May 20, 2024
Healthcare

Hypoglycemic Drugs Market Estimated To Propelled By Rapidly Growing Diabetes Prevalence

Karan Mukherjeeby Karan Mukherjee

Hypoglycemic drugs, also known as anti-diabetic drugs, are used for the treatment of diabetes mellitus. They work by lowering the blood glucose level in patients with diabetes. The drugs are available in various formulations such as tablets, capsules, liquids, and injections. They provide effective control of blood sugar levels and help manage the signs and symptoms of diabetes.

The global Hypoglycemic Drugs Market is estimated to be valued at US$ 830.27 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The rapidly growing prevalence of diabetes across the globe is a key trend fueling the growth of the hypoglycemic drugs market. According to the International Diabetes Federation, around 537 million adults were living with diabetes in 2021 worldwide and the number is expected to rise to 643 million by 2030 and 783 million by 2045. The high consumption of junk food and increasing urbanization leading to sedentary lifestyles have contributed significantly to the diabetes epidemic. Manufacturers are developing novel drug formulations to improve patient compliance and treatment outcomes in response to this growing patient pool of diabetes, which is positively impacting the demand for hypoglycemic drugs.

SWOT Analysis
Strength: Hypoglycemic drugs are effective in controlling blood glucose levels and managing diabetes. They come in a variety of formulations like pills, injections, and infusion pumps providing treatment options.
Weakness: Side effects of hypoglycemic drugs like hypoglycemia, weight gain, gastrointestinal issues can reduce patient compliance. Stringent regulatory processes and clinical trials increase drug development costs.
Opportunity: Rising global prevalence of diabetes, especially in developing nations, increases the potential patient pool. Advancements in drug delivery technologies and personalized medicines offer new growth prospects.
Threats: Patent expiries of blockbuster drugs enable market entry of low-cost generics reducing prices and profits. Alternative treatment options like bariatric surgery pose competitive threats.

Key Takeaways
The global hypoglycemic drugs market demand is expected to witness high growth. The global Hypoglycemic Drugs Market is estimated to be valued at US$ 830.27 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031.

The North America region currently dominates the market and is expected to continue its dominance over the forecast period owing to growing diabetic population, high healthcare spending, and widespread drug availability in the region. However, the Asia Pacific region is poised to witness the highest growth rate due to rapidly growing economies, rising awareness about diabetes treatment, and increasing healthcare expenditures in emerging countries like China and India.

Key players

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Key players operating in the hypoglycemic drugs market are Pfizer Inc., Novartis AG, Merck & Co., Inc., Celgene Corporation, AstraZeneca PLC, Astellas Pharma Inc., AbbVie Inc., F. Hoffmann-La Roche Ltd., Bristol-Myers Squibb Company, and Johnson & Johnson (Janssen Global Services, LLC), among others. These players are focused on new drug development through research collaborations and acquisitions to strengthen their product portfolios.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Karan Mukherjee

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