Zion Market Research has published a new report titled “Oral Antidiabetic Drug Market by Drug Category (Sulfonylureas, Meglitinides, Biguanides and Alpha-glucosidase inhibitors) for Type 2 Diabetes mellitus – Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, the global oral antidiabetic drug market accounted for USD 19.94 billion in 2016 and is expected to reach USD 35.91 billion by 2022, growing at a CAGR of around 10.2% between 2017 and 2022.
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Diabetes mellitus is a group of a metabolic disorder caused when the body is unable to produce the required quantity of Insulin. Insulin is a hormone secreted by beta cells of the islet of Langerhans of the pancreas. Various symptoms associated with diabetes disorder include recurrent urination, increased thirst, and hunger. Diabetes can cause much chronic complication if left untreated. Some of them include acute complications like diabetic ketoacidosis, chronic kidney failure, foot ulcers, and damage to the eyes. Life-threatening disorders include necrosis, heart failure or death. According to WHO, in 2014 the number of people affected with diabetes are 422 million across the globe.
The global oral antidiabetic drug market is expected to witness significant growth during the forecast period. This growth is attributed due to increasing prevalence of diabetes and rising demand for oral anti-diabetic drugs. In addition, sedentary lifestyle, increasing the percentage of obesity, high-stress levels are considered as a major driving factor for the growth of oral anti-diabetic drugs market. Furthermore, technological advancement and medical reimbursements can also help in fuelling the growth of oral antidiabetic drug market. However, the high cost of drugs is considered as a major restraint for the market. Nonetheless ongoing research and huge market potential can bring growth opportunities for oral anti-diabetic market within the forecast period.
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Based on the class of drug, the global oral anti-diabetic drug market is segmented into five types: sulfonylureas, meglitinides, biguanides, alpha-glucosidase inhibitors and others. Sulphonylureas segment of oral anti-diabetic drugs market accounted for the largest market share in 2016 followed by biguanides derivatives. Sulfonylureas were the largest segment and acquired around 37% of world market share followed by biguanide derivatives in 2016. Sulfonylureas are a class of organic compounds used in medicine and agriculture. They are antidiabetic drugs widely used in the management of type 2 diabetes mellitus. They act by increasing insulin release from the beta cells in the pancreas.
Based on geography, global oral antidiabetic drug market segmented into five major locations: North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. These regions are further sub-segmented into U.S., Canada, China Japan, India, and Brazil. North America was the largest market in terms of consumption followed by Europe. North America accounted for about 37% of market share in 2016. This is mainly due to the presence of favorable government initiatives and the introduction of new products for oral antidiabetic in this region. Asia-Pacific is expected to witness the fastest growth in the near future. This growth is mainly due to increased aging in this region.
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The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global oral antidiabetic drug market include Eli Lilly, Abbott, Biocon, Sanofi, Sunpharma, Novartis, Novo Nordisk, Merck, and Pfizer.
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