The Hypoglycemic Drugs Market consists of drugs that are used to treat Hyperglycemia or high blood glucose. Some common types of Hypoglycemic Drugs include Insulin, Sulfonylureas, Biguanides, Thiazolidinediones, DPP-4 Inhibitors, SGLT2 Inhibitors, and Alpha-glucosidase inhibitors. These drugs work to lower blood glucose levels in different ways such as by stimulating the pancreas to produce more insulin, increasing sensitivity to insulin, inhibiting glucose production in the liver, slowing breakdown of carbohydrates, or increasing excretion of glucose via urine. The global Hypoglycemic Drugs market is driven by the rising prevalence of diabetes worldwide. It is estimated that over 420 million people had diabetes in 2014, with numbers expected to rise to over 650 million by 2040. As diabetes continues to increase at an alarming rate, the need for effective treatment via Hypoglycemic Drugs will also witness significant growth.
The global Hypoglycemic Drugs Market is estimated to be valued at US$ 830.27 Mn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
One of the major drivers fueling the growth of the Hypoglycemic Drugs Market is the growing prevalence of diabetes. According to the International Diabetes Federation, approximately 463 million adults were living with diabetes in 2019 and this number is expected to rise to over 700 million by 2045. The increasing sedentary lifestyle along with obesity and poor dietary habits has significantly contributed to the rising incidence of diabetes globally. As there is no cure for diabetes, patients rely on Hypoglycemic Drugs for effective management of blood glucose levels throughout their lifetime. Therefore, rising diabetes patient pool directly translates to increasing demand for anti-diabetic drugs.
Another factor promoting the Hypoglycemic Drugs Market expansion is the ongoing research and development activities leading to new drug approvals. Vendors are continuously investing in development of novel drug formulations and drug delivery mechanisms with improved efficacy and safety. For instance, in January 2022, Semglee received FDA approval as the first “follow-on” biologic version of insulin glargine injection. Such approval of biosimilar and generic drugs provides affordable treatment options to larger population and further augments the market growth.
Segment Analysis
Hypoglycemic Drugs Market is segmented into Oral and Injectable. Injectable sub-segment dominates the market owing to their fast acting capabilities for controlling blood sugar spikes. Injectable insulin drugs like glargine and lispro are widely preferred for their effectiveness.
PEST Analysis
Political: Stringent regulatory approvals for new drug launches along with price control regulations influence the market growth.
Economic: Rising healthcare expenditure and increasing diabetes prevalence across developing nations boost the demand.
Social: Growing health awareness drives the adoption of insulin and oral anti-diabetic drugs for managing diabetes.
Technological: Advancements in drug delivery systems and development of glucose responsive insulin help improve patient compliance and market growth.
Key Takeaways
The global Hypoglycemic Drugs Market share is expected to witness high growth during the forecast period of 2024 to 2031. The global Hypoglycemic Drugs Market is estimated to be valued at US$ 830.27 Mn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031.
Regional analysis
related content comprises North America dominates the hypoglycemic drugs market currently owing to advanced healthcare facilities and presence of major players in the region. Asia Pacific is anticipated to witness high growth during the forecast period due to growing medical tourism coupled with increasing healthcare spending in developing countries of India and China.
Key players
related content comprises Key players operating in the hypoglycemic drugs market are Pfizer Inc., Novartis AG, Merck & Co., Inc., Celgene Corporation, AstraZeneca PLC, Astellas Pharma Inc., AbbVie Inc., F. Hoffmann-La Roche Ltd., Bristol-Myers Squibb Company, and Johnson & Johnson (Janssen Global Services, LLC), among others. Key players are focusing on new drug approvals and launches to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
