Global Antidiabetic Drug Market is Expected to Witness Substantial Growth by 2024 | Research Report by Hexa Research

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According to International Diabetes Federation, incidences of diabetes and related disorders are anticipated to grow “antidiabetic drug market” over the forecast period owing to the changing lifestyles and increasing geriatric population across the world.

The global antidiabetic drug market is expected to witness substantial growth over the forecast period on account of increasing occurrence of diabetes; both type I and type II and increasing obesity among people across the globe. Type I and type II diabetes is expected to foster the demand for oral hypoglycemic drugs as it is a proven way to control diabetes among patients globally.

According to International Diabetes Federation, incidences of diabetes and related disorders are anticipated to grow over the forecast period owing to the changing lifestyles and increasing geriatric population across the world. According to International Diabetes Foundation (IDF), obesity and diabetes share a fundamental relationship are expected to be the biggest challenge for public health in the forecast period. Furthermore, unregulated dietary habits are anticipated to increase the occurrence of diabetes among people, in turn, leading to increasing demand for antidiabetic drugs.

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There has been a considerable advancement in the healthcare and pharmaceutical sectors owing to increasing demand for healthcare services and medical facilities. The rising expenditure on healthcare facilities has led pharmaceutical industry to innovate and come up with new advanced drugs. Similarly, owing to the increasing number of diabetic patients, pharmaceutical companies have been innovating and have come up with various methods to control diabetes. However, controlling type II diabetes has posed a challenge for the industry as it affects the processing of blood sugar in the body. New advanced drugs are available in the market for this type of diabetes. The demand for the antidiabetic drug is anticipated to increase mostly owing to the changing lifestyle of people and irregular dietary habits.

There are various antidiabetic drugs and ways to treat diabetes such as insulin, sensitizers, secretagogues, alpha-glucosidase inhibitors, peptide analogs and glycosurics. Insulin is used to treat type I diabetes as it reduces the capacity of the pancreas to form insulin inside the body. The insulin is by injecting it into the body. Types of insulin on the basis of their reaction time once injected in the body are rapid acting insulin, intermediate insulin and long acting insulin. Sensitizers are two types of biguanides and thiazolidinediones. Sensitizers are used to treat type II diabetes as it is insulin resistant.

Biguanides are further bifurcated into metformin, phenformin and buformin. Metformin is majorly used oral drugs that do lead to weight gain. Few examples of thiazolidinediones are roziglitazone, pioglitazone and troglitazone. Secretagogues are classified into two types, sulfonylureas and non-sulfonylureas. Secretagogues are used to treat diabetes type I as they increase the insulin produncing capacity of the pancreas. Alpha-glucosidase inhibitors unlike other drugs do not help in insulin secretion but slows down the digestion rate of starch in the small intestine to match the impaired insulin response.

The market of North America is expected to grow over the forecast period on account of demand for rapid and long acting insulin analogs owing to the increasing consumer awareness levels, healthcare expenditures and sophisticated infrastructure. In Latin America, the consumer disposable income is low and consumers are unable to pay for the expensive drugs owing to which market has been witnessing sluggish growth. However, governments and private companies are anticipated to work together for supply inexpensive drugs in the market which is expected to increase the demand for antidiabetic drugs in the forecast period. The improved technology has led to the manufacturing drugs at the low cost making it affordable for consumers with low per capita incomes.

The European market is expected to grow on account of increasing consumer awareness and obesity among the population. The developing healthcare infrastructure is another factor for market growth. The Asia Pacific market is expected to grow substantially owing to increasing consumer disposable income, healthcare expenditures and growing incidences of type I and type II diabetes. The market of the Middle East & Africa is expected to grow during the forecast period owing to the increasing population and high disposable income in part of the Middle East such as Dubai and Qatar. Middle class is growing is Africa leading to increased consumer spending capacity and rising irregular dietary habits leading to increasing occurrences of diabetes and related disorders, in turn, increasing the demand for antidiabetic drugs.

Key players of the antidiabetics drug market include Sanofi-Aventis, Eli Lilly, Oramed Pharmaceuticals, Takeda Pharmaceuticals, Boehringer Ingelheim, Merck & Co. Inc., Novo Nordisk, Halozyme Therapeutics, Bristol-Myers Squibb, Pfizer, Tonghua Dongbao, Biocon and Wockhardt.

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