Oral Anti-Diabetic Drug Market To Report Immense Growth, Revenue To Surge To US$ 35.91 Bn By 2022
With the presence of a large pool of participants, the global oral anti-diabetic drug market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Novo Nordisk, Abbott Laboratories, Sanofi S.A., Novartis International AG, and Pfizer Inc. are few of the key vendors of oral anti-diabetic drug across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the oral anti-diabetic drug market study.
Citing an instance, in August 2018, researchers proved the effectiveness of Novo Nordisk’s oral diabetes drug Ozempic in reducing the level of blood sugar in the diabetics with renal injury. Reportedly, Novo conducted a twenty-six week phase three clinical trial PIONEER 5 on 324 individuals with type-2 diabetes & kidney damage. The firm found that there was reduction in blood sugar level in many of these individuals when they were treated with Ozempic, an oral semaglutide.
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As estimated in this report, the global oral anti-diabetic drug market stood at US$ 19.94 billion in 2016. Witnessing a tremendous rise during the period from 2016 to 2022, the revenue in this oral anti-diabetic drug market is expected to reach US$ 35.91 billion by the end of the forecast period. The main drug types available in this oral anti-diabetic drug market are sulfonylureas, alpha-glucosidase inhibitors, meglitinides, and biguanides. Among them, the demand for sulfonylureas is relatively higher and the trend is anticipated to remain so over the next few years, notes the oral anti-diabetic drug market research report.
Sedentary Lifestyles & Rise In Cases Of Diabetes To Leverage Market Revenue
“Inactive lifestyle, obesity, and higher stress along with growing occurrence of diabetes are anticipated to boost the demand for oral anti-diabetic drugs over the coming years,” says the author of this oral anti-diabetic drug market study. Apart from this, technological breakthroughs and medical compensation facilities are likely to impel the growth of oral anti-diabetic drug market in the years ahead.
The gigantic rise in the drug costs, however, is projected to restrict the expansion of oral anti-diabetic drug market in the forthcoming years. Nevertheless, the increase in the R&D activities and tremendous potential for oral anti-diabetic drug market to grow will chart a profitable roadmap for the business over the ensuing years, thereby normalizing the negative impact of hindrances on the oral anti-diabetic drug market development, reports the study.
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Introduction Of New Drugs & Government Support To Impact Regional Growth
Regionally, North America has been leading the worldwide oral anti-diabetic drug market and is anticipated to continue on the dominant position in the years to come, states the oral anti-diabetic drug market study. Supportive government policies and launching of innovative products is the main factor behind the dominance of the North America oral anti-diabetic drug industry. For the record, North America contributed nearly 37% towards the overall oral anti-diabetic drug market share in 2016.