Global Anti-diabetic Drug Market as valued at US$70.687 billion in 2019. The rising prevalence of diabetes worldwide is the major driver of the global anti-diabetic drug market. According to the International Diabetes Foundation, in 2019, approximately 463 million adults (20-79 years) suffered from diabetes which is projected to rise 700 million by 2045. The major 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 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 funneling 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 of the old people aged 65 years and above have diabetes. Rising government expenditure and health awareness campaigns to treat diabetes effectively is also boosting the 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. On the basis of diabetes type, the global anti-diabetic drug market is segmented as Type 1 and Type 2. The global anti-diabetic drug market segmentation based on the drug type is done by Amylinomimetic dru, 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).
Sale of OTC anti-diabetic drugs 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 the 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 the 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, Middle East and Africa, and Asia Pacific. North America accounted for a significant share in 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 are suffering 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 between 0-19 rose by 4.2 percent annually. However, the APAC region is projected to witness substantial market growth during the forecast period owing to the continuous rise in the number of diabetic patients in countries like China, India, and South Korea. 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.
Market Players and Competitive Intelligence
Prominent key market players in the Global Anti-diabetic Drug Market include AstraZeneca plc, Pfizer Inc., Merck & Co., Inc., Novo Nordisk A/S, Eli Lilly and Company, Glenmark Pharmaceuticals Ltd., Abbott, and Boehringer Ingelheim International GmbHamong others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the Global Anti-diabetic Drug Market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.