Antidiabetics Market Size To Reach USD 160.21 Billion By 2028 – Reports And Data
Reports And Data
Increase in incidences of diabetics coupled with technological advancements globally are the major factors influencing market growth.
NEW YORK, NY, UNITED STATES, November 10, 2021 /EINPresswire.com/ -- The Antidiabetics Market is estimated to reach USD 160.21 Billion by 2028, according to a new report by Reports and Data. This can be mainly associated with the rising predominance of diabetes due to unhealthy dietary habits including tobacco smoking, alcohol consumption, coupled with physical inactivity, will act as a high impact rendering factor for industry growth.
Expanding efforts initiated by significant companies for the development of advanced products will boost market growth. The anti-diabetics market comprises drugs, which are used for diabetes mellitus treatment and are also known as oral antihyperglycemic/hypoglycemic agents. The market has grown remarkably in recent years with the rising predominance of diabetes mellitus. Thus, due to the increasing population size with diabetes affecting middle age groups and children across all age groups globally, systemic therapies for diabetes have enhanced the market growth further.
Due to the presence of key players, favorable reimbursement policies, and rising number of chronic diseases along with several initiatives initiated by the government, North America accounts for the largest share of 33.5% of the market in 2020. Rising aged population, adopting unhealthy habits, increasing obesity, and lack of physical movement are expected to be the vital factors for enhancing diabetes among people over the next couple of years.
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The report is formulated through exhaustive primary and secondary research which is verified and validated by industry experts, research analysts, and professionals. The report aims to help readers and users improve their business performances by providing insightful data about business sphere such as recent technological development, product advancements, and adoption of strategic business steps. The report also offers extensive analysis of the competitive landscape along with business overviews, expansion plans, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, product and brand promotions, government and corporate deals, and partnerships among others.
Top Companies in the Market Include:
Eli Lilly, Novartis, Bayer Corporation, Johnson & Johnson, Pfizer, AstraZeneca, Bristol-Myers Squibb, Oramed Pharmaceuticals, Novo Nordisk, Merck, Boehringer Ingelheim, Takeda Pharmaceutical and Sanofi
Increasing focus on development of vaccines to combat COVID-19 pandemic and focus on preventive medicine to mitigate future epidemics and pandemics, rising number of product approvals for drugs and therapeutics, and rapid digital transformation in the pharmaceutical and healthcare industry are some key factors expected to drive revenue growth over the forecast period. With the social distancing norms in place and growing focus on telemedicine, digital technologies were adopted at an accelerated rate allowing healthcare professionals to efficiently manage health of the patients. One of the most crucial drivers of the pharma & healthcare industry is the rapid integration of artificial intelligence in key areas such as R&D, patient care, commercialization, and drug discovery and development. It has also led to a reduction in healthcare expenditure and improved efficiency of the systems which is expected to further contribute to revenue growth of the market going ahead.
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Furthermore, to offer a better understanding of the competitive landscape, an extensive SWOT analysis and Porter’s Five Forces analysis are included in the report. Along with this, feasibility analysis and investment return analysis are also covered. The report is segmented on the basis of product types offered in the market, application spectrum, and key regions of the Antidiabetics market.
Further key findings from the report suggest
• Increase in the prevalence of rising population and unhealthy lifestyle across the globe has led to the accelerated growth of the global market.
• Growing rates of diabetics and rising healthcare expenditure are the fundamental factors which are spurring the growth of the market across the globe.
• Several campaigns for awareness and education programs created by associations and diabetes societies to raise awareness levels and provide information about diabetes control will stimulate the growth further.
• Growing consumption of tobacco, high blood pressure, and increased cholesterol levels are significant factors related to obesity and diabetes raising the interest for insulin and other antidiabetic products with time.
• Growing population and rising healthcare expenditure are the fundamental factors which are boosting the growth of the market across the globe.
• Drug class of the product type segment is anticipated to grow at the highest rate of 10.3% during the forecast period.
• Innovative product development and collaborative developments are some critical strategic initiatives taken by the players in this industry to point their mark in the competition.
• The presence of unique diagnostic and therapeutic medical technologies that enable quick and accurate diagnosis is the primary factor for the growth of this segment.
• Moreover, the awareness campaign of Type II diabetes directed by various organizations is expected to drive the growth in the future.
• Presence of large patient undergoing type II diabetes due to a leading unhealthy way of life coupled with extended protection from insulin will stimulate the market in the upcoming years.
• Type II diabetes of the application segment accounts for the largest share of 68.80% of the market in 2020.
• The rise in the predominance of diabetes and new product launches by prominent pharmaceutical companies are some of the key drivers for growth in this market.
• Boehringer Ingelheim GmbH, one of the major players, launched two new drugs Synjardy & Glyxambi for treating diabetes mellitus type II in 2015.
• Another region such as the APAC is anticipated to grow at the highest rate of 10.5% during the forecast period.
• The increase in this region is due to the rising population, and the emerging healthcare network which is expected to spur the market in the future.
• Europe accounts for a share of 26.3% in 2020 and is expected to grow at a rate of 10.2% during the forecast period.
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For the purpose of this study, Reports and Data have segmented the global Antidiabetics Market on the basis of Patient Type, Application, Product, Administration mode and region:
By Patient Type Outlook (Revenue, USD Million; 2020-2028)
• Adult
• Pediatric
• Geriatric
By Application Outlook (Revenue, USD Million; 2020-2028)
• Type II Diabetes
• Type I Diabetes
Product Outlook (Revenue, USD Million; 2020-2028)
• Insulin
• Drug class
Administration mode Outlook (Revenue, USD Million; 2020-2028)
• Insulin Syringe/Insulin Pen
• Insulin Pump
• Intravenous Infusion
• Oral
Key Regions Studied in the Report:
• North America (U.S., Canada, Mexico)
• Europe (U.K., Italy, Germany, France, Rest of Europe)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
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