The global Hypoglycemic Drugs Market is estimated to be valued at US$ 720.72 Mn or Million in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hypoglycemic drugs are used for controlling high blood sugar levels in patients with diabetes. These oral medications help regulate blood glucose levels by stimulating insulin secretion, increasing tissue sensitivity to insulin, inhibiting glucose production and absorption in the body. They provide effective treatment and management of diabetes.
Market key trends:
One of the key trends in the hypoglycemic drugs market is the rising prevalence of diabetes. According to International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 worldwide and the number is expected to rise to 783 million by 2045. Growing diabetic population has significantly increased the demand for diabetes medications for effective management of the condition. Moreover, increasing awareness about diabetes treatment and various drugs available is also driving the growth of the market.
SWOT Analysis
Strength: Hypoglycemic drugs helps control blood glucose levels in diabetes patients and help to manage the disease. Some drugs like glipizide are available as low cost generic versions.
Weakness: Some drugs like sulfonylureas have side effects like weight gain and hypoglycemia. Patient adherence to medication can be a challenge.
Opportunity: Rising prevalence of diabetes worldwide provides scope for market growth. Developing innovative drugs with better efficacy and safety profile can capture more market share.
Threats: Strict regulatory approvals and long drug development process pose challenges. Presence of alternative treatment options like lifestyle management also affects the market.
Key Takeaways
The global Hypoglycemic Drugs Market Growth is expected to witness high growth, exhibiting CAGR of 9.2% over the forecast period, due to increasing prevalence of diabetes. As per International Diabetes Federation, about 537 million adults were living with diabetes in 2021 worldwide.
North America dominates the market currently due to high awareness levels, stringent regulatory guidelines and presence of leading manufacturers. However, Asia Pacific is expected to grow at fastest pace owing to rising diabetes burden, growing healthcare expenditure and expanding pharmaceutical industry in the region.
Key players operating in the Hypoglycemic Drugs market are Eli Lilly & Company, Boehringer Ingelheim GmbH, Vistin Pharma AS, Janssen Pharmaceutica NV, Sanofi, Astellas Pharma Inc., AstraZeneca plc., Merck & Co., Inc., Novartis AG., Novo Nordisk A/S, Teva Pharmaceuticals Pvt Ltd., and Sun Pharmaceutical Industries Ltd. Majority of the key players are focusing on new product launches and expansion in emerging markets to strengthen their presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.