— Antidiabetics Market is expected to cross USD 116.1 billion by 2023; as per the latest research report by Global Market Insights, Inc. Rising prevalence of obesity subject to unhealthy eating habits and a sedentary lifestyle will propel antidiabetics market over the years ahead. As per statistics, obesity is the leading cause of diabetes, as around 80% to 90% of the diabetic patients are obese.
The governments of various countries have been undertaking initiatives to increase awareness among the public regarding diabetes by conducting awareness programs and education campaigns, which will significantly stimulate antidiabetics industry size. According to Global Market Insights, Inc., “Worldwide antidiabetics market having had a revenue of USD 51.1 billion in 2015, will register a remarkable annual growth rate of 10% over 2016-2023.”
Type I and type II are the primary applications of antidiabetics market. Type II diabetic application segment was valued USD 25.4 billion in 2015 and will collect considerable revenue over the coming timeframe, owing to the significantly large patient pool suffering from type II diabetes.
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Based on the products, antidiabetics market is mainly divided into sulphonylureas, insulin, DPP-4 inhibitors, biguanides, thiazolodinediones, GLP-1 agonist, SGLT-2, and alpha-glucosidase inhibitors. Insulin product segment will surpass a revenue collection of USD 75 billion by 2023 with an annual growth rate of 13.2% over 2016-2023. Surging diabetic patient base along with growing awareness regarding antidiabetic product benefits will augment the industry growth.
Considering the regional landscape, Europe antidiabetics market will exhibit an annual growth rate of 9% over 2016-2023. This growth can be attributed to the increasing product requirement, owing to the growing prevalence of obesity. Germany and UK dominated the regional share collectively by accounting for 50% of the revenue contribution in 2015.
Browse key industry insights spread across 71 pages with 36 market data tables & 30 figures & charts from the report, “Antidiabetics Market" in detail along with the table of contents:
North America Antidiabetics industry covered more than 42% of the regional share in 2015 and will collect notable revenue over the years ahead. Surging healthcare expenditure along with availability of excellent healthcare facilities will augment the product demand.
Asia Pacific Antidiabetics Market will register a CAGR of 13% over the coming six years. The growing need of the product to accomplish unmet medical needs along with presence of a huge patient base across this region will contribute toward the industry growth. India and China will be the major revenue pockets for APAC.
The market players across the globe are investing considerably in research and development activities to enhance the product efficiency and develop new insulin & antidiabetics products. Notable players in antidiabetics market are Oramed Pharmaceuticals Inc., Takeda Pharmaceutical Company, Novo Nordisk, Boehringer Ingelheim, Sanofi Aventis, Pfizer, and Eli Lilly and Company.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Organization: Global Market Insights, Inc.
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Release ID: 207820