Oman Diabetes Drugs Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Oman Diabetes Drugs Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Oman Diabetes Drugs Market size is expected to grow from USD 199.10 million in 2023 to USD 274.19 million by 2028, at a CAGR of 6.61% during the forecast period (2023-2028).

The market is estimated to reach a value of more than USD 258 million by 2027.

The COVID-19 pandemic positively impacted the Diabetes Drugs market growth in Oman. Patients with diabetes, infected with SARS-CoV-2 experience additional stress and increased secretion of hyperglycemic hormones, which results in elevated blood glucose, abnormal glucose variability, and diabetic complications. Diabetes and uncontrolled hyperglycemia are risk factors for poor outcomes in patients with COVID-19 including an increased risk of severe illness or death. To avoid complications, a patient's blood glucose level should be maintained at a normal level.

Diabetic drugs are medicines developed to stabilize and control blood glucose levels amongst people with diabetes. Diabetic drugs are commonly used to manage diabetes. Diabetic drugs have been potential candidates for treating diabetic patients affected by SARS-CoV-2 infection during the COVID-19 pandemic. Although the current numbers show that the existence of diabetes is comparatively lesser in Oman, the growth rate of the diabetic population is projected to be higher in the country. According to Mordor Intelligence, the diabetic population in Oman increased to 0.57 million in 2021 and it is expected to reach 0.84 million by 2027. Diabetes is associated with many health complications. Patients with diabetes require many corrections throughout the day to maintain nominal blood glucose levels, such as administering additional insulin or ingesting additional carbohydrates by monitoring their blood glucose levels. Diabetes poses an emerging healthcare burden across the country and is one of the leading causes of premature death, morbidity, and loss of economic growth.

Oman, Ministry of Health, recently participated in the virtual launch of the WHO Global Diabetes Compact, organized jointly by the World Health Organization and the government of Canada aimed at raising awareness level about diabetes as a global disease, in addition to expanding prevention and treatment as part of primary health care and universal health coverage.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.

Oman Diabetes Drugs Market Trends

The oral anti-diabetic drugs segment holds the highest market share in the Oman Diabetes Drugs Market in the current year

The oral anti-diabetic drugs segment holds the highest market share of about 88.8% in the Oman Diabetes Drugs Market in the current year.

Oral Anti-Diabetic Drugs are available internationally and are recommended for use when escalation of treatment for type 2 diabetes is required along with lifestyle management. Oral agents are typically the first medications used in treating type 2 diabetes due to their wide range of efficacy, safety, and mechanisms of action. Anti-diabetic drugs help diabetes patients control their condition and lower the risk of diabetes complications. People with diabetes may need to take anti-diabetic drugs for their whole lives to control their blood glucose levels and avoid hypoglycemia and hyperglycemia. Oral anti-diabetic agents present the advantages of easier management and lower cost. So they became an attractive alternative to insulin with better acceptance, which enhances adherence to the treatment.

In July 2022, Zydus Lifesciences announced that it had received final approval to market Empagliflozin and Metformin Hydrochloride tablets in multiple strengths. Empagliflozin and Metformin Hydrochloride tablets are used with proper diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus. They are also used to lower the risk of cardiovascular death in patients with type 2 diabetes mellitus and established cardiovascular disease.

According to Oman Diabetes Association, diabetes is a costly chronic illness that needs control of blood sugar levels. It imposes a challenge for low-income and social security patients. Thus, an initiative is designed to reduce the burden on these targeted groups, consequently promoting sugar control. Moreover, the number of new cases among children is about 60 annually. According to local studies and reports on good diabetes control, the rate in adult patients ranges from 32-35%, whereas it reaches 10-12% among children and adolescents. The Government is working on increasing awareness of diabetes and access to medicines to improve good diabetes control.

Owing to the rising rate of obesity, growing genetic factors for type-2 diabetes, the increasing prevalence, and the factors above, the market will likely continue to grow.

Metformin is expected to dominate the Oman Diabetes Drugs Market over the forecast period

Metformin is expected to dominate the Oman Diabetes Drugs Market and register a CAGR of around 6.1% over the forecast period.

Biguanides are a class of medications used to treat type 2 diabetes. They work by reducing the production of glucose that occurs during digestion. Metformin is the only biguanide currently available in most countries for treating diabetes. Glucophage (metformin) and Glucophage XR (metformin extended release) are well-known brand names for these drugs. Others include Fortamet, Glumetza, and Riomet. Metformin is also available in combination with several other types of diabetes medications, such as sulfonylureas.

Diabetes reduces lifespan, and people with the disease are likely to experience blindness and be hospitalized for amputations, kidney failure, heart attacks, strokes, and heart failure. Metformin is the first-line choice for the management of hyperglycemia in T2DM. Besides being an important glucose-lowering agent, metformin also includes significant anti-inflammatory properties. Other options must be considered when metformin is contraindicated or not tolerated or when treatment goals are not achieved after three months of use at the maximum tolerated dose. Dipeptidyl peptidase-4 inhibitors, sodium-glucose cotransporter-2 inhibitors, and glucagon-like peptide-1 agonists are generally used to supplement treatment with metformin.

The Ministry of Health, Oman is strategically planning to contain the growing burden of diabetes and invest in all means to control it, stating, “Our work needs to ensure equitable and affordable access to treatment, and it is essential that we advocate for investments in diabetes education and prevention programs.” Risk factors such as insufficient physical activity and the consumption of unhealthy diets are contributing to the development and progression of the disease.

Owing to the factors above, the market is expected to grow during the forecast period.

Oman Diabetes Drugs Industry Overview

The Oman Diabetes Drugs Market is moderately consolidated, with major manufacturers, namely Eli Lilly, Sanofi, Novo Nordisk, AstraZeneca, and other generic players, holding a presence in the region. A major share of the market is held by manufacturers concomitant with strategy-based M&A operations and constantly entering the market to generate new revenue streams and boost existing ones.

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