Hypoglycemic Drugs Market is Estimated to Witness High Growth Owing to Increasing Prevalence of Diabetes in the Geriatric Population

Hypoglycemic drugs or anti-diabetic drugs are medications used to treat diabetes mellitus by lowering blood glucose levels. Some key hypoglycemic drugs include insulin, sulfonylureas, metformin, thiazolidinediones, DPP-4 inhibitors, SGLT2 inhibitors and GLP-1 receptor agonists. These drugs help control blood sugar levels in diabetics and prevent or delay diabetes-related health complications.

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 Dynamics:

The growth of the global hypoglycemic drugs market is majorly driven by the increasing prevalence of diabetes in the geriatric population globally. As per estimates, around 1 in every 11 people aged 65 years and above have diabetes. Further, the number of people with diabetes in this age group is anticipated to grow from 25.9 million in 2017 to 64.0 million by 2045 according to statistics by the International Diabetes Federation. The risk of diabetes increases with age due to age-related changes in body composition, metabolism, hormonal levels and gradual decline in pancreatic β-cell function. Additionally, increasing research and development investments by key players for the development of novel anti-diabetic drugs and pipeline molecules is also expected to boost the market growth over the forecast period. For instance, in January 2022, Zealand Pharma A/S announced positive results from a Phase 2 trial evaluating dasiglucagon for the treatment of post-bariatric hypoglycemia. However, stringent regulations for approval of new anti-diabetic drugs and high costs associated with drug development may hinder the market growth in the coming years.

SWOT Analysis
Strength: Hypoglycemic drugs market has a strong presence of global as well as regional players. These players are continuously focusing on developing new and innovative products to treat hypoglycemia. Many clinical trials are being conducted to develop more effective drugs with lesser side effects. Key companies have established strong distribution networks globally to ensure large patient reach.

Weakness: Development of new drugs is a long and complex process requiring huge investments and clinical trials. Getting regulatory approvals is also a lengthy and expensive process. Lack of awareness about hypoglycemia in developing regions could hamper market growth. Some drugs also have side effects like headache, nausea, and diarrhea.

Opportunity: Rising geriatric population prone to hypoglycemia and growing diabetic patient base worldwide present significant growth opportunities. Increasing healthcare expenditures in emerging nations will boost demand. Online pharmacies are gaining popularity and offer potential for sales. Promoting awareness programs about hypoglycemia can create demand in developing regions.

Threats: Patent expiries of blockbuster drugs will enable entry of generic versions affecting revenues of innovator companies. Stringent regulations delay approvals and increase costs. Alternative treatment options also pose competitive threats. Economic slowdowns can impact revenue growth of players.

Key Takeaways
The Global Hypoglycemic Drugs Market Size is expected to witness high 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.

North America occupies the largest share and is expected to continue dominating owing to rising diabetes and growing elderly population. Asia Pacific is estimated to grow at the fastest pace with increasing healthcare infra investments and economic growth.

Key players related content comprises Key players operating in the hypoglycemic drugs market are Austal, BAE Systems, Damen Shipyards Group, Dearsan, Fr. Fassmer GmbH & Co. KG, Fincantieri S.p.A, Fr. LÃ1⁄4rssen Werft GmbH & Co. KG, Hamilton Jet, Israel Shipyards Ltd, Eastern Shipbuilding Group Inc., Stanley Boats, Marine Alutech OY AB, J.D. Irving Group of Companies, Japan Marine United Corporation, Kangnam Corporation, Kawasaki Heavy Industries, Ltd., L&T Shipbuilding, Mitsubishi Heavy Industries, Ltd., Navantia, Socarenam, STX Offshore & Shipbuilding Co., Ltd, Garden Reach Shipbuilders & Engineers Ltd.

 

Get more insights on this topic:
https://www.marketwebjournal.com/hypoglycemic-drugs-market-forecast/

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