D activities, Chinese antidiabetics business will continue to grow robustly in forthcoming years.
Insulin products will significantly grow over the coming years and will account for a revenue of USD 75 billion by 2023. Growing diabetes occurrence rates coupled with rising awareness among people about its treatment and control will drive the insulin market growth. Antidiabetics market is becoming highly competitive with a variety of industry participants entering into the business space. Generic drug manufacturers have high scope wherein they can drive the revenue by manufacturing biosimilar medicines. Also, the new trend where the drug manufacturers strategically tie up with social insurance systems to ensure convenient healthcare access will lead to some interesting developments in this market in terms of competition and facilities.
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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.