Antidiabetics Market Development Trends And Key Vendors Analysis During 2020 - 2026
According to a research report by Global Market Insights Inc., the global antidiabetics market would register a CAGR of 10.7% through the forecast timeframe. The market was valued at more than $65.5 billion in 2019. The increasing diabetic and obese population across the globe is slated to impel the antidiabetics market growth over the coming years. In addition, the growing geriatric population across the world, and their susceptibility to diabetes among other critical health issues would further complement the market outlook through 2026.
Geographically, the growing number of diabetes patients and the increasing geriatric population is expected to majorly fuel the Europe antidiabetics market outlook. In 2019, the region accounted for more than 32% of the overall industry share.
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In fact, as per the WHO (World Health Organization), approximately 422 million people globally suffer from diabetes and over 1.6 million deaths across the world are caused by diabetes related complications. Consequently, to facilitate better treatment options to reduce this high mortality rate, demand for antidiabetics is expected to increase tremendously.
In addition, the integration of antidiabetics with technologically advanced diabetes treatment devices is expected to further fuel the industry share. Taking May 2019 for instance, Roche Diabetes Care launched its IDMS (Integrated Diabetes Management Solution) that comes with the “Accu-Chek Instant” blood glucose monitoring system and “mySugr” app. These solutions altogether make a next-generation blood glucose monitoring system.
In terms of product, the insulin segment accounted for the largest revenue share in the overall industry landscape in 2019 and is further slated to observe substantial business growth over the coming years. The projected growth can be ascribed to the rising number of patients diagnosed with type 2 diabetes.
In addition, the increasing adoption of numerous advanced treatments for better outcomes is likely to boost the preference for the product among consumers. Furthermore, increasing investments by market players in R&D of new products would also positively impel the segment share. Based on the aforementioned factors, the segment is projected to grow at a CAGR of more than 12.0% over the analysis period.
Browse key industry insights spread across 202 pages with 266 market data tables & 10 figures & charts from the report, “Antidiabetics Market Size By Product (Insulin {Rapid Acting, Long Acting, Premixed Insulin, Short Acting, Intermediate Acting}, Drug Class {Alpha-Glucosidase Inhibitors, Biguanides, Sulphonylureas, GLP-1 Agonist, Meglitinides, DPP-4 Inhibitors, SGLT-2, Thiazolidinedione}), By Patient Population (Pediatric, Adult, Geriatric), By Route of Administration (Insulin Syringe/Insulin Pen, Insulin Pump, Intravenous Infusion, Oral), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
With respect to patient population, the geriatric population represented approximately 40.0% of the industry share in 2019 and is slated to expand at a significant rate through the analysis period. As per the CDC (Centers for Disease Control and Prevention), over 25% of the U.S. population that is aged 65 years and above suffers from diabetes. Consequently, the growing diabetes cases among the geriatric population would greatly complement the segment share. Moreover, increasing government initiatives and awareness programs are also expected to positively impel the segment size.
With growing patient population, industry players are increasingly focusing on growth strategies like acquisitions, partnerships, investments, and new product launches to bring in more revenues. Taking September 2019 for instance, the U.S. FDA approved Rybelsus, an antidiabetic by Novo Nordisk to treat type 2 diabetes among adults. Rybelsus is the industry’s first GLP-1 (glucagon-like peptide-1) analog in a pill as well as new option for adults with type 2 diabetes.
The competitive landscape of the global antidiabetics market is inclusive of players such as Bristol-Myers Squibb, Boehringer Ingelheim, Bayer Corporation, and AstraZeneca among others.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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