Hypoglycemic drugs help reduce blood sugar levels for diabetes treatment and management. Various products are available in oral and injectable forms for type-1 and type-2 diabetes patients to regulate blood sugar throughout the day. The demand for these drugs is rising significantly owing to the growing prevalence of diabetes globally.
The global Hypoglycemic Drugs Market is estimated to be valued at US$ 830.27 Mn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand for hypoglycemic drugs is witnessing high growth in developing countries owing to improving access to healthcare facilities and diagnosis of diabetes. As per the International Diabetes Foundation, around 98 million people in India suffered from diabetes in 2019. China has the world's largest diabetic population of around 116 million. Growing awareness initiatives by healthcare organizations and governments are encouraging more people to get screened and opt for timely treatment in these countries. As diabetes cases continue to rise in emerging economies at a higher rate than developed nations, the market for hypoglycemic drugs is expected to gain strong momentum over the forecast period primarily driven by expanding sales volumes in Asia Pacific and other developing regions globally.
Segment Analysis
The global hypoglycemic drugs market is dominated by oral antidiabetic drugs sub segment, which captures around 65% of the total market share. This is because oral drugs are preferred first line treatment for diabetes management owing to their ease of administration and cost effectiveness as compared to insulin drugs. Within oral antidiabetic drugs, sulfonylureas has been the largest and dominating category historically, however DPP-4 inhibitors sub segment is witnessing higher growth trajectory due to better safety and tolerability profile.
Key Takeaways
The global Hypoglycemic Drugs Market analysis is estimated to be valued at US$ 830.27 Mn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031.
Regional analysis related content comprises
The North American region currently dominates the hypoglycemic drugs market owing to growing incidence of diabetes, strong reimbursement structure, higher healthcare spending and presence of key market players in the region. However, Asia Pacific region is projected to witness highest growth during the forecast period due to rising geriatric population, growing obesity, sedentary lifestyle in developing countries like India and China which is propelling the diabetes patient pool.
Key players related content comprises
Key players operating in the hypoglycemic drugs market are Pfizer Inc., Novartis AG, Merck & Co., Inc., Celgene Corporation, AstraZeneca PLC, Astellas Pharma Inc., AbbVie Inc., F. Hoffmann-La Roche Ltd., Bristol-Myers Squibb Company, and Johnson & Johnson (Janssen Global Services, LLC).
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