Development of New Product, Antidiabetics Market Grows Globally by COVID-19 Breakout

The coronavirus emergency situation has positively impacted the global antidiabetic market growth in 2020. This expected growth can be attributed to people with diabetes being at a greater risk of serious medical problems and high risk of developing severe illnesses such as pneumonia from COVID-19 virus. Also, diabetes is a type of chronic metabolic disorder that causes fluctuations in blood glucose levels and this keeps the human body in a low level of healing power. These factors are expected to create high risk for diabetic patients, which will accelerate the market growth in the crisis period.

In addition, some of the major players operating in the global market are implementing several tactics such as new product introduction and joint ventures to rise their market size in the overall industry. For example, in June 2019, Novo Nordisk announced a new product Rybelsus (oral semaglutide) in a tablet form for type-2 diabetes in adults. This product has been approved from the Japanese Ministry of Health, Labour and Welfare and this is first and only oral GLP-1 RA (glucagon-like peptide-1 receptor agonist).

During this unprecedented situation, we are helping our customers in understanding the impact of COVID-19 on the global antidiabetics market.

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Technological Impact
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Supply Side & Demand Side Impact
As per a new report published by Research Dive, the global antidiabetics market is estimated to register a revenue of $148.3 billion by 2027, growing at a CAGR of 11.1% in the projected time from 2020-2027. The global market has been classified into patient population, product, end use and region. This report provides comprehensive information about drivers, opportunities, restraints, segmentation analysis and major players of the market.

Factors affecting market growth
As per our analysts predicts, growing prevalence of diabetes along with easy accessibility of products are expected to be the major drivers for the antidiabetic market growth in the forecast years. However, high insulin prices are expected to limit the growth of the market.

Geriatric patient population registered for highest market size in 2019
The global market is segmented on the basis of patient population into adult, geriatric and pediatric. Among these, geriatric patient population segment accounted for highest antidiabetics market size in the previous years and is expected to remains its growth at a CAGR of 11.6% throughout the forecast years. Growing sugar intolerance in the blood with ageing is expected to drive the usage of antidiabetics drugs, which is predicted to boost the market growth in the forecast years. Along with, adult segment registered for second largest market share in 2019, it was valued over $22.1 billion and is expected to reach up to $51.2 billion till 2027. Increasing prevalence of changed lifestyle induced diseases such as obesity among the adults is estimated to drive the product demand in the forecast time.

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Insulin and oral segments are expected to grow at a significant rate in the forecast years
On the basis of product, the global market has been categorized into drug class and insulin. In both of these, insulin product held the global market revenue share in the product segment and is anticipated to continue its trend at a CAGR of 10.8% in the forecast years. Continuous growth in the introduction of new insulin products coupled with rising type-2 diabetic patients are expected to drive the market size in the forecast years. Drug class will witness to grow at a significant rate of 11.8% CAGR during the forecast years, due to new products with higher efficiencies and low prices of the drugs.
On the basis of end use, the global market has been categorized into insulin syringe/ insulin pen, insulin pump, intravenous infusion, oral and others. Among these, oral segment contributed highest revenue share of the global antidiabetics market in 2019 and is expected to generate a revenue of $68.9 billion by the end of 2027. This dominance over the market is mainly owing to high consumer preference along with constant growth in the advancements of the oral antidiabetic drugs.

Antidiabetics Market, Regional outlook
North America dominated the global antidiabetics market share, which was 38.0% in 2019 and is expected to continue its steady growth in the global market during the projected time. High adoption of innovative insulin products due to availability of well-developed healthcare infrastructures is expected to fuel the market growth in the North America region. Besides North America, Asia-Pacific will witness to grow at a faster rate of 12.3% CAGR during the forecast period and is estimated to generate huge investment prospects in the coming years. This expected growth majorly attributed to rapid growth in the improving of healthcare facilities along with increasing prevalence of diabetes.

Antidiabetic Market, Prominent participants
The prominent players in the global antidiabetic market includes Sanofi, Eli Lilly and Company, Boehringer Ingelheim International GmbH, Johnson & Johnson Services, Inc., Halozyme, Inc., Takeda Pharmaceutical Company Limited, Novartis AG, Merck Sharp & Dohme Corp., Bristol-Myers Squibb Company, Pfizer Inc. and Oramed.

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This release was published on openPR.