The global antidiabetics market generated a revenue of about $63.1 billion in 2019 and is expected to grow at a CAGR of 11.1%. The global market size will reach up to $148.3 billion by 2027.
In the past years, the global antidiabetics market has experienced a potential growth, owing to increasing prevalence of diabetics across the globe. The global market is expected to continue its growth during the pandemic period. There is continuous growth in the adoption of oral based antidiabetic drugs due to growing prevalence of lifestyle-induced difficulties, which will accelerate the market growth in the COVID-19 outbreak period. During this crisis, our analysts have predicted the behavior of global antidiabetics market and have come to below mentioned inferences.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|10.8%||11.1%||37||USD 69.6 Billion||USD 70.9 Billion|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Antidiabetic medicines are developed to control and stabilize glucose levels in the blood in diabetic patients and these are not designed to cure the diabetics. Currently, there is no cure for diabetes, but this disorder can go into remission. This factor is expected to drive the demand for antidiabetic drugs to maintain sugar levels, which will enhance the market growth in the forecast years. In February 2020, IDF (international diabetes federation) announced that the number of global diabetic patients has reached about 463 million adults (20-79 age group) in 2019 and is expected to reach 700 million by the end of 2045 and approximately 79% of adults with diabetes are living in low and middle income economies. Also, diabetes is considered as one of the top five leading causes of death across the globe. This aspect is estimated to create awareness among the people about diabetes and is expected to drive the market growth in the forecast years.
However, the high price of insulin antidiabetic products is expected to limit the market growth in the forecast years. Similarly, safety and maintenance issues associated with certain antidiabetic drugs is further estimated to hamper the market growth.
The World Health Organization (WHO) has confirmed the coronavirus pandemic to be a public health emergency of international concern. Over 16 million people across the globe have been identified to be diseased. Also, healthcare professionals found that people who have preexisting medical disorders such as heart disease, asthma and diabetes seem to be more susceptible to becoming seriously ill with the novel coronavirus. This severe condition can be more difficult to treat people with diabetes because of fluctuations in blood glucose levels. This factor is expected to drive the market growth in the emergency time.
Furthermore, several significant participants are adopting business growth strategies such as product launches and R&D investments to fortify their position in the global market during the crisis period. For instance, in February 2020, Oramed, a clinical pharmaceutical organization concentrated on the advancement of drug delivery system, has found positive data from its oral insulin “ORMD-0801” while conducting efficacy and safety trails at lower dosage regimens. ORMD-0801 is the first commercially accessible oral insulin tablet for the diabetic treatment. This factors will fuel the market growth in the pandemic time.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global antidiabetics market is expected to witness a noticeable growth in the crisis period and is anticipated to continue its growth even after the COVID-19 pandemic is under control. During this time of emergency, the demand for antidiabetic drugs has increased due to increasing awareness about serious impacts of coronavirus on diabetic patients.
In addition, continuous R&D activities in the development of novel antidiabetic medicines from medicinal plants is expected to create huge growth opportunities in the coming years. Several laboratory studies have shown that some of the medicinal plants such as O sanctum, stem bark & seeds and Azadirachta indica leaves have antidiabetic properties and these will play significant role in the prevention, treatment and mitigation of diabetics. Moreover, in November 2019, WHO has launched first insulin prequalification program to increase treatment for diabetic patients in low and middle income countries. According WHO, around 65 million people have type 2 diabetes and require insulin, but only half of them are able to use it due to high prices. This insulin prequalification is predicted to lower the insulin prices through increasing use of quality and high performance assured products. This factor is expected to fuel the market growth in the upcoming years.
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Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Antidiabetics Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity