Diabetes mellitus is a metabolic disorder caused when the body cannot produce the required quantity of insulin. Diabetes is characterized into two types; insulin-dependent diabetes mellitus (type 1) and non-insulin dependent diabetes mellitus (type 2). The drugs, which are used for the treatment of type 2 diabetes mellitus are known as hypoglycemic drugs and are utilized for patients who have not responded to diet, weight reduction, and exercise. Various symptoms of diabetes disorder include frequent urination, increased thirst, hunger, and delayed wound healing.
MARKET SCOPE
The "Global Hypoglycemic Drugs Market Analysis to 2028" is a specialized and in-depth study of the healthcare industry with a special focus on the global market trend analysis. The report aims to provide an overview of the hypoglycemic drugs market with detailed market segmentation by type, application, and geography. The report provides key statistics on the market status of the leading hypoglycemic drugs market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on type, the global hypoglycemic drugs market is segmented into insulin, DPP-4, GLP-1, SGLT-2, and other.
- On the basis of application, the market is bifurcated into type 1 diabetes, and type 2 diabetes.
MARKET DYNAMICS
Drivers:
- Rising incidences of diabetes leading to increased demand for diabetic care and a growing aging population are the factors driving the hypoglycemic drugs market globally.
- The growing prevalence of sedentary lifestyle-induced disorders such as obesity and increased consumption of unhealthy diets fuel the market growth.
- Growing investment in research and development activities by major pharmaceutical companies and government organizations to develop new products boosts the market growth.
- Technological advancement, medical reimbursements, and the presence of a strong pipeline for anti-diabetics drugs also favour the growth of the market.
Restraints:
- The enormous unmet medical need for anti-diabetics that can treat multiple chronic disorders coexisting with diabetes such as cardiovascular diseases, hypertension, etc.
- Reduction in drug efficacy over a period can lead to other health complications.
- High cost of drugs.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The hypoglycemic drugs market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the hypoglycemic drugs market in these regions.
IMPACT OF COVID-19 ON HYPOGLYCEMIC DRUGS MARKET
COVID-19 first began in Wuhan (China) during December 2019, and since then, it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, UK, Turkey, Italy, and Spain are some of the worst affected countries in terms of confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The shutdown of various plants and factories has affected the global supply chains and impacted the overall global market. The pharmaceutical industry is more focused towards the development of the COVID-19 vaccine; thus, research and development efforts for hypoglycemic drugs substantially decline. Though the demand for hypoglycemic drugs is not affected; and it is still as high as before the COVID-19 crisis. Therefore, the market will boost at a significant rate in the forecast period.
MARKET PLAYERS
The report covers key developments in the hypoglycemic drugs market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from hypoglycemic drugs market are anticipated to have lucrative growth opportunities in the future with the rising demand for hypoglycemic drugs in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the hypoglycemic drugs market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Sanofi
- Merck and Co.
- Novo Nordisk
- Takeda Pharmaceuticals
- Eli Lilly
- Pfizer
- Boehringer Ingelheim
- Novartis
- Johnson and Johnson
- AstraZeneca