The Global Hypoglycemic Drugs Market To Show Strong Growth Accelerated By Increased Adoption Of Novel Drugs

 
Hypoglycemic Drugs Market 

Hypoglycemic drugs are medication used to treat high blood sugar levels, or hyperglycemia. These helps control blood glucose levels in patients with diabetes so they remain within the normal range.

The global Hypoglycemic Drugs Market is estimated to be valued at US$ 720.72 Mn in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The rise in adoption of novel hypoglycemic drugs such as Semaglutide that combines GLP-1 and GIP receptors agonism in a single molecule for better glycemic control is expected to fuel the market growth over the forecast period. Furthermore, strong pipeline of emerging oral and injectables drugs alongside rising patient pool of diabetes globally is estimated to propel the demand for hypoglycemic drugs over the next few years.


Segment Analysis
The global hypoglycemic drugs market is dominated by oral hypoglycemic drugs segment due to high preference for oral drug administration among patients. The oral hypoglycemic drugs segment accounted for over 60% share in 2023 owing to the convenience of oral dosage forms and ease of at-home administration. However, the injectable hypoglycemic drugs segment is expected to witness fastest growth during the forecast period owing to the better efficacy of insulin and GLP-1 analogs in controlling blood sugar levels.

Key Takeaways

The Global Hypoglycemic Drugs Market Size  is expected to witness high growth at a CAGR of 9.2% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 720.72 Mn in 2023.

Regional analysis
North America accounted for the largest share of over 35% in the global hypoglycemic drugs market in 2023. This is attributed to the growing prevalence of diabetes and rapid adoption of new drug therapies in the region. However, Asia Pacific is poised to witness fastest growth during the forecast period supported by rising geriatric population, growing obesity, and improving healthcare infrastructure in emerging countries.

Key players
Key players operating in the hypoglycemic drugs market are 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. Eli Lilly & Company and Novo Nordisk A/S are the leading players in the global market owing to their diverse product portfolios and strong geographical presence.

 

Get more insights on this topic:

https://www.marketwebjournal.com/hypoglycemic-drugs-market-trends-size-and-share-analysis/

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