Antidiabetics Market size was valued over USD 49.5 billion in 2016 and is expected to witness more than 10.5% CAGR from 2017 to 2024.
Sellbyville, DE -- (SBWIRE) -- 10/12/2018 -- Antidiabetics Market size is set to reach USD 110 billion by 2024; according to a new research report by Global Market Insights, Inc.
Rising geriatric population base, innovation of new drugs, increasing adoption of drugs and increased disposable income should further drive industry growth. Owing to the changes in lifestyle, even children between age group of 13-14 years are at high risk to get diabetes. It offers huge opportunities industry players.
Increasing number of obese and diabetic patients coupled with rising patient awareness levels serve as high impact rendering factors for antidiabetic market growth over the forecast period.
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Advent of new technologies in products like long acting insulin analogs as well as rapid acting with increased effectiveness should drive industry growth over the forecast timeframe. The novel insulin pen technology permits low-pain and suitable daily insulin injection that should upsurge therapy sales. Type 2 diabetes mellitus (T2DM) has strong familial aggregation, the person with a parent or sibling with disease are at high risk. People with obesity, hypertension, or dyslipidemia and women with history of gestational diabetes are also at high risk to develop T2DM.
Favorable government initiatives such as Diabetes Prevention Program (DPP) that aims to help individuals with prediabetes, reduces their risk to develop type 2 diabetes. Trained lifestyle coach works with participants and communicate lifestyle skills, such as, eating healthy food, physical activity and managing stress. Such initiatives should propel industry growth over the forecast period.
Long-acting insulin provide basal insulin coverage. Basal insulin suppresses hepatic gluconeogenesis and prevent increase in glucose level during fasting state in insulin-deficient patients. Long acting insulin analog includes insulin glargine (Lantus) and insulin detemir (Levemir) which will drive industry growth.
Biguanides should contribute for significant revenue share in 2016. It is colorless solid and prevents production of glucose in liver. Biguanides are administered orally for the treatment of type 2 diabetes. It helps in improving sensitivity of body towards insulin and decreases amount of sugar absorbed in intestines and will increase demand for such antidiabetic drugs.
U.S. antidiabetics market size valued over USD 19.4 billion in 2016 and expected to grow significantly over the coming years. Increased healthcare expenditure along with availability of improved healthcare infrastructure and favorable reimbursement policies should drive antidiabetics market size.
UK contributed for significant revenue share in 2016. The growth is attributed due to wide range of funds offered by Diabetes UK for research related to the treatment of diabetes and its complications. In November 2016, the Prime Minister introduced new Diabetes UK office on World Diabetes Day.
Japan antidiabetics market should grow at significant rate over the forecast period. Diabetic population is on rise due to lifestyle changes that will accompany economic growth and drive antidiabetic market growth. The Japan Diabetes Society (JDS) encourage progress and development of diabetes study and prevent people from disease in the country.
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Brazil contributed for significant revenue share. The growth is attributed due to early adoption of insulin analogues and increased use of these products in the country.
Some of the companies operating in antidiabetics market include Eli Lilly, Pfizer, Novo Nordisk, Takeda Pharmaceuticals, Sanofi Aventis, Merck, Boehringer Ingelheim and Oramed Pharmaceuticals.