The global incretin-based drugs market is segmented by drug type into glucagon-like peptide-1 receptor (GLP-1) agonists and dipeptidyl peptidase-4 (DPP-4) inhibitors; by administration method into oral drugs and injectable drugs and by regions. Incretin Based Drugs Market is anticipated to mask a CAGR of 3.4% during the forecast period i.e. 2018-2027.
Currently the global incretin based drugs market is observing a vibrant growth owing to increasing demand of diabetes control drugs in the market. Advances in pharmaceutical industry in the past few years and growing biologic hormonal explorations are projected to drive incretin based drugs market besides the wide range of functions of incretin based drugs in an immense range of body functioning such as lowering free fatty acid levels, improving insulin resistance, lowering body weight and more during the forecast period.
As a region with highly developed healthcare system, North America is panned to observe substantial growth in incretin based drugs market on account of rising incretin based drugs usage among the increasing diabetic type-2 suffering population. North America is estimated to be followed by Asia Pacific in terms of consumption due to expanding incretin based drugs requirements on the back of increasing geriatric population. Europe is expected to drive the demand and positively impact incretin-based drugs market growth over the forecast period owing to increasing incretin-based drugs application for improving β-cell performance and glucose profiles in patients.
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Rise in Diabetic Population
World Diabetes Foundation has estimated that, there will be 438 million people with diabetes by 2030 which infers requirement for insulin management market will attend escalating diabetes population. Incretin based drugs display a promising market growth on account of high worldwide existence and occurrence of type-2 diabetes, wide-range research and development in technology for efficient insulin regulation and support from government and health care centers in making insulin management drugs available all over the world. According to World Health Organization (WHO) since 1980 till present, the worldwide occurrence of diabetes in adult population has increased from 4.7% to 8.5%.
Increasing Adoption of Sedentary Lifestyle
Increasing incidences of cardiovascular diseases, increasing geriatric population and high incidences of obesity due to adoption of sedentary lifestyle is anticipated to contribute significantly in driving the incretin based drugs market over the forecast period.
However, absence of insulin management in type-2 diabetes drugs from the market across the under-developed regions of the world along with concerns regarding efficacy of drugs, can impede incretin based drugs market growth while its obtainability would upsurge market size and demand in low and middle income countries.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:
As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation.
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This report also provides the existing competitive scenario of some of the key players of the global Incretin Based Drugs market which includes company profiling ofGlaxoSmithKline Plc., Boehringer Ingelheim GmbH., Merck & Co., Inc., Takeda Pharmaceutical Company Ltd., Sanofi S.A., AstraZeneca Plc., Eli Lilly and Company, Johnson & Johnson, Novartis AG and Nova Nordisk. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global Incretin Based Drugsmarket that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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