Gemigliptin is an oral antidiabetic drug belonging to the class of DPP-4 inhibitors commonly used to control high blood sugar levels in patients with type-2 diabetes. It works by inhibiting the dipeptidyl peptidase-4 enzyme and increasing the levels of incretin hormones like GLP-1 and GIP, which help in better management of blood glucose levels. Gemigliptin offers a convenient once-daily dosage and has shown significant reductions in HbA1c levels with relatively fewer side effects compared to other DPP-4 inhibitors.
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.
Market key trends: Rising prevalence of type-2 diabetes is a major factor driving the growth of the gemigliptin market. As per the International Diabetes Federation (IDF), around 537 million adults aged between 20-79 years were living with diabetes globally in 2021 and is projected to reach 643 million by 2030 and 783 million by 2045. Another key trend spurring market growth is the increasing adoption of oral antidiabetic drugs over injectables. Gemigliptin is prescription medicine and offers better adherence and compliance compared to insulin therapy or other injectable drugs. Ongoing clinical trials to develop once-weekly or extended release formulations of gemigliptin is also expected to boost its demand. However, availability of alternative DPP-4 inhibitors may challenge the growth of gemigliptin to some extent during the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the gemigliptin market is moderate as this is a niche market which requires higher capital investments, high R&D costs, and established distribution networks to be competitive.
Bargaining power of buyers: The bargaining power of buyers is moderate since gemigliptin players have developed long term contracts and partnerships with pharmaceutical companies to provide stable demand.
Bargaining power of suppliers: The bargaining power of suppliers is low since raw materials required for gemigliptin production are commoditized and suppliers have limited differentiation.
Threat of new substitutes: The threat of new substitutes is moderate as new innovative drugs can be introduced as an alternative to gemigliptin for treatment of type 2 diabetes.
Competitive rivalry: The competitive rivalry in the market is high due to presence of established global brands investing heavily in marketing & promotional activities.
Key Takeaways
The Global Gemigliptin Market Share is expected to witness high growth over the forecast period. 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.
Regionally, Asia Pacific is projected to be the fastest growing market for gemigliptin owing to rising incidence of diabetes, large patient pool, and increasing healthcare expenditure in the region. Countries like China, India, and Japan are expected to dominate the Asia Pacific gemigliptin market. India and China have a large diabetic population coupled with improving healthcare infrastructure and increasing awareness about diabetes treatment which is fueling market growth. Generic drugs are cheaper and widely accepted in these countries boosting sales of affordable diabetes drugs like gemigliptin.
Key players comprising
Key players operating in the gemigliptin market are Samsung, Apple Inc., Microsoft Corporation, Mozo Accessories, iLuv Creative Technology, Energizer, Case-mate, and Muvit. Key players compete based on product differentiation, innovatio and launching affordable generic versions of branded drugs to maximize growth.
For more details on the report, Read- https://www.insightprobing.com/gemigliptin-market-growth-demand-and-overview/