Antidiabetics Market size was valued at USD 54.6 billion in 2017 and is expected to witness growth of over 10.6% CAGR from 2018 to 2024. Inherently propelled by a stringent regulatory framework, antidiabetics market is strongly characterized by the legalized norms implemented by authorized bodies such as the European CE and the FDA. Having undertaken the crucial responsibility of regulating the commercialization of antidiabetics in clinical trials, these organizations continue to strive hard to approve drugs post their testing with utmost caution and precision, which is a prime factor driving the growth of antidiabetics industry. For instance, recently, the U.S. Food and Drug Administration approved the Bydureon BCise (exenatide extended-release) injectable suspension manufactured by AstraZeneca. Apparently, this drug is an all-new formulation of Bydureon that is available as a single-dose autoinjector device for adults suffering from Type II diabetes. The Bydureon BCise apparently underwent two clinical trials prior to obtaining the approval, thus validating the fact that antidiabetics market outlook is strictly defined by a regulatory frame of reference.
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With the exponentially growing population and the prevalence of a sedentary lifestyle, a significant rise in the patient pool suffering from diabetes has been observed, which is likely to spur global antidiabetics market share. The WHO estimates that diabetes would be among the leading causes of death by 2030, which would severely strain the overall healthcare fraternity. The rising number of diabetic cases have prompted the governments across various geographies to take steps toward promoting awareness regarding this disorder. For instance, the ‘Diabetes UK’ is slated to launch one of the biggest campaigns to encourage consciousness regarding Type II diabetes. The program will also make people aware of the harmful consequences of developing diabetes, encourage them to get screened regularly, and provide other related details. The prevalence of campaigns and awareness programs such as the aforementioned are certain to bring about a positive influence on antidiabetics market size, which was pegged at USD 49.5 billion in 2016.
In consequence to the unmet medical requirements of the healthcare fraternity and the rapid increase in the diabetic patient base, antidiabetics industry players have been concentrating on increasing their funding on research & development activities with an aim to launch novel insulin products that will efficiently treat this persistent sugar disorder. Major companies such as Sanofi Aventis, Eli Lilly, and Novo Nordisk presently predominate antidiabetic market share, pertaining to their popular brand value, wide range of products, and increased R&D investments. Many antidiabetics products that are currently in the pipeline to be commercialized are manufactured by these companies. In addition, global antidiabetics industry involves the participation of other generic manufacturers such as Pfizer, Oramed Pharmaceuticals, Inc., Takeda Pharmaceuticals, Boehringer Ingelheim, and Merck & Co. Inc.
An insight into APAC antidiabetics market trends
The Asia Pacific region has been forecast to emerge as the potential hotbed for investors emptying their coffers in antidiabetics industry. This estimation may be attributed to the fact that the region has been witnessing a tremendous surge in the patient pool suffering from diabetes, especially in India and China. As per reliable statistics, close to nearly two decades earlier, in 2000, India stood at the top of the pyramid representing diabetes sufferers, with more than 31.7 million of its populace afflicted by the disease, while China stood at the second place with 20.8 million diabetic patients in tow. It has been forecast that by 2030, this number would increase up to 79.4 million patients in India and 42.3 million individuals in China. The estimates stand to validate that these countries would prove to be lucrative grounds for companies partaking in antidiabetics market share, as they would be able to bring forth a range of medications for treating the affliction in these regions.
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Another emerging region in this continent has been touted to be Japan. The country, with its incredible healthcare infrastructure, rising penetration of technologically innovative insulin drugs, and the growing prevalence of diabetes among the geriatric populace, will serve to be a profitable growth avenue for APAC antidiabetics market.
Regulatory and governmental bodies across the globe have been striving to increase public awareness regarding diabetes, which most certainly would provide an impetus to antidiabetics market. For instance, the National Institute of Diabetes and Digestive and Kidney Diseases has undertaken several education campaigns such as ‘Small Steps, Big Rewards’, ‘Control your Diabetes for Life’, etc., to increase the importance of diabetic screening, diagnosis, and treatment. Not far behind in the list of organizations is the American Diabetes Association, that has also launched several awareness programs regarding diabetes, which would help carve out a lucrative growth path for global antidiabetics market over the years ahead. In addition, the International Diabetes Federation, along with its member associations celebrate the 14th of November as ‘World Diabetes Day’, utilizing the 24-hour span to initiate awareness campaigns and other related programs. With a strong regulatory framework and governmental support in place, not to mention, the pivotal developments underlining the medical research and healthcare verticals, it is forecast that antidiabetics industry will chart a profitable growth curve over the coming seven years, with an estimated valuation of USD 110 billion by 2024.