According to the report titled ‘Global Oral Antidiabetic Drugs Market Size study, by Drug (Biguanides, Alpha-glucosidase inhibitors, Dopamine-D2 Receptor Agonist, Sodium - glucose Cotransport -2 (SGLT-2) inhibitor, Dipeptidyl Peptidase - 4 (DPP-4) Inhibitors, Sulfonylureas, Meglitinides) and Regional Forecasts 2020-2027’, available with Market Study Report, global oral antidiabetic drugs market was valued at USD 26.8 billion in 2019 and is anticipated to showcase a y-o-y growth rate of 10.3% during 2020-2027.
 

Increasing research & development activities by pharmaceutical manufacturers in order to cater to the high demand for oral drugs along with growing elderly population are major factors driving the growth of global oral antidiabetic drugs market.
 

For those uninitiated, oral antidiabetic drugs or oral antihyperglycemic agents are consumed orally as a medication to heal diabetes mellitus (type 2) by decreasing blood sugar levels. These drugs are majorly recommended as monotherapy, although in some critical cases they are also offered along with insulin.
 

Rising cases of diabetes are also aiding towards worldwide oral antidiabetic drugs market expansion.  As per International Diabetes Federation (IDF), diabetes is highly prevalent among adults in the age group of 20-79 years. In fact, the IDF states that around 463 million diabetes cases were recorded in the year 2019, which is further expected to reach 700 million cases by 2045.
 

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Moreover, according to IDF Diabetes Atlas in 2019, the number of diabetic patients in Europe is anticipated to reach 68 million by the year 2045 with health expenditure recording at USD 214 billion, which in turn is augmenting global oral antidiabetic drugs market size. However, high costs of the product may hamper the industry remuneration in the forthcoming years.
 

The pharma sector is primarily focusing on development of COVID-19 vaccine amidst the pandemic, and thus research & development regarding oral antidiabetic drugs have declined, which in turn could negatively impact the overall market outlook. Regardless, the demand for oral antidiabetic drug has not been affected by the outbreak of COVID-19, thereby favoring global oral antidiabetic drugs industry trends.
 

Based on drug type, global oral antidiabetic drugs market is divided into meglitinides, sulfonylureas, dipeptidyl peptidase - 4 (DPP-4) inhibitors, sodium - glucose cotransport -2 (SGLT-2) inhibitor, dopamine -D2 receptor agonist, alpha-glucosidase inhibitors, and biguanides.
 

Citing the regional landscape, the report states that North America currently accounts for significant share in global oral antidiabetic drugs industry and is expected to showcase similar trends in the ensuing years, on account of increasing pervasiveness of diabetes and introduction of new anti-diabetic drugs with better efficiency in the region.
 

Meanwhile, Asia Pacific oral antidiabetic drugs industry is likely to witness a considerable growth during the analysis timeframe, owing to improving healthcare infrastructure and increasing diabetic population across the region.
 

Major contenders in global oral antidiabetic drugs market are Sanofi S.A., Novartis International AG, AstraZeneca plc, Merck & Co., Inc., Boehringer Ingelheim Group, Astellas Pharma Inc., Janssen Pharmaceuticals, Inc., Eli Lilly and Company, Pfizer Inc., and Takeda Pharmaceutical Company Ltd.