The global Antidiabetics Market reached a value of USD 79.86 billion in 2021 and is projected to experience a compound annual growth rate (CAGR) of 10.7% during the forecast period. This growth is primarily attributed to the increasing prevalence of diabetes globally, complemented by educational initiatives that emphasize the advantages of antidiabetic medications. These drugs play a crucial role in stabilizing and managing blood glucose levels among individuals afflicted with diabetes, further propelling market expansion. A significant development in this sector occurred on January 20, 2022, when Novo Nordisk successfully formulated an oral version of an injectable antidiabetic medication, thereby aiding type 2 diabetes patients in regulating blood sugar levels and weight. The approval of this drug by the Drugs Controller General of India (DGCI) in 2020 further contributed to its market growth.
The ongoing advancements in diabetes treatment methodologies have also substantially influenced the market's revenue. For example, Continuous Glucose Monitoring (CGM) devices have become pivotal in managing both Type 1 and Type 2 diabetes, requiring fewer finger stick tests. On July 27, 2021, Terumo Corporation introduced the Dexcom G6 CGM system in Japan, offering a tool to aid diabetes management. The increasing geriatric population worldwide has opened avenues for market expansion as older individuals are more prone to diabetes and related conditions. The International Diabetes Federation (IDF) reported that as of 2021, around 537 million adults aged 20 to 79 were living with diabetes, with projections indicating an increase to 643 million by 2030 and a staggering 783 million by 2045. These statistics are instrumental in driving the growth of the antidiabetics market.
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Advancements in diagnostic techniques have also contributed to the market's expansion. An illustrative example is the collaboration between Cipla Limited and Boehringer Ingelheim India Pvt. Ltd. announced on June 29, 2020, in India to co-market three novel oral anti-diabetic drugs: Oboravo, Oboravo Met, and Tiptengio. Empagliflozin, one of these drugs, not only aids in glucose control for type-2 diabetes but also reduces the risk of cardiovascular death in patients with existing cardiovascular disease.
Market Dynamics:
Drivers:
The surge in the number of obese and overweight individuals is a primary driver of market growth. Obesity significantly heightens the risk of developing type 2 diabetes, with overweight individuals often being diagnosed with the disorder. The World Health Organization (WHO) reported that approximately 2 billion people worldwide are overweight, of which 650 million suffer from obesity. Addressing weight-related issues can provide multiple benefits to type 2 diabetes patients, including enhanced metabolic control and reduced vascular complications risk. Lifestyle changes and reduced physical activity have contributed to the increased prevalence of diabetes. WHO further indicated that globally, around 422 million people are afflicted with diabetes, and the disorder is directly responsible for 1.5 million deaths annually.
Restraints:
The elevated cost of insulin represents a substantial market constraint. Additionally, various antidiabetic medications, including biguanides, are associated with side effects such as gastrointestinal discomfort, weakness, muscle pain, hypoglycemia, and vision issues. This factor could potentially hinder market growth. Sulfonylureas (SFUs), another class of medications, can cause sweating, weight gain, skin reactions, and stomach discomfort, and carry a higher risk of hypoglycemia compared to other type 2 diabetes medications.
Key Takeaways:
Product Insights:
The global antidiabetics market can be categorized into insulin and drug class. The insulin segment dominated the market in 2021. For individuals diagnosed with Type 1 Diabetes, insulin is vital for effective disease management. Insulin helps lower blood glucose levels by facilitating glucose entry into cells. Its role in maintaining glucose balance drives revenue growth within this segment.
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Patient Type Insights:
The geriatric segment is projected to account for the largest revenue share in the antidiabetics market during the forecast period. As older individuals are more prone to diabetes, this demographic often requires medication to regulate blood sugar levels. The prevalence of diabetes is higher in the elderly, particularly type 2 diabetes, due to factors like obesity and sedentary lifestyles.
Administration Mode Insights:
The insulin syringe/insulin pen segment is anticipated to witness steady revenue growth due to the convenience offered by insulin pens, which combine both the syringe and medication in a user-friendly device. These pens simplify insulin administration and enhance patient compliance. The integration of technology, such as the SoloSmart gadget by Glooko, further aids diabetes control by facilitating data tracking and sharing between patients and healthcare providers.
Regional Insights:
North America led the market in 2021 due to the high prevalence of diabetes in countries like the U.S. and Canada, spanning both pediatric and adult populations. The Asia Pacific region is expected to experience rapid growth, driven by a substantial diabetic patient pool, increasing healthcare expenditures, and initiatives by key players to provide affordable medications. Europe, on the other hand, will witness moderate growth due to the demand for antidiabetic medications and an increasing prevalence of diabetes.
Competitive Landscape:
The competitive landscape of the global antidiabetics market is characterized by key players engaging in product development and strategic partnerships to expand their market presence. Noteworthy collaborations include Eli Lilly and Company's partnership with EVA Pharma to provide affordable insulin to low- and middle-income countries. Major companies in the market include Novo Nordisk, AstraZeneca, Pfizer, and Sanofi.
Segmentation Overview:
This report segments the global antidiabetics market based on product, patient type, administration mode, and region. The breakdown is as follows:
- Product Outlook: Insulin, Drug class
- Patient Type Outlook: Adult, Pediatric, Geriatric
- Administration Mode Outlook: Insulin Syringe/Insulin Pen, Insulin Pump, Intravenous Infusion, Oral
- Regional Outlook: North America, Europe, Asia Pacific, Latin America, Middle East Africa
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