The Insulin Sensitizers Market is estimated to be valued at US$ 15.09 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Insulin sensitizers are used mostly to treat patients with type 2 diabetes where the body does not produce enough insulin or cells do not respond properly to the insulin produced. Insulin sensitizers help to increase insulin sensitivity by enhancing the cell's response to insulin. They include biguanides like metformin and thiazolidinediones that help control blood glucose levels and are effective in improving insulin sensitivity and reducing insulin resistance.
Market key trends:
One of the major trends driving the growth of the insulin sensitizers market is the increasing prevalence of type 2 diabetes globally. According to the International Diabetes Federation, in 2019, around 463 million adults between 20-79 years of age had diabetes and by 2045 this is expected to rise to 700 million. Increased obesity levels leading to insulin resistance and sedentary lifestyles are contributing to the growth in diabetes cases. Thus, the rising need to control blood glucose levels and manage diabetes is fueling the demand for insulin sensitizers that enhance the body's response to insulin.
Porter's Analysis
Threat of new entrants: The threat of new entrants to the insulin sensitizers market is moderate due to the need for extensive research and development to develop new drugs. Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of generics and presence of substitutes. However, the need for continuous medication increases buyer dependence on few leading suppliers. Bargaining power of suppliers: The bargaining power of suppliers is moderate to high as leading drug makers hold major market share and are few in numbers. There are also high costs associated with production of insulin sensitizers. Threat of new substitutes: The threat of new substitutes is moderate for established drugs but high for pipeline drugs as alternative treatment options are available. Competitive rivalry: The competitive rivalry is high among leading players to develop innovative drugs and gain higher market share.
SWOT Analysis
Strengths: Established distribution network, strong brand image, significant R&D capabilities.
Weaknesses: High development costs, patent cliffs of major drugs,substitutes available for some conditions.
Opportunities: Emerging markets growth, increasing diabetes incidence, pipeline drugs approvals.
Threats: Generic competition on patent expires, pricing pressure, stringent regulations.
Key Takeaways
The Global Insulin Sensitizers Market Growth is expected to witness high, exhibiting CAGR of 5.5% over the forecast period, due to increasing diabetic patient population globally. As per WHO data, the number of diabetic patients has increased to over 422 million worldwide.
Regional analysis - North America dominates the insulin sensitizers market currently owing to presence of major players and rising healthcare spending in the region. However, Asia Pacific is expected to witness highest growth during the forecast period. Countries like China and India possess huge patient base as well as increasing healthcare infrastructure.
Key players operating in the insulin sensitizers market are Eli Lilly and Company, Novo Nordisk, Sanofi, Merck & Co., Bristol Myers Squibb, AstraZeneca, Boehringer Ingelheim, Johnson & Johnson, Takeda Pharmaceutical. Major players are focused on developing innovative pipeline drugs to gain competitve advantage over generic counterparts.
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