Comprehensive Analysis on Antidiabetics Market Size with Key Players: Boehringer Ingelheim, Eli Lilly, Merck, Novo Nordisk, and Sanofi. Companies
Antidiabetics Market will reach over USD 110 billion by 2024; as per a new research report.
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Some of the major market players involved in global antidiabetics market are Boehringer Ingelheim, Eli Lilly, Merck, Novo Nordisk, and Sanofi. Companies are focusing on partnerships and novel product launch to expand their market presence and enhance customer portfolio.
The global antidiabetics market is estimated to amass considerable traction over the ensuing years owing to the growing prevalence of type 1 and type 2 diabetes across the globe paired with advancement in antidiabetic drugs.
As per trusted reports, 4.7 million people in the UK are living with diabetes in the country and almost millions are undiagnosed and unaware of the risks associated with the disease. The latest figures from Diabetes UK suggest that number of people diagnosed with some form of diabetes has increased by 6.8 percent. The report further states that 1 in 10 Britons above the age of 40 has type 2 diabetes, additionally, the condition is also increasingly being diagnosed in children, and anticipates that by 2030 more than 5.5 million individuals will have diabetes.
Growing incidence coupled with increasing risk of diabetes will augment antidiabetics market growth over the coming years. Excess weight significantly escalates risk of type 2 diabetes mellitus (T2DM). Also, the risk of developing diabetes by 25 years of age increases four times in obese children. Thus, rising incidence of diabetes will result into substantial rise in demand for antidiabetics, thereby impelling antidiabetics business growth.
With accelerating growth in number of diabetes cases, prominent players are concentrating their efforts on developing newer and improved antidiabetic drugs. Many leading players including Sanofi, Novo Nordisk and Eli Lilly have a broad pipeline portfolio of antidiabetic drugs that aim to diversify the set of therapeutic alternatives for diabetes patients. Thus, growing R&D activities should positively impact antidiabetics industry growth in forthcoming timeframe.
Insulin product segment is estimated to witness 12.3% CAGR during the forecast period. High revenue share is attributable to widening use of insulin therapy for the treatment of type 2 diabetes. Besides, insulin is available in several forms depending upon its rate of action. In addition, insulin therapy decreases microvascular complications that should boost adoption rate of insulin in the upcoming years.
Geriatric patient population segment accounted for nearly 42.2% market share in 2017 and is estimated to follow similar trend during the forecast timeline. T2DM is an emerging problem in elderly population. As per American Diabetes Association, about 25% of Americans aged above 60 years of age suffer from diabetes. The risk in treating diabetes through changes in dietary habits is further elevated due to impaired physical functioning. Such factors coupled with rising awareness to educate older population about reducing risk of diabetes will act as high impacting factor for geriatric segment growth.
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Oral route of administration segment accounted for 72.6% market share in 2017 and will grow at a significant pace during the forecast timeframe due to effectivity and efficacy of treatment coupled with convenience. A study conducted by International Journal of Pharmaceutical Research indicated that oral antidiabetics are most frequently prescribed hypoglycemics. Above factors will highly contribute to segmental growth in projected period.
Germany antidiabetics industry accounted for largest revenue size of USD 4,461.7 million of Europe antidiabetics industry in 2017. According to WHO, in 2016, it was estimated that 22.7% people in Germany are suffering from obesity which is the major risk factor associated with diabetes. Mortality rate due to diabetes is also increasing at fast pace. Moreover, availability of medicines, technologies and facilities for the disease treatment will stimulate German antidiabetics market growth.
India antidiabetics market is estimated to progress at 14.3% CAGR during the forecast timeframe. Growing adoption of binge eating habits as well as accelerating elderly population will considerably contribute to increase in Indian antidiabetics market. Additionally, firms are undertaking organic growth initiatives to expand in Indian market. For instance, Lupin and Boehringer Ingelheim collaborated for co-marketing its oral antidiabetics across India, that should offer lucrative market growth potential in forthcoming years.
The growing demand for early diagnosis and antidiabetic therapies to counter diabetes-related health complications like amputations, heart diseases, and blindness, will add positive momentum to the global antidiabetics market growth in the foreseeable future.
Increasing focus on the approval of new antidiabetic drugs will further contribute to industry growth.
For instance, the U.S Food and Drug Administration recently accepted Eisai Incorporation’s supplemental new drug application to update the labeling for BELVIQ. The drug is used for chronic weight management in obese adults suffering from weight-related conditions such as type 2 diabetes. The emergence of newfangled therapies and treatment procedures to mitigate diabetes symptoms would further bolster the demand for antidiabetics products and support market share expansion in the coming years.
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