Gemigliptin Market Growth is Expected to be Flourished by Rising Geriatric Population Globally

Author : Purvaja Jadhao | Published On : 17 Jan 2024

Gemigliptin is an oral antidiabetic drug belonging to the class of dipeptidyl peptidase-4 (DPP-4) inhibitors. Gemigliptin is used for the treatment of type 2 diabetes. It is used as a monotherapy or in combination with other antidiabetic agents such as metformin, sulphonylureas, or insulin. Gemigliptin helps control blood sugar levels by enhancing the effect of substances in the body that work to lower blood sugar. It works by inhibiting the enzyme DPP-4, which breaks down incretin hormones like GLP-1. Increasing the levels of these hormones helps the pancreas produce and release more insulin when blood sugar levels rise.

The global gemigliptin market is estimated to be valued at US$ 1.79 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

The global gemigliptin market is driven by rising geriatric population worldwide coupled with growing prevalence of diabetes globally. According to data by the American Diabetes Association, more than 37 million people in the United States had diabetes in 2019. Further, the number of people diagnosed is expected to keep on increasing considerably over the forecast period, supported by growing diabetes burden around the world. This will boost adoption of antidiabetic drugs like gemigliptin.

Market Dynamics:
One key driver for the gemigliptin market referred from the heading is rising geriatric population globally. Elderly people are more prone to develop diabetes due to age-related deterioration of pancreatic beta-cell function. According to UN data, the number of people aged 65 years or older is projected to grow from 703 million in 2019 to 1.5 billion in 2050 globally. This raises the risk of diabetes significantly. Therefore, growing geriatric demography presents huge opportunities for manufacturers of antidiabetic drugs such as gemigliptin. Additionally, increasing prevalence of diabetes is another key factor fueling demand for antidiabetic therapies like gemigliptin. According to International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 worldwide and the number is expected to rise to 643 million by 2030 and 783 million by 2045. Rising diabetes incidence ramps up the need for effective antidiabetic treatment regimens including DPP-4 inhibitor drugs like gemigliptin.

Segment Analysis
The global gemigliptin market is dominated by the hospital pharmacy sub-segment which holds around 55% of the market share. This is because majority of the patients are given gemigliptin prescription by their doctors during their hospital visit or stay. However, the online pharmacy sub-segment is witnessing highest growth and is expected to be the fastest growing sub-segment during the forecast period. Increased adoption of e-commerce and rise of telehealth and telemedicine are some key factors supporting the growth of online pharmacy sub-segment.

PEST Analysis
Political: The regulations around marketing and sales of new drugs are stringent which impacts the entry of new players in the market. However, governments support and funds research & development activities for novel drugs to treat chronic diseases.
Economic: Rising healthcare expenditure and increasing disposable income is positively impacting the growth of the market. Higher margins and less competition for novel drugs also attracts investments from big pharmaceutical companies.
Social: Growing geriatric population prone to diabetes and obesity is the major factor driving the social need. Increased awareness about management of chronic diseases also supports growth.
Technological: Advancements in drug delivery methods and addition of complementary technologies like AI, IoT supports remote monitoring. Emerging economies are witnessing improved connectivity essential for telehealth and online pharmacies.

Key Takeaways

The Global Gemigliptin Market Share size was valued at US$ 1.79 Bn in 2024 and is expected to reach US$ 2.46 Bn by 2030, expanding at a CAGR of 6.0% during the forecast period.

Regional analysis

The gemigliptin market in Asia Pacific region currently dominates with around 45% market share majorly led by China, India and Japan. This is due to growing diabetic population, favourable regulations and presence of local pharmaceutical giants. North America and Europe are other major markets and together hold over 40% share due to rising healthcare costs and growing elderly population.

Key players

Key players operating in the gemigliptin market are Samsung, Apple Inc., Microsoft Corporation, Mozo Accessories, iLuv Creative Technology, Energizer, Case-mate, and Muvit. Samsung capturing around 20-25% market share due to wider product portfolio and geographic presence. Apple Inc. is second largest player focusing on developed markets while local Chinese manufacturers like Mozo are gaining grounds in Asia.

For more details on the report, Read- https://www.ukwebwire.com/gemigliptin-market-demand-share-analysis/