Sellbyville, Delaware, Nov. 09, 2018 (GLOBE NEWSWIRE) --
Global Antidiabetics Market will surpass USD 110 billion by 2024; according to a new research report by Global Market Insights, Inc. Favorable government policies such as paying part of final price of diabetes medication to reduce prevailing disease burden and rising awareness about early disease diagnosis and treatment will positively impact industry growth. Organizations such as International Diabetes Federation working towards advocating people about diabetes and its treatment available in the market should positively impact growth.
Rising prevalence of diabetes due to unhealthy dietary habits including alcohol consumption, tobacco smoking coupled with physical inactivity will act as high impact rendering factor for industry growth. Furthermore, increasing number of baby boomers, susceptible to suffer from chronic conditions will stimulate antidiabetics business growth.
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Industry players are investing heavily in research and development to introduce superior treatment for diabetes in the market to gain significant market share as well as augment consumer base. Strong product pipeline indicates robust growth of antidiabetics market over the forecast timeframe. However, high price of insulin and other antidiabetic products will hamper anti-diabetics industry expansion to certain extent especially in low- and middle-income countries over the coming years.
Drug class product segment anticipated to reach over 43 billion by 2024 includes alpha glucosidase inhibitors, biguanides, sulphonylureas, GLP-I (Glucagon-like peptide 1), DPP-IV (Dipeptidyl peptidase-4), meglitinides, SGLT-II (gliflozin) and thiazolidinedione. Industry players, investing heavily in development of superior antidiabetic drugs will drive segment growth in future. Company named Valviotis is currently conducting preclinical testing for drug developed for increasing gut microbiome diversity, that would function as treatment of the target disease.
Browse key industry insights spread across 170 pages with 135 market data tables & 9 figures & charts from the report, “Antidiabetics Market” in detail along with the table of contents:
Pediatric segment by patient population will grow considerably with 11.4% CAGR during the forecast period. Growing prevalence of type 1 diabetes among children will drive pediatric segment by patient population over the forecast timeframe. While adult segment will be driven by lifestyle changes, unhealthy diet and growing obese population.
Insulin syringe/pen segment is anticipated to witness 10.4% CAGR during the forecast period. Rising demand for self-injection devices, elevated accuracy in dosage delivery and growing prevalence of diabetes will drive insulin syringe/pen segment over the coming years. Cost-effectiveness of insulin pens as compared to insulin pumps should contribute towards segment growth.
U.S. market dominated the global industry with around 39% market share in 2017 and is estimated to show lucrative growth during the forecast period. Favorable government policies to reduce chronic disease burden in the country coupled with frequent product launches and high adoption rate will drive U.S. antidiabetics market during the forecast period.
China market is anticipated to reach over 9.4 billion by 2024. Rising prevalence of diabetes and increasing geriatric population and will act as major driving factor for China antidiabetics market. Growing adoption of unhealthy diet, escalated consumption of alcohol and tobacco smoking along with physical inactivity will result in increasing number of diabetic patients, thereby fueling industry growth.
Some of the notable players operating in antidiabetics market are Eli Lilly, Bayer Corporation, Novartis, Johnson & Johnson, AstraZeneca, Pfizer, Bristol-Myers Squibb, Novo Nordisk, Merck, Boehringer Ingelheim, Oramed Pharmaceuticals, Takeda Pharmaceutical and Sanofi. Industry players are focusing on research and development to develop superior product to gain significant market share and increase their consumer base in especially developing countries that are estimated to witness robust growth during the forecast timeframe.
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Global Insulin Delivery Devices Market revenue was valued at over USD 12 billion in 2017 and is expected to witness more than 6.5% CAGR from 2018 to 2024, driven by increasing demand for insulin delivering devices and minimally invasive alternatives such as pumps.
Tubeless Insulin Pump Market revenue was valued at over USD 350 million in 2016 and is expected to witness more than 25% CAGR from 2017 to 2024, propelled by escalating prevalence of diabetes and obesity, growing geriatric population and technological advances in tubeless insulin delivery.
About Global Market Insights
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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