Growing prevalence of diabetes is the primary driver of this market. Growth in prevalence of disease causing lifestyle disorders such as irregular dietary habits and obesity is also expected to boost product demand by triggering incidence rates of target diseases.
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Future commercialization of products currently in the pipeline and the presence of large untapped opportunities in the emerging Asia Pacific and Latin American markets is expected to fuel future market growth. Introduction of new products exhibiting higher efficacy coupled with the presence of favorable government initiatives are some factors attributing to its market attractiveness.
Further key findings from the study suggest:
Long acting insulin was the leading product segment in 2013 and is expected to grow at the CAGR of over 15.0% during the forecast period. The introduction of advanced products, high prices associated with these products and the phasing out of human insulin are some key factors attributing for its large share.
Rapid uptake of newly approved DPP-4 inhibitors such as Januvia, Nesina and Onglyza on account of their once daily dosage regimens and safety profiles catalyzed the growth of this market.
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North America was the most matured antidiabetics market in 2013 accounting for over 43.0% of the market High market penetration of insulin and other antidiabetics and the presence of sophisticated reimbursement framework are expected to drive regional market growth.
Asia Pacific is expected to present manufacturers with lucrative future growth opportunities. Large presence of unmet patient needs and rapidly improving healthcare infrastructure are some factors expected to drive market growth in the region. The market is also expected to be driven by the introduction of cheaper products made available by local manufacturers.
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Some key market players of antidiabetics include Sanofi Aventis, Takeda Pharmaceuticals, Eli Lilly, Oramed Pharmaceuticals Inc., Merck & Co. Inc., Novo Nordisk, Bristol-Myers Squibb, Halozyme Therapeutics and Pfizer.
The market is oligopolistic in nature with few players accounting for over 70% of the market. Extensive R&D investments aimed at new product development and entering new markets via government contracts are the key sustainability strategies adopted by these organizations.
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