Hypoglycemic drugs, also known as oral hypoglycemic agents or anti-diabetic drugs, are pharmacologically categorized as insulin secretagogues, biguanides, thiazolidinediones, alpha-glucosidase inhibitors, and bromocriptine. Hypoglycemic drugs are used to treat type 2 diabetes. These drugs help lower blood glucose levels either by stimulating the pancreas to secrete more insulin, increasing sensitivity to insulin, decreasing glucose absorption from food, or decreasing glucose production by the liver. Some commonly used hypoglycemic drugs include metformin, sulfonylureas, glinides, thiazolidinediones, dipeptidyl peptidase-4 inhibitors, sodium-glucose cotransporter 2 inhibitors, glucagon-like peptide-1 receptor agonists, and insulin.
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 9.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
According to the International Diabetes Federation, in 2020, approximately 463 million adults aged between 20-79 years had diabetes and by 2045 this number is projected to rise to 700 million globally. Diabetes diagnosis and treatment technologies have advanced significantly over the past few decades. Continuous glucose monitoring systems as well as smart insulin pens and pumps have provided more efficient control over glucose levels. Advancements in drug delivery technologies have also led to development of newer classes of hypoglycemic drugs such as glucagon-like peptide-1 receptor agonists and sodium-glucose cotransporter 2 inhibitors that mimic properties of natural hormones and provide better glycemic control with relatively fewer side effects. Moreover, growing awareness about diabetes self-care and management is encouraging greater adoption of effective drug treatment regimes and medical devices worldwide.
The hypoglycemic drugs market is segmented into insulin, oral hypoglycemic drugs and others. Insulin dominates the market and accounts for over 45% share owing to its indispensable role in managing Type 1 diabetes. Various insulin analogs like rapid acting, long acting and premix available addresses the need for improved therapy management of diabetes patients.
Political: Governments across regions focus on increasing healthcare spending and promotes awareness about diabetes management. Various regulations ensure drug safety and efficacy.
Economic: Rising incidence of diabetes globally coupled with growing geriatric population drives the market growth. However, price controls and patent cliffs impact certain drug sales.
Social: Changing lifestyles and sedentary habits leads to obesity which is a risk factor for diabetes. Social awareness programs help manage the condition better.
Technological: Advancements in drug delivery systems, personalized medicine and artificial pancreas help improve treatment outcomes. Continuous glucose monitoring devices offer real-time glucose level monitoring.
The Global Hypoglycemic Drugs Market Size is expected to witness high growth. Regional analysis related content comprises North America dominates the market led by US owing to high adoption of new drugs and presence of major players. However, Asia Pacific is expected to grow at the fastest pace during the forecast period led by India and China on account of rising diabetes burden and improving access to healthcare.
Key players operating in the hypoglycemic drugs market are Eli Lilly & Company, Boehringer Ingelheim GmbH, Vistin Pharma AS, Janssen Pharmaceutica NV, Sanofi, Astellas Pharma Inc., AstraZeneca plc., Merck & Co., Inc., Novartis AG., Novo Nordisk A/S, Teva Pharmaceuticals Pvt Ltd., and Sun Pharmaceutical Industries Ltd. Key players focus on new product launches and external partnerships for sustained growth in the competitive landscape.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it