Antidiabetics Market Trends, Revenue, Key Players, Growth, Share and Forecast Till 2028
Increase in incidences of diabetics coupled with technological advancements globally are the major factors influencing market growth.
The Antidiabetics Market is estimated to reach USD 160.21 Billion by 2028, according to a new report by Reports and Data. This can be mainly associated with the rising predominance of diabetes due to unhealthy dietary habits including tobacco smoking, alcohol consumption, coupled with physical inactivity, will act as a high impact rendering factor for industry growth.
Expanding efforts initiated by significant companies for the development of advanced products will boost market growth. The anti-diabetics market comprises drugs, which are used for diabetes mellitus treatment and are also known as oral antihyperglycemic/hypoglycemic agents. The market has grown remarkably in recent years with the rising predominance of diabetes mellitus. Thus, due to the increasing population size with diabetes affecting middle age groups and children across all age groups globally, systemic therapies for diabetes have enhanced the market growth further.
Due to the presence of key players, favorable reimbursement policies, and rising number of chronic diseases along with several initiatives initiated by the government, North America accounts for the largest share of 33.5% of the market in 2020. Rising aged population, adopting unhealthy habits, increasing obesity, and lack of physical movement are expected to be the vital factors for enhancing diabetes among people over the next couple of years.
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Further key findings from the report suggest
- Increase in the prevalence of rising population and unhealthy lifestyle across the globe has led to the accelerated growth of the global market.
- Growing rates of diabetics and rising healthcare expenditure are the fundamental factors which are spurring the growth of the market across the globe.
- Several campaigns for awareness and education programs created by associations and diabetes societies to raise awareness levels and provide information about diabetes control will stimulate the growth further.
- Growing consumption of tobacco, high blood pressure, and increased cholesterol levels are significant factors related to obesity and diabetes raising the interest for insulin and other antidiabetic products with time.
- Growing population and rising healthcare expenditure are the fundamental factors which are boosting the growth of the market across the globe.
- Drug class of the product type segment is anticipated to grow at the highest rate of 10.3% during the forecast period.
- Innovative product development and collaborative developments are some critical strategic initiatives taken by the players in this industry to point their mark in the competition.
- The presence of unique diagnostic and therapeutic medical technologies that enable quick and accurate diagnosis is the primary factor for the growth of this segment.
- Moreover, the awareness campaign of Type II diabetes directed by various organizations is expected to drive the growth in the future.
- Presence of large patient undergoing type II diabetes due to a leading unhealthy way of life coupled with extended protection from insulin will stimulate the market in the upcoming years.
- Type II diabetes of the application segment accounts for the largest share of 68.80% of the market in 2020.
- The rise in the predominance of diabetes and new product launches by prominent pharmaceutical companies are some of the key drivers for growth in this market.
- Boehringer Ingelheim GmbH, one of the major players, launched two new drugs Synjardy & Glyxambi for treating diabetes mellitus type II in 2015.
- Another region such as the APAC is anticipated to grow at the highest rate of 10.5% during the forecast period.
- The increase in this region is due to the rising population, and the emerging healthcare network which is expected to spur the market in the future.
- Europe accounts for a share of 26.3% in 2020 and is expected to grow at a rate of 10.2% during the forecast period.
- Key participants include Eli Lilly, Novartis, Bayer Corporation, Johnson & Johnson, Pfizer, AstraZeneca, Bristol-Myers Squibb, Oramed Pharmaceuticals, Novo Nordisk, Merck, Boehringer Ingelheim, Takeda Pharmaceutical and Sanofi
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For the purpose of this study, Reports and Data have segmented the global Antidiabetics Market on the basis of Patient Type, Application, Product, Administration mode and region:
By Patient Type Outlook (Revenue, USD Million; 2020-2028)
By Application Outlook (Revenue, USD Million; 2020-2028)
- Type II Diabetes
- Type I Diabetes
Product Outlook (Revenue, USD Million; 2020-2028)
- Drug class
Administration mode Outlook (Revenue, USD Million; 2020-2028)
- Insulin Syringe/Insulin Pen
- Insulin Pump
- Intravenous Infusion
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Regional Outlook (Revenue, USD Million; 2020-2028)
- North America
- Asia Pacific
- Latin America
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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