Antidiabetics Market

The global market value of the antidiabetics market was valued at USD 92.3 billion and is projected to grow at a CAGR of 11.1% during the forecast period. An increasing number of patients with diabetes due to lifestyle imbalance is the key factor behind the market growth. Rising healthcare expenditure and increasing awareness about early diagnosis and treatment of diseases are fueling the market growth.

The growing number of patients diagnosed with type 2 diabetes is the key factor behind the significant growth in the market. Obesity is the main reason behind diabetes. An increasing number of obese people are driving growth in the market significantly. Technological advancements in drug development are a significant factor behind the market growth.

Growth Drivers

An increasing number of type 2 diabetes patients and rising healthcare expenditures are fueling the market growth. Public health campaigns and better diagnostic tools have led to earlier diagnosis and treatment in the market. Growing healthcare infrastructure and increased funding for research and development are driving the market toward significant success. Increasing growth in the population of people suffering from obesity is driving the demand in the market. People are more conscious about kidney, and cardiac diseases, and they want diabetes to be diagnosed and treated efficiently.

Older people are more diabetes-prone, and they are contributing significantly to the market growth. Increasing demand for personalized medicine and the adoption of digital health technologies are driving the market growth. Integration of mobile apps and wearable glucose monitors improves diabetes management and adherence. Increasing demand for insulins to counter diabetes in type 2 patients is driving growth in the market.

Segmentation

Antidiabetics Market by Drug Segmentation

·         Insulin

o   Insulin By Type

§  Long-acting insulin

§  Premix insulin

§  Fast-acting insulin

§  Human insulin

·         GLP-1 Receptor Agonists

·         DPP- 4 Inhibitors

·         SGLT2 Inhibitors

·         Others

 Antidiabetics Market by Diabetes Type

·         Type 1

·         Type 2

Antidiabetics Market by Route of Administration

·         Oral

·         Subcutaneous

·         Intravenous

Antidiabetics Market by Distribution Channel

·         Online pharmacies

·         Hospital Pharmacies

·         Retail pharmacies

By Region

•        Asia Pacific

•        North America

•        Latin America

•        Middle East and Africa

•        Europe

Antidiabetics Market by Route of Administration

Based on the route of administration, the antidiabetics market is segmented into oral, subcutaneous, and intravenous. The subcutaneous mode is the leading segment in the antidiabetics market due to the medicines administered subcutaneously, particularly the insulin suggested by doctors to type 2 diabetes patients. Widespread use of insulin to counter diabetes efficiently, and increasing availability of generic and biosimilar insulin options.

The intravenous segment is also expected to dominate in hospital settings to manage cases of hyperglycemia. The oral setting is also expected to dominate the market during the forecast period. Medicines like metformin and glimepiride are widely in use. Oral mode is widely useful for patients suffering from type 2 diabetes.

Antidiabetics Market by Diabetes Type

The antidiabetics market is segmented into type 1 and type 2 based on diabetes type. Type 2 diabetes is the leading segment and is expected to dominate the market during the forecast period. This is because of obesity, a sedentary lifestyle, an aging population, and decreased physical activity. The increasing use of processed food and the rising obesity rate are directly contributing to significant growth in the market. Increased awareness about the complications of type 2 diabetes is driving growth in the market significantly.

Antidiabetics Market by Distribution Channel Segmentation

Based on the distribution channel, the antidiabetics market is segmented into Online Pharmacies, Retail Pharmacies, and Hospital Pharmacies. Retail Pharmacies due to their wide accessibility than hospitals. Diabetes requires continuous treatment. Most patients prefer buying medicines regularly from local retail pharmacies instead of visiting hospitals every time. Diabetes is a chronic disease, and it requires continuous treatment.

Online pharmacies are expected to witness significant growth during the forecast period due to convenience and accessibility. The rise of digital health platforms is expected to dominate the market during the forecast period. Online platforms offer lower prices in comparison to retail stores or hospital pharmacies in the case of generic medicines. The increasing trend of self-medication and a variety of drugs available to counter diabetes are the key factors behind the market growth. Newer technologies like insulin delivery systems are driving growth in the market significantly.

Regional Outlook

Based on the regions, the antidiabetics market is analyzed into 5 types: Asia-Pacific, North America, Latin America, the Middle East and Africa, and Europe. North America is the leading segment in the market due to the increasing number of diabetes patients due to lifestyle imbalance and the presence of the key market players. The increasing geriatric population in the region, especially in the United States of America, is witnessing significant growth in the market during the forecast period. An increasing number of healthcare centers and increasing awareness among people about early diagnosis and treatment are significantly driving growth in the market. Asia Pacific is second to North America, and an increasing number of patients in emerging economies like China, India, Japan, and South Korea are due to increasing population and a rising number of patients. The presence of key players in the market is fueling the growth significantly.

The European market is expected to witness significant growth during the forecast period due to the rising number of cases of diabetes, aging people, and increased healthcare investment. The United Kingdom is expected to dominate the region’s market due to a big patient pool suffering from type 2 diabetes. Government initiatives to improve public health and address diabetes-related issues are also driving the demand for the antidiabetics market. Collaboration between pharmaceutical companies and research institutions is the key reason behind the growth in the market.

The Middle East, Africa, and Latin America are witnessing steady growth during the forecast period. Countries like Saudi Arabia, the United Arab Emirates, South Africa, Brazil, and Argentina are the key players in the market.

Key Market Players

•        Novo Nordisk

•        Eli Lilly and Company

•        Sanofi

•        Pfizer Inc.

•        Cipla

•        Merck & Co. Inc.

•        AstraZeneca plc

•        Johnson & Johnson Services Inc.

•        Boehringer Ingelheim

•        Novartis AG

•        Takeda Pharmaceutical Company

•        Bayer AG

•        Other Players