July 10, 2020
According to the research report titled ‘Global Oral Anti-Diabetic Drugs Market: World Market Review and Analysis By Type, By Region, By Country (2019 Edition): Opportunities and Forecast (2019-2024)’, available with Market Study Report LLC, global oral anti-diabetic drugs market generated revenues worth USD 25.6 billion in 2018 and is expected to grow significantly during 2019-2024.
Increased pervasiveness of diabetes in tandem with rising geriatric population are major factors driving the growth of global oral anti-diabetic drugs market. Favorable government initiatives and rising R&D activities among pharmaceutical manufacturers for anti-diabetic drugs are also fueling the market size.
Insurance coverage for diabetes and its related drugs has been gaining momentum across the globe. Rising adoption of sedentary lifestyle leading to diabetes and enlisting of diabetes medications in WHO List of Essential Medicines are further stimulating the industry outlook. However, patient preference towards using insulin instead of oral anti-diabetes drugs coupled with complexities associated with the product may act as restraining factors to the overall market growth.
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As per type, the market is segmented into thiazolidinediones, SGL2 inhibitor, DPP-4 inhibitor, sulfonylurease, biguanides and others. The report states that biguanides segment accounts for a significant share in the overall market and is predicted to expand substantially by the year 2024. Increasing awareness pertaining to the efficacy of biguanides in treating diabetes mellitus is boosting product demand.
From the regional point of view, global oral anti-diabetic drugs industry is split into Asia-Pacific, North America, Europe and Rest of the World with key focus on Brazil, China, India, Kapan, Italy, France, Germany, U.K., Canada and the U.S.
The report states that North America market is slated to record remunerative growth during the study period. Favorable reimbursement policies along with rising health cognizance are favoring the market scenario in the region.
Eli Lilly & Co., Boehringer Ingelheim Group, Janssen Pharmaceutica, AstraZeneca, Merck & Co., Takeda Pharmaceutical Company Limited, Sanofi SA, Pfizer Inc. and Novartis International AG are the major participants in global oral anti-diabetic drugs industry.