According to a new report by Reports and Data, the Drug Class Antidiabetics Market is projected to reach USD 160.21 Billion by 2028, with the primary reason being the increasing prevalence of diabetes, which can be attributed to unhealthy dietary habits, physical inactivity, and other factors such as tobacco smoking and alcohol consumption. The antidiabetics market includes drugs used for treating diabetes mellitus, also known as oral antihyperglycemic/hypoglycemic agents, and has seen substantial growth in recent years.
This growth can be attributed to the rising number of people with diabetes worldwide, particularly among middle-aged and younger populations, leading to the development of systemic therapies for diabetes.
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In 2020, North America dominated the antidiabetics market with a share of 33.5%. This can be attributed to the presence of major market players, favorable reimbursement policies, and government initiatives in the region. Additionally, factors such as an aging population, unhealthy lifestyle habits, increasing obesity rates, and lack of physical activity are expected to contribute to the rising prevalence of diabetes in the coming years.
The report also indicates that the global market is experiencing accelerated growth due to the increasing prevalence of diabetes caused by rising population rates and unhealthy lifestyles across the world. The growth of the market is further fueled by the increasing healthcare expenditure and growing number of diabetic patients globally.
Several awareness campaigns and education programs created by associations and diabetes societies will stimulate the growth further. Growing consumption of tobacco, high blood pressure, and increased cholesterol levels are significant factors related to obesity and diabetes, raising the interest in insulin and other antidiabetic products with time.
Drug class of the product type segment is anticipated to grow at the highest rate of 10.3% during the forecast period, and innovative product development and collaborative developments are some critical strategic initiatives taken by the players in this industry to point their mark in the competition. Moreover, the awareness campaign of Type II diabetes directed by various organizations is expected to drive the growth in the future.
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The report highlights key players in the antidiabetics market, including Eli Lilly, Novartis, Bayer Corporation, Johnson Johnson, Pfizer, AstraZeneca, Bristol-Myers Squibb, Oramed Pharmaceuticals, Novo Nordisk, Merck, Boehringer Ingelheim, Takeda Pharmaceutical, and Sanofi. The market is segmented based on patient type, application, product, administration mode, and region, with type II diabetes accounting for the largest share of 68.80% in 2020.
The APAC region is expected to exhibit the highest growth rate of 10.5% during the forecast period, primarily due to the rising population and the emerging healthcare network. Europe accounted for a 26.3% share of the market in 2020 and is expected to grow at a rate of 10.2% during the forecast period.
In conclusion, the antidiabetics market is projected to experience significant growth in the coming years due to the increasing prevalence of diabetes globally. The market's growth will be driven by the rising number of chronic diseases, favorable government initiatives, and the presence of key players. Additionally, players in this industry will need to focus on innovative product development and collaborative efforts to gain a competitive edge.
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