Hypoglycemic drugs often referred to as anti-diabetic drugs or oral hypoglycemic agents help reduce blood glucose levels in patients with type 2 diabetes and sometimes gestational diabetes. They work by helping the body produce more insulin, increasing the body's response to insulin, decreasing the amount of sugar that the liver produces or delaying the absorption of sugar from the intestines. With rising prevalence of diabetes worldwide, need for effective drugs to manage blood glucose levels has increased tremendously.
The global Hypoglycemic Drugs Market is estimated to be valued at US$ 830.27 Mn in 2023 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 Opportunity
The increasing opportunity for effective management of diabetes through drugs is expected to drive robust growth of the hypoglycemic drugs market over the forecast period. As per studies, prevalence of diabetes is rising at an alarming rate globally. In 2021, around 537 million people were living with diabetes worldwide and the number is projected to rise to 643 million by 2030 and 778 million by 2045. Effective management of blood glucose levels is important to prevent complications associated with uncontrolled diabetes. Hypoglycemic drugs improve metabolic control for diabetes patients and thus reduce their long term complications like heart attack, strokes, kidney diseases and lower limb amputations. Growing diabetes patient pool worldwide will fuel demand for these drugs in the coming years.
Porter's Analysis
Threat of new entrants: The hypoglycemic drugs market is a mature market where established players hold strong patents on key drugs. Developing novel drugs requires significant investments and time making it difficult for new entrants to enter.
Bargaining power of buyers: Individual buyers have low bargaining power due to availability of few substitutes but organized buyers like hospitals have some bargaining power due to their ability to negotiate lower drug prices in bulk supply contracts.
Bargaining power of suppliers: Suppliers of key drug ingredients have moderate bargaining power due to need for specialized manufacturing capacities and intellectual property protections held by suppliers.
Threat of new substitutes: While several new drug delivery mechanisms are under development, there remain limited substitutes for existing hypoglycemic drugs limiting threat from new substitutes.
Competitive rivalry: The market is dominated by few large players intensifying competition. Players compete based on drug efficacies, delivery mechanisms and brands.
SWOT Analysis
Strength: Established brands, strong R&D pipelines, large product portfolios and robust manufacturing & distribution capabilities. Drugs like Victoza, Farxiga and Trulicity have changed treatment landscape.
Weakness: Expiry of patents on blockbuster drugs, pricing pressures, stringent regulations. High R&D costs and lengthy approval timelines.
Opportunity: Rising diabetes prevalence, aging population, growing awareness, increasing healthcare access in emerging markets and demand for novel delivery mechanisms.
Threats: Generic competition on patents expiry, uncertain reimbursement landscape, regulatory hurdles, manufacturing issues. Safety issues could impact brand images.
Key Takeaways
The global hypoglycemic drugs market growth is expected to witness high growth supported by the rising diabetes burden and healthcare expenditure globally. The market was valued at US$ 830.27 Mn in 2024 and is anticipated to reach over US$ 1,425.16 Mn by 2031, expanding at a CAGR of around 7.6% during the forecast period.
Regional analysis: North America dominates currently owing to established healthcare systems, reimbursement structures and availability of advanced treatments in the region. However, Asia Pacific market is expected to grow at fastest pace owing to rising income levels, increasing awareness and large patient pool in countries like China and India.
Key players: 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. Players are focusing on product launches, acquisitions and patent expansions to consolidate their positions.
Get more insights on this topic: https://www.trendingwebwire.com/hypoglycemic-drugs-market-industry-insights-trends-hypoglycemic-drugs-market/
Explore more information on this topic, Please visit: https://lotstoexpress.com/gummy-bliss-tasty-health-booster-for-a-vibrant-you-chewable-wellness-wonder/
