by 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 of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hypoglycemic drugs, also known as oral hypoglycemic agents or antidiabetic drugs, are medication used to treat high blood sugar in type 2 diabetes and sometimes gestational diabetes. Hypoglycemic drugs work by stimulating the pancreas to secrete more insulin, increasing sensitivity to insulin, decreasing glucose absorption from food in the gut or decreasing glucose production by the liver. Some common classes of hypoglycemic drugs include biguanides, sulfonylureas, meglitinides, alpha-glucosidase inhibitors, thiazolidinediones and DPP-4 inhibitors. The growing prevalence of diabetes worldwide due to sedentary lifestyles and obesity has increased the demand for hypoglycemic drugs.
Market key trends:
One of the key trends in the hypoglycemic drugs market is the shift towards personalized diabetes management. Modern hypoglycemic drugs cater more to individual patient needs by having different mechanisms of action, dosage forms and administration times. This allows for optimizing treatment regimens based on factors like age, lifestyle, food habits and other medications. Another trend is the development of newer oral antidiabetic drugs with improved safety, efficacy and tolerability profiles. For example, SGLT2 inhibitors have cardiovascular benefits in addition to glycemic control. Increasing investments are being made in novel drug delivery technologies like pulmonary insulin to enhance patient compliance for injectable medications like GLP-1 receptor agonists.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as hypoglycemic drugs development requires enormous R&D investment and clinical trials. However, large players provide opportunities for small players through collaborations.
Bargaining power of buyers: The bargaining power of buyers is high as the market is fragmented with large customer base. Buyers can negotiate on pricing and choose from available treatment options.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key raw material suppliers possess bargaining power due to their distinct capabilities, however higher R&D expenditure limits the impact.
Threat of new substitutes: Threat from new substitutes is low as technological advancements lead to incremental innovations in dosages and delivery rather than radically new mechanisms of action.
Competitive rivalry: Competition in the market is high among the major players due to their wide product portfolio and commercialization capabilities.
Key Takeaways
The global Hypoglycemic Drugs Market Growth is expected to witness high growth, exhibiting CAGR of 9.2% over the forecast period, due to increasing research and development leading to new product launches.
North America dominates the global hypoglycemic drugs market due to presence of major players and favorable reimbursement policies. Asia Pacific is expected to grow at the fastest pace during the forecast period owing to rising prevalence of diabetes and increasing healthcare expenditure in countries such as China and India.
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 market leaders owing to their diverse product portfolio and strong global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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