The global hypoglycemic drugs market has been witnessing steady growth on account of the rising global prevalence of diabetes that has necessitated effective treatment of the condition. Hypoglycemic drugs are oral antidiabetic medications that help control blood glucose levels and are widely prescribed for the treatment of diabetes. Some of the commonly used hypoglycemic drugs include insulin, sulfonylureas, biguanides, meglitinides, alpha-glucosidase inhibitors, thiazolidinediones, DPP-4 inhibitors, and GLP-1 receptor agonists. These drugs help increase insulin secretion from the pancreas, reduce glucose production in the liver, delay glucose absorption in the gut, and enhance the action of insulin in the body. The advantages of these drugs over insulin injections include oral administration and convenience of use. As diabetes continues to reach epidemic proportions worldwide driven by sedentary lifestyles and obesity, the demand for effective antidiabetic drugs is surging rapidly.
The global hypoglycemic drugs market is estimated to be valued at US$ 720.72 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the hypoglycemic drugs market is the growing preference for convenient drug delivery systems. Traditionally, most antidiabetic drugs were available only in oral formulations requiring daily administration. However, with continuous developments in drug delivery technologies, newer transdermal and non-injectable delivery systems are becoming available that provide sustained drug release and improve patient compliance. Examples include transdermal patches, inhalable powders, and microneedle arrays. The increasing launch of such novel delivery models is expected to favor market growth over the forecast period as they address the issues of inconvenience and discomfort associated with traditional therapies.
Porter’s Analysis
Threat of new entrants: The risk of new companies entering the hypoglycemic drugs market is moderate given the high R&D costs and regulatory approvals required.
Bargaining power of buyers: The bargaining power of buyers is high as there are many established players in the market offering substitutable products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers for hypoglycemic drugs manufacturing.
Threat of new substitutes: The threat of new substitutes is moderate as newer treatment options are emerging but established drugs still account for majority sales.
Competitive rivalry: The competitive rivalry is high among key players like Austal, BAE Systems, Damen Shipyards Group etc. to gain higher market share.
Key Takeaways
The Global Hypoglycemic Drugs Market Size is expected to witness high growth over the forecast period. The global hypoglycemic drugs market is estimated to be valued at US$ 720.72 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030.
North America region currently dominates the market owing to growing diabetes prevalence and strong healthcare infrastructure for drug access. Europe is expected to be the second largest market due to rising government focus on diabetes management. Asia Pacific is anticipated to show fastest growth due to increasing diabetes-affected population as well as rising healthcare investments in major countries like India and China.
Key players: Key players operating in the hypoglycemic drugs market are Austal, BAE Systems, Damen Shipyards Group, Dearsan, Fr. Fassmer GmbH & Co. KG, Fincantieri S.p.A, Fr. LÃ1⁄4rssen Werft GmbH & Co. KG, Hamilton Jet, Israel Shipyards Ltd, Eastern Shipbuilding Group Inc., Stanley Boats, Marine Alutech OY AB, J.D. Irving Group of Companies, Japan Marine United Corporation, Kangnam Corporation, Kawasaki Heavy Industries, Ltd., L&T Shipbuilding, Mitsubishi Heavy Industries, Ltd., Navantia, Socarenam, STX Offshore & Shipbuilding Co., Ltd, Garden Reach Shipbuilders & Engineers Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
