Antidiabetics Market share to grow at 10% CAGR from 2016 to 2023
Aging and obesity are the key risk factors for diabetes, with affected population slated to exceed 360 million by 2023. Major diabetes consequences include blindness, amputations, and kidney failure, with higher risk of death. Increasing geriatric population, and rising obesity trend along with rising patient awareness levels are some pivotal drivers for industry growth. Global insulin antidiabetics market size was valued at USD 51.1 billion in 2015, with 10.9% CAGR gains likely during forecast period.
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A number of initiatives aimed at providing insulin and other anti-diabetic drugs to patients at a cost-effective price by establishing sophisticated healthcare reimbursement network is a key global trend. Apart from this, introduction of new high-efficiency products is also expected to boost growth.
Technology growth with products such as rapid acting, and long acting insulin analogs with higher efficacies, ultra-long acting SGLT-2 inhibitor analogs, and oral antidiabetics should further contribute to industry growth. The new insulin pen technology launch enables low-pain and convenient daily injection of insulin should also propel spur therapy sales.
Generic drug manufacturers could tap the growth opportunity due to patent expiration of major popular products by introducing low cost and effective products. Moreover, emerging regions also offer a strong platform with unmet medical needs. Growing prevalence, large diabetic patient pool, and increasing awareness levels regarding diagnosis in the emerging Asia Pacific countries are some reasons for industry growth expectations. APAC was driven by the countries Japan, China and India antidiabetics market size, estimated at USD 28 billion by 2023.
Browse key industry insights spread across 71 pages with 36 market data tables & 30 figures & charts from the report Antidiabetics Market in detail along with the table of contents:
Key insights from the report include:
• Global antidiabetics market size was USD 51.1 billion in 2015, with over 10% industry gains up to 2023.
• U.S. insulin antidiabetics market share was the largest in North America, with close to 24 million estimated diabetes patients, of which 23% remain undiagnosed. Various awareness campaigns and education programs are organized by associations and diabetes societies to raise awareness and provide information regarding diabetes management.
• However, the U.S. is maturing in terms of new product launches, due to which manufacturers are now seeking towards emerging areas in diabetes for more revenue generation.
• Europe antidiabetics market will show steady growth as well, particularly due to increase in obesity prevalence, with 10% to 50% of adult population diagnosed to be obese in 2015. Germany and UK insulin antidiabetic sales accounted for more than 50% of regional revenue.
• Asia Pacific could see 13% CAGR sales growth from 2016 to 2023, with India and China still relatively unexplored in terms of potential.
• Takeda, Merck, Boehringer Ingelheim, Oramed, Pfizer, Novo Nordisk, Eli Lilly and Sanofi Aventis, are some notable industry participants.
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Global Market Insights has segmented the antidiabetics industry on the basis of product, application, and region:
Global Antidiabetics Market Product Analysis (Revenue, USD Million; 2012 - 2023)
o Rapid Acting
o Long Acting
o Short Acting
o Intermediate Acting
• Other Antidiabetics
o Alpha-Glucosidase Inhibitors
o GLP-1 Agonist
o DPP-4 Inhibitors
Global Antidiabetics Market Application Analysis (Revenue, USD Million; 2012 - 2023)
• Type I
• Type II and Other Diabetes
Antidiabetics Market Regional Analysis (Revenue, USD Million, 2012 – 2023)
• North America
• Asia Pacific
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