The global oral antidiabetic drugs market size was USD 43.01 Billion in 2020 and is expected USD 66.30 Billion by 2028, at a CAGR of 5.6%
Oral Antidiabetic Drugs Market
In terms of revenue, the global oral antidiabetic drugs market size accounts for USD 43.01 Billion in 2020 and is expected to reach revenue of USD 66.30 Billion by 2028, growing at a CAGR of 5.6% from 2021 to 2028.
According to the International Diabetes Federation (IDF) in 2016, it was estimated, that approximately 463 million people suffered from diabetes globally, with 90% of the cases of type 2 diabetes. In 2017, in the United States, the cost of diabetes was USD 327 billion.
Diabetes is a chronic disease that occurs when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin. Hyperglycemia, or raised blood sugar, is a common effect of uncontrolled diabetes and over time leads to serious damage to many of the body's systems, especially the nerves and blood vessels. Owing to the presence of a large base of participants the Oral antidiabetic drugs Market is expected to boost the Market. Some of the major players in the oral antidiabetic drugs market are Sanofi S.A., Eli Lilly, and Company, AstraZeneca plc, Astellas Pharma Inc., Johnson & Johnson (JanssenPharmaceuticals), Boehringer Ingelheim, Merck And Co., Takeda, Bristol Myers Squibb, Novartis, Pfizer. Nowadays, due to the innovation of new drugs and advanced technology, and ease to use, it is expected to enhance the growth of the market.
Coronavirus viral spreading (COVID-19) has positively impacted the worldwide demand for the Oral antidiabetic drugs Market. Owing to the COVID-19 lockdown in various countries, the demand for drugs for chronic diseases have been increased. The people having medications for chronic diseases have managed to store the drugs for overall the period of lockdown. Due to the COVID-19 lockdown, the physical activities of peoples have decreased which have led to an increase in Diabetes, obesity, and various diseases. Hence the base of the participants of diabetic patients is increasing which can be the diver for the Oral antidiabetic drugs Market over the forecast period.
According to the World Health Organization (WHO), the rising number of incidences of diabetes is one of the important drivers for the diabetes drug market. In addition, research & development initiatives, technological advancements, and improved healthcare facilities are the key factors fueling the growth of the market. Changing lifestyle and the adoption of fast food that has resulted in the high prevalence of obesity is expected to fuel the demand of the market. Owing to the presence of a large base of participants the Oral antidiabetic drugs Market is expected to boost the market. Owing to the busy lifestyle and rising demand for fast-food is resulting diabetes is expected to Increase the demand for anti-diabetic drugs over the forecast period. Also, increasing cases of type2 diabetes among the population due to lack of physical activity is predicted to increase the demand for anti-diabetic drugs. The growing use of artificial sweeteners Such as aspartame in food materials, as a substitute for sugar, is anticipated to have a positive impact on the growth of the Oral antidiabetic drugs Market.
However, a stringent regulatory environment and a time-consuming approval process are the major restraining factors that are hampering the growth of the diabetes drug market. Due to the high cost, a large population cannot afford the treatment and is depending on generic drugs, ultimately affecting the growth of the overall market.
|Report Attributes||Report Details|
|Report Name||Oral antidiabetic Drugs Market Research Survey Report|
|Market Size in 2021||USD 43.01 Billion|
|Market Forecast by 2028||USD 66.30 Billion|
|Compound Annual Growth Rate||CAGR of 5.6%|
|Number of Pages||150|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||Sanofi S.A, Eli Lilly, and Company, AstraZeneca plc, Astellas Pharma Inc, Johnson & Johnson (JanssenPharmaceuticals), Boehringer Ingelheim, Merck And Co, Takeda, Bristol Myers Squibb, Novartis, Pfizer|
|Segments Covered||By Drugs Class, By Type, By End User, By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA)|
|Countries Covered||North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|Historical Year||2016 - 2020|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
Based on the oral drugs, the market is segmented into alpha-glucosidase inhibitors, biguanides, bile acid sequestrants, DPP-4 inhibitors, meglitinides and d-phenylalanine derivatives, sulfonylureas, and others., Biguanides is expected to hold a major market share owing to their help to lower blood glucose levels throughout the day.
On the basis of type, the market is segmented into type 1diabetes and type 2 diabetes. Type 2 is expected to hold a major market share owing to 90 to 95% of people suffering from type 2diabetes. Owing to the presence of a large base of participants this segment is expected to dominate the oral antidiabetic drugs market.
North America is expected to hold a major market share in the global diabetes care market. This is attributed to, the increasing prevalence of genetic and chronic diseases. Furthermore increasing population of obesity is a leading cause of diabetes prevalence is boosting the growth of the market.
Europe is expected to second leading region in the global diabetes care market. This is attributed to the increasing prevalence of diabetes diseases on account of increasing environmental pollution and genetic disorders.
The Asia Pacific is expected to fastest growing market due to the presence of huge opportunities for the development of the market. This is attributed to the increasing prevalence of genetic diseases driving the growth of the diabetes care market. Additionally, government support for diabetes care patients is supporting the growth of the diabetes care market. Constructive government schemes such as Ayushman Bharat-National Health Protection Mission, and Indradhanus will also contribute to driving the demand; ultimately contributing to the market growth.
Some of the key players in the oral antidiabetic drugs market are,
By Drugs Class
By End User
The global Oral antidiabetic drugs Market was valued at USD 43.01 Billion in 2020.
The global Oral antidiabetic drugs Market is expected to reach USD 66.30 Billion by 2028, growing at a CAGR of 5.6% between 2021 to 2028.
Oral antidiabetic drugs Market is expected to grow tremendously owing to growing prevalence of kidney disease sand urinary tract infections. The growing occurrence of target diseases, such as Urinary Tract Infections (UTI), kidney diseases, and diabetes with the increase in the new advanced technology, rapid, non-invasive, and user-friendly tools for urinalysis are projected to be the major growth drivers of this market.
North America region held a substantial share of the Oral antidiabetic drugs Market in 2020.
Some of the major companies operating in the Oral antidiabetic drugs Market are Sanofi S.A., Eli Lilly and Company, AstraZeneca plc, Astellas Pharma Inc., Johnson & Johnson (Janssen Pharmaceuticals), Boehringer Ingelheim, Merck And Co., Takeda, Bristol Myers Squibb, Novartis, Pfizer.