by The Hypoglycemic Drugs Market is estimated to be valued at US$ 720.72 Mn or 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 Overview:
Hypoglycemic drugs are medications used to treat high blood sugar levels or hyperglycemia. They help control blood sugar levels in patients with type 1 and type 2 diabetes. Common classes of hypoglycemic drugs include insulin, sulfonylureas, biguanides, thiazolidinediones, alpha-glucosidase inhibitors, meglitinides, glucagon-like peptide-1 receptor agonists, sodium-glucose linked transporter-2 inhibitors etc. They work by different mechanisms such as increasing insulin secretion, decreasing glucose production in the liver, increasing insulin sensitivity in cells etc. to lower blood sugar levels.
Market Dynamics:
Increasing prevalence of diabetes globally is a major factor driving the growth of the hypoglycemic drugs market. As per the International Diabetes Federation, around 537 million adults were living with diabetes in 2021 globally and this number is projected to rise to 783 million by 2045. Moreover, rising obese population and sedentary lifestyles have contributed significantly to the growing diabetic patient pool. Obesity is a major risk factor for type 2 diabetes. According to the WHO, around 13% of adults were obese globally in 2016. Other factors such as growing awareness about diabetes treatment options, increasing healthcare expenditure, and launch of new products are also fueling the growth of the market. However, presence of alternative treatment methods and side effects associated with hypoglycemic drugs are some of the factors expected to restrain the market growth.
Segment Analysis
The hypoglycemic drugs market is dominated by oral hypoglycemic drugs segment. The oral hypoglycemic drugs includes alpha-glucosidase inhibitors, biguanides, sulfonylureas, meglitinides, thiazolidinediones and DPP-4 inhibitors. Among these oral hypoglycemic drugs, sulfonylureas have the highest market share as they are relatively inexpensive and easy to administer. Sulfonylureas control blood glucose by stimulating pancreatic beta cells to secrete more insulin.
PEST Analysis
Political: Governments worldwide are increasing healthcare spending to improve access to diabetes treatment and medications like hypoglycemic drugs. Various countries have implemented national diabetes programs.
Economic: The rising global prevalence of diabetes along with growing geriatric population prone to developing diabetes is fueling the demand for hypoglycemic medications. However, price control policies can restrain the market growth.
Social: Growing awareness about diabetes management and available treatment options is driving more patients to opt for hypoglycemic drug therapy. Sedentary lifestyles and obesity have increased the risk of developing diabetes.
Technological: R&D in drug delivery systems and novel drug formulations help address the need for better compliance and efficacy. Advances in continuous glucose monitoring can complement hypoglycemic drug therapy.
Key Takeaways
The global Hypoglycemic Drugs Market Growth is expected to witness high growth, exhibiting CAGR of 9.2% over the forecast period, due to increasing diabetes prevalence worldwide. In 2021, over 500 million people globally had diabetes and this number is projected to rise to 630 million by 2045.
Regionally, North America is expected to dominate the global hypoglycemic drugs market. This is owing to the rising diabetes population, availability of advanced treatment options and favorable reimbursement scenario in the region. However, Asia Pacific region is likely to witness the highest growth rate during the forecast period due rise in healthcare expenditure and growing patient awareness in developing countries like China and India.
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. Major players are involved in new product launches, collaborations and acquisition activities 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
