The global anti-diabetic drug market is estimated to grow at a CAGR of 13.18% to reach a market value of US$183.582 billion by 2027 from US$77.162 billion in 2020.
Diabetes Prevalence to drive the market
The rising prevalence of diabetes worldwide is the primary driver of the global anti-diabetic drug market. According to the International Diabetes Foundation, in 2019, approximately 463 million adults (20-79 years) had diabetes which is projected to rise to700 million by 2045. The significant market growth is attributed to the increasing number of patients suffering from Type 2 diabetes in different regions. According to the International Diabetes Foundation, the number of people with Type 2 diabetes is increasing in many countries.
Unhealthy dietary habits to augment the profitability
Unhealthy dietary habits among people of all ages have led to a drastic rise in diabetic patients globally. Furthermore, the rising cost of treating diabetes is also spurring the demand for anti-diabetic drugs, thereby bolstering the global anti-diabetic drug market growth.
According to the International Diabetes Foundation, in 2019, diabetes led to more than US$750 billion in health expenditure which is 10 percent of total spending on adults. Global pharmaceutical companies are funnelling investments in research and development to develop advanced anti-diabetic drugs as per the growing requirement. The growing geriatric population is another factor that is driving the market growth of anti-diabetic drugs. According to the International Diabetes Foundation, 1 in 5 older adults aged 65 years and above have diabetes. Rising government expenditure and health awareness campaigns to treat diabetes effectively boost global anti-diabetic drug market growth.
The global anti-diabetic drug market is segmented by diabetes type, drug type, route of administration, sales channel, and geography. Based on diabetes type, the global anti-diabetic drug market is segmented into Type 1 and Type 2. The global anti-diabetic drug market segmentation based on the drug type is done by Amylinomimetic drug, Biguanide, Alpha-glucosidase inhibitors, Sodium-glucose transporter (SGLT) 2 inhibitors, and others. By route of administration, the market segmentation is done as oral and insulin. By the sales channel, the global anti-diabetic drug market is segmented as prescription and over-the-counter (OTC).
The sale of OTC anti-diabetic drugs is on the rise
The prescribed anti-diabetic drug market holds a noteworthy market share throughout the forecast period. This is because these drugs are prescribed to patients by doctors with other diabetes-related therapies. Moreover, the wrong dosage of some drugs can lead to a harmful impact on the patient’s health.
However, many pharmaceutical companies are launching OTC anti-diabetic drugs, especially in emerging economies, as these are cheaper than the prescribed drugs. Thus, the OTC ant-diabetic drug market will experience a significant CAGR between 2019 and 2025, owing to rising sales in developing economies.
By geography, North America holds a significant market share
Regionally, the global anti-diabetic drug market is classified into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. North America accounted for a significant share of the global anti-diabetic drug market in 2019.
The presence of major pharmaceutical companies in the region contributes significantly to the notable market share of this region in the global anti-diabetic drug market. The increasing number of diabetic patients in countries like the U.S. and Canada is augmenting the demand for anti-diabetic drugs.
According to the Centers for Disease Control and Prevention (CDC), more than 100 million American adults suffer from diabetes or prediabetes. As per the statistics provided by the Canada Diabetes Association, around 90 percent of diabetic Canadians have Type 2 diabetes. Furthermore, there has been a rise in the prevalence of diabetes among children due to an unhealthy lifestyle. In the U.S., for example, the rate of newly diagnosed cases of Type 1 diabetes among kids aged 0-19 rose by 4.2 percent annually.
APAC to witness substantial growth
However, the APAC region is projected to witness substantial market growth during the forecast period owing to the continuous rise in diabetic patients in countries like China, India, and South Korea. The easy availability of cheaper OTC (over-the-counter) anti-diabetic drugs in Asia Pacific countries is also contributing to the market growth of the region’s anti-diabetic drug market during the forecast period.
Impact of the COVID-19 pandemic
The COVID-19 pandemic led to a significant decline in the global economy and revenue. Owing to the suspension of major industrial activities, other sectors suffered. The anti-diabetic drug market faced a minimal initial decline in sales, owing to the disruption in supply and distribution lines. The extensive care required in the transportation of anti-diabetes drugs led to a decline in supply. However, with the increasing cases of diabetes among people, the market reported an increase in demand. Moreover, people with conditions like asthma and diabetes were more vulnerable to COVID-19 infection. This also led to an increase in demand for the diabetes drug market. Furthermore, according to the American Heart Association, approximately 1.64 million deaths worldwide were linked to diabetes in the year 2020. Owing to the rapidly increasing cases of diabetes worldwide, the anti-diabetic drug market is anticipated to increase substantially.
Frequently Asked Questions (FAQs)
Q1. What will be the anti-diabetic drug market size by 2027?
A1. The global anti-diabetic drug market is estimated to reach a market size of US$183.582 billion by 2027.
Q2. What are the growth prospects for the anti-diabetic drug market?
A2. The anti-diabetic drug market is estimated to grow at a CAGR of 13.18% during the forecast period.
Q3. What is the size of the global anti-diabetic drug market?
A3. Anti-diabetic Drug Market was valued at US$77.162 billion in 2020.
Q4. What factors are anticipated to drive the anti-diabetic drug market growth?
A4. The rising prevalence of diabetes worldwide is the primary driver of the global anti-diabetic drug market.
Q5. Which region holds the largest market share in the anti-diabetic drug market?
A5. North America accounted for a significant share of the global anti-diabetic drug market.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Anti-Diabetic Drug Market Analysis, By Diabetes Type
5.2. Type I
5.3. Type II
6. Global Anti-Diabetic Drug Market Analysis, By Drug Type
6.2. Amylinomimetic drug
6.4. Alpha-glucosidase inhibitors
6.5. Sodium-glucose transporter (SGLT) 2 inhibitors
7. Global Anti-Diabetic Drug Market Analysis, By Route of Administration
8. Global Anti-Diabetic Drug Market Analysis, By Sales Channel
8.3. Over-The-Counter (OTC)
9. Global Anti-Diabetic Drug Market Analysis, By Geography
9.2. North America
9.3. South America
9.4.3. United Kingdom
9.5. Middle East and Africa
9.5.1. Saudi Arabia
9.6. Asia Pacific
9.6.4. South Korea
10. Competitive Environment and Analysis
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrativeness
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. Company Profiles
11.2. Pfizer Inc.
11.3. Merck & Co., Inc.
11.4. Novo Nordisk A/S
11.5. Eli Lilly and Company
11.6. Glenmark Pharmaceuticals Ltd.
11.8. Boehringer Ingelheim International GmbH
Novo Nordisk A/S
Eli Lilly and Company
Glenmark Pharmaceuticals Ltd.
Boehringer Ingelheim International GmbH
All our studies come with 2 months of analyst support.
We are in compliance with the global privacy laws.