by Hypoglycemic drugs are used in the treatment of diabetes, which helps in controlling high blood sugar levels. Some key drugs include insulin, glimepiride, metformin, etc. These drugs play an important role in managing diabetes by lowering blood glucose levels in the body. Population aging is on rise globally with increasing life expectancy, which is expected to drive the demand for hypoglycemic drugs.
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 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend propelling the hypoglycemic drugs market is the growing geriatric population globally. As per WHO estimations, the population aged 60 years and above is expected to reach around 2.1 billion by 2050 from approximately 900 million in 2015. Diabetes is highly prevalent among the geriatric population owing to aging physiology. With rising life expectancy, the diabetic patient pool is increasing dramatically, thus augmenting the demand for hypoglycemic medications. Advanced age is considered as a major risk factor for diabetes and related complications. Hence, rising aging demographics will drive significant growth in the hypoglycemic drugs market during the forecast period.
SWOT Analysis
Strength: Hypoglycemic drugs help control blood sugar levels and manage diabetes. They come in various forms like pills, injections etc allowing flexibility in treatment.
Weakness: Overdependence on drugs can lead to side effects like low blood sugar, weight gain etc. lifestyle management is also important for long term diabetes control.
Opportunity: Rising geriatric population prone to diabetes globally increases the scope for drugs manufacturers. Developing economies offer growth potential due to increasing diabetes rates.
Threats: Stiff competition from generics and alternate treatment options like technology based solutions act as a threat. patent expiries of blockbuster drugs lead to lower prices.
Key Takeaways
The Global Hypoglycemic Drugs Market Size is expected to witness steady growth. 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 4.1% over the forecast period 2023 to 2030.
Regional analysis comprises- North America dominates currently due to the high acceptance of new therapies and significant healthcare spending. However, Asia Pacific is poised to grow at the fastest pace due to the rising diabetes prevalence in India, China and other developing nations.
Key players operating in the market are Austal, BAE Systems, Damen Shipyards Group, Eastern Shipbuilding Group Inc., Fincantieri S.p.A, Fr. Fassmer GmbH & Co. KG, Fr. Lürssen Werft GmbH & Co. KG, Garden Reach Shipbuilders & Engineers Ltd, Hamilton Jet, Israel Shipyards Ltd, Japan Marine United Corporation, Kangnam Corporation, Kawasaki Heavy Industries, Ltd., L&T Shipbuilding, Mitsubishi Heavy Industries, Ltd., Navantia, Socarenam, Stanley Boats, and STX Offshore & Shipbuilding Co., Ltd. They are focusing on new drug launches in emerging markets through collaborations and licensing to strengthen regional presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
