Sulfonylureas Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Sulfonylureas Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Sulfonylureas Market size is estimated at USD 9.27 billion in 2023, and is expected to reach USD 10.81 billion by 2028, growing at a CAGR of 3.12% during the forecast period (2023-2028).

The market is estimated to reach a value of more than USD 10 billion by 2027.

The COVID-19 pandemic has had a substantial impact on the Sulfonylureas market. The prevalence of diabetes in people hospitalized with COVID-19 infection and the recognition that improved glycemic control might improve outcomes and reduce the length of stay in patients with SARS-CoV-2 have underlined the importance of the oral anti-diabetic drugs market. People with diabetes have a weaker immune system, the COVID-19 complication aggravates the condition, and the immune system gets weaker very fast. Diabetes and uncontrolled hyperglycemia are risk factors for poor outcomes in patients with COVID-19 including an increased risk of severe illness or death. Thus, the COVID-19 outbreak increased the sulfonylureas market's growth globally.

Sulfonylurea is an oral anti-diabetic drug used to treat type 2 diabetes. People with type 2 diabetes have chronically high blood sugar levels and sulfonylureas make the body free up more insulin.

In May 2021, the World Health Assembly agreed on a Resolution on strengthening the prevention and control of diabetes. It recommends action in areas including increasing access to medicines and health products for the treatment of diabetes and assessing the feasibility and potential value of establishing a web-based tool to share information relevant to the transparency of markets for diabetes medicines and health products.

According to International Diabetes Federation (IDF), the adult diabetes population in 2021 is approximately 537 million, and this number is going to increase by 643 million in 2030. The rate of newly diagnosed cases of Type 1 and Type 2 diabetes is seen to increase, mainly due to obesity, unhealthy diet, and physical inactivity. The rapidly increasing incidence and prevalence of diabetic patients and healthcare expenditure worldwide are indications of the increasing usage of anti-diabetic drugs. Technological advancements and innovations have increased over the period leading to several modifications either in the drugs or the formulations being developed.

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

Sulfonylureas Market Trends

Rising diabetes prevalence globally

The Global diabetes population is expected to rise by more than 1.9% over the forecast period.

According to International Diabetes Federation, the adult diabetes population in 2021 was approximately 537 million, which will increase by 643 million in 2030. Obesity is considered one of the major factors contributing to the disease, primarily Type 2 diabetes. Continued elevation in blood glucose levels in diabetes patients can contribute to progressive complications such as renal, nerve, and ocular damage.

Type 2 diabetes is increasingly prevalent and associated with an increased cardiovascular and renal disease risk. Along with lifestyle changes, metformin is usually the first-line pharmacotherapy, and sulfonylureas are added after metformin failure. Sulfonylureas are a group of medicines used to manage Type 2 diabetes. Sulfonylureas lowers blood glucose levels by stimulating insulin release from the Beta cells of the pancreas. Their action depends on the presence of functioning Beta cells. Therefore, sulfonylureas do not work in people with type 1 diabetes.

In April 2021, WHO launched the Global Diabetes Compact, a global initiative aiming for sustained improvements in diabetes prevention and care, focusing on supporting low and middle-income countries. The Compact is bringing together national governments, UN organizations, nongovernmental organizations, private sector entities, academic institutions, philanthropic foundations, people living with diabetes, and international donors to work on a shared vision of reducing the risk of diabetes. It also ensures that all people diagnosed with diabetes can access equitable, comprehensive, affordable, and quality treatment and care.

Therefore, the studied market is anticipated to grow over the analysis period due to increased prevalence and the above factors.

Middle East and Africa region is expected to witness highest CAGR in the Sulfonylureas Market over the forecast period

Over the forecast period, the Middle East and Africa region is expected to register a CAGR of 15%.

73 million adults were living with diabetes in the IDF MENA Region in 2021. This figure is estimated to increase to 95 million by 2030. 48 million adults in the IDF MENA Region are living with Impaired Glucose Tolerance, which increases their risk of developing type 2 diabetes. The Middle East and African region witnessed an alarming increase in the prevalence of diabetes. Recently, the rate of diabetes is at an all-time high, mainly due to lifestyle changes. Diabetes is associated with many health complications. Patients with diabetes require many corrections throughout the day to maintain nominal blood glucose levels. It includes administering additional insulin or ingesting additional carbohydrates by monitoring their blood glucose levels.

The Government is working on plans and policies to control the outcomes of diabetes. For instance, Saudi Government, in July 2022, announced that Saudi Arabia saw a growing demand for quality healthcare services spurred by changes, including an increasing and aging population and a growing prevalence of lifestyle diseases such as diabetes and obesity. The Government and private sector are involved in working on healthcare entities, certifications, and regulations. The Government is taking steps to include 100% of Saudi citizens covered by insurance. It is working towards ensuring affordability, access, and quality digital healthcare and primary care with cost-effectiveness.

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

Sulfonylureas Industry Overview

The Sulfonylureas market is fragmented, with major manufacturers like Pfizer, Sanofi, Mylan, and Merck with a global market presence and other generic manufacturers.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support