Global Hypoglycemic Drugs Market, by Drug Class (Sulphonylureas, Biguanides, Alpha-glucosidase inhibitors, Thiazolidinediones, Dipeptidyl peptidase-4 (DPP-4) inhibitors, and Glucagon), by Route of Administration (Oral, Injectable and Nasal), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 660 Mn in 2022 and is expected to exhibit a CAGR of 9.2% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing research and development by key market players to strengthen their market position is expected to boost growth of the global hypoglycemic drugs market. For instance, in July 2019, Sanofi, a global biopharmaceutical company, announced topline results from three Phase 3 trials of ZynquistaTM (sotagliflozin) in adults living with type 2 diabetes from the InSynchrony clinical program. In SOTA-MET, Zynquista (400 mg) demonstrated a statistically significant reduction in HbA1c compared to placebo at 26 weeks in patients on metformin.
Global Hypoglycemic Drugs Market – Impact of Coronavirus (COVID-19) Pandemic
Due to the lockdown imposed by the governments of countries across the globe, to stop the spread of COVID-19 virus. This resulted people to stay at home. People increased self-care and started taking diets on time which made reduction in the hypoglycemic conditions. According to an article published by Cureus in May 2021, a total of 260 patients were enrolled in the study. A higher proportion of males reported a decrease in the consumption of cereals (13.9%), eggs (56.5%), and meat and fish (92.7%) and an increase in water intake (25.8%) while a higher proportion of females reported no change in physical activity levels (77.2%) during the lockdown against pre-COVID times. There was a significant improvement in medication adherence and glycemic control during the lockdown period as compared to the pre-lockdown times.
Browse 40 Market Data Tables and 34 Figures spread through 202 Pages and in-depth TOC on “Global Hypoglycemic Drugs Market”- Forecast to 2030, Global Hypoglycemic Drugs Market, by Drug Class (Sulphonylureas, Biguanides, Alpha-glucosidase inhibitors, Thiazolidinediones, Dipeptidyl peptidase-4 (DPP-4) inhibitors, and Glucagon), by Route of Administration (Oral, Injectable and Nasal), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Increasing prevalence of diabetes is expected to drive growth of the global hypoglycemic drugs market over the forecast period. According to data published by International Diabetes Federation (IDF) on 10 February 2022, The IDF South-East Asia Region (SEA) currently represents 11 national diabetes associations in six countries and territories. India is one of the 7 countries of the IDF SEA region. 537 million people have diabetes in the world and 90 million people in the SEA Region. By 2045 this would rise to 151.5 million. It is estimated that the prevalence of diabetes in India is 8.3%.
Key Takeaways of the Global Hypoglycemic Drugs Market:
- Global hypoglycemic drugs market is expected to exhibit a CAGR of 9.2% during the forecast period. Increase in awareness about the innovative products for pain management is expected to drive growth of market.
- Among Drug Class, Biguanides segment is expected to exhibit the highest CAGR in the global hypoglycemic drugs market over the forecast period. Metformin a drug from Biguanides drug class, which is preferred as first-line oral blood glucose-lowering agent to manage type 2 diabetes. The ability of metformin to counter insulin resistance and address adult-onset hyperglycaemia without weight gain. Thus, Biguanides drug class has major share in global hypoglyemic drugs market.
- In terms of Route of Administration, Oral segment is expected to exhibit highest CAGR in the global hypoglycemic drugs market. The availability of oral drugs in market by key market players is expected to drive growth of the segment.
- Among distribution channel, retail pharmacies segment is expected to exhibit higher CAGR in the global hypoglycemic drugs market. Availability of prescription based as well as Over the Counter Hypoglyecemic drugs at retail pharmacies is likely to augment growth of the segment.
- Among regions, North America is expected to account for major share in market during the forecast period. Early approval of hypoglyemic drugs is expected to drive growth of market in the region.
- Major players operating in the global hypoglycemic drugs market include 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.