Antidiabetic Drugs Market & Covid19 Impact
As of 5th Sep 2020, the impact of the covid19 virus has been severe worldwide, and more than 879 thousand deaths were recorded, i.e., approx. 3.28% of the total infected coronavirus cases globally. Covid19 has also brought economic distress resulting in negative GDP growth in the last quarter for many developed & developing countries (excluding China). Currently, some of the covid19 vaccine clinical trials are in phase 3. However Russian government has approved one covid19 vaccine Sputnik-V on 11th Aug 2020, developed by Gamaleya Research Institute in Moscow, without phase 3 clinical trials, which is a matter of concern according to experts.
Various researches have found that more than 30% of the deaths of in-hospitals covid19 patients were diabetic patients too in different countries like the USA, UK, Italy, Brazil, India, etc. Covid19 virus has affected diabetic patients in more critical conditions. The impact of covid19 virus for type 1 and type 2 diabetes were also different, and the most affected & deaths were for type 2 diabetic covid19 cases. The covid19 has also increased the market consumption for anti-diabetic drugs to control the blood glucose level in the body for diabetic patients. However, some countries, where there is financial distress for the mass population, unemployment, and local supply issues of medications, have cut down costs by skipping diabetes tests and diabetic drug doses.
Currently, there are more than 463 million diabetic people globally, and China accounts for the highest number (more than 120 million), followed by India (more than 70 million) and United States (more than 34 million). About 20-25% of diabetic cases are not diagnosed because of the late symptoms or no tests. In this pandemic situation, anti-diabetic drug supply and care are essential and require uninterrupted accessibility to diabetic patients. During the pandemic, most people’s lifestyles and daily routines have also changed and could impact their glycemia.
There are different types of drug classes available for diabetes, either oral anti-diabetic drugs or injectable drugs. Insulin drug class accounted for the highest market share (~35%) in 2019 among the other drug class types Biguanides (metformin), Sulfonylureas (glimepiride), Meglitinides (repaglinide), Thiazolidinediones (pioglitazone), Dipeptidyl peptidase IV (DPP-IV) inhibitors (sitagliptin), α-Glucosidase inhibitors (acarbose), etc. Metformin accounts for the highest market share of oral anti-diabetic drugs, followed by Sulfonylureas. By route of administration, the oral anti-diabetic drugs market growth is higher compared to injectable drugs. The combination drugs market for diabetes is also estimated to have a CAGR of 10.87% over the forecast period. Combination drugs consist of two or three different active pharmaceutical ingredients to serve more than one cause of diabetes in patients and convenient too for intake either through oral or by insulin combination. Metformin is also used as a combination drug with pioglitazone, or glimepiride or sitagliptin, etc.
By region, North America accounts for the highest market share in the anti-diabetic drugs market because of the higher spending on diabetes healthcare. The market for anti-diabetic drugs in the Asia-pacific region is expected to have the highest growth rate 13.1% over the forecast period 2020-2025. In the region, China, India and South-east Asian countries will drive the market because of the high increase in diabetic symptoms in mass population, awareness, and increasing expenditure on healthcare. Only India & China together account for more than 190 million of the diabetes population.
The key players in the market include Novo Nordisk, Sanofi, AstraZeneca, Boehringer Ingelheim, Pfizer, Merck & Co., Eli Lilly and Company, Biocon, Novartis, Teva Pharmaceuticals, Takeda Pharmaceutical, etc. Novo Nordisk is currently the leading player in this market.
Get your free sample now for the full report. Samples will be emailed within 2 business hours. For the full report, please reach us at firstname.lastname@example.org or email@example.com. Thank you for reading.
Please share if you find it useful. Thanks!