July 23, 2024

Expanding Awareness Of Diabetes Management Is Driving The Global Hypoglycemic Drugs Market

Hypoglycemic drugs, also known as anti-diabetic drugs, are a class of pharmaceuticals that help lower and control high blood glucose (sugar) levels in patients with diabetes. This includes insulin as well as oral hypoglycemic medications that stimulate the pancreas to secrete more insulin, increase sensitivity to insulin, decrease the amount of glucose produced by the liver, delay digestion to slow glucose absorption, or increase transport of glucose to cells. These drugs are designed to aid the body’s natural mechanisms to control glucose levels and prevent or reduce the symptoms of hyperglycemia. With the rising prevalence of diabetes worldwide due to obesity, physical inactivity and poor dietary habits, more individuals are seeking effective medication to manage their condition. The need for ongoing treatment and strict control of blood sugar levels has emerged as a key driver for the growing hypoglycemic drugs market.

The global Hypoglycemic Drugs Market is estimated to be valued at US$ 720.72 Mn in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

These delivery devices provide better control over insulin therapy with more precision compared to vials and syringes. additionally, the rising preference for oral drugs like SGLT2 inhibitors and DPP4 inhibitors reflects a key shift, as these newer therapies have fewer side effects and also help in weight loss along with blood sugar control. An aging population that is more susceptible to diabetes as well as rising cases of type 2 diabetes in younger individuals are also contributing to growth of this market. With ongoing research on novel drug formulations, improved delivery mechanisms and combination therapies, treatment options for diabetes patients are expanding at a rapid pace in recent years.

Porter’s Analysis

Threat of new entrants: The hypoglycemic drugs market requires high R&D investments and regulations, lowering the threat of new entrants.

Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitute treatment options.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of alternatives in the market.

Threat of new substitutes: The threat of substitutes is moderate due to the availability of alternative treatment options like insulin injections.

Competitive rivalry: The market is competitive due to the presence of key global and regional players.

Key Takeaways

The Global Hypoglycemic Drugs Market Size is expected to witness high growth. The market was valued at US$ 720.72 Mn in 2023 and is projected to reach US$ 1,637.59 Mn by 2030, expanding at a CAGR of 9.2% during the forecast period.

Regional analysis: North America dominated the market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to the growing cases of diabetes and rising healthcare expenditure in the region. Asia Pacific is expected to witness the fastest growth over the forecast period. Countries like India, China and Indonesia in the region have a high diabetic population base, presenting lucrative opportunities.

Key players: Key players operating in the hypoglycemic drugs market are Eli Lilly & Company, Boehringer Ingelheim GmbH, Vistin Pharma AS, Janssen Pharmaceutica NV, Sanofi, Astellas Pharma Inc., AstraZeneca plc., Merck & Co., Inc., Novartis AG., Novo Nordisk A/S, Teva Pharmaceuticals Pvt Ltd., and Sun Pharmaceutical Industries Ltd. Eli Lilly and Novo Nordisk are the leaders in the market with a diverse product portfolio.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it