Sulfonylureas Market Worth USD 7028.27 Million by 2023 Globally

Market Overview

Sulfonylureas are one of the most widely used anti-diabetic oral medicines. Significant growth in the global Type 2 diabetic population is the prominent driver for Sulfonylureas market growth. Due to its low cost, the drug is most preferred compared to other diabetic drugs. From 2018 to 2023, the market for Sulfonylureas is expected to see a CAGR of about 2.69 percent. By 2023, the global market for sulfonylureas is expected to reach USD 7028.27 million. Sulfonylureas help to control high levels of blood sugar in patients with type 2 diabetes. This prevents damage to the kidney, blindness, nerve problems, loss of limbs and other problems with function. The primary functions of drugs bring down the level of blood glucose by raising the quantity of insulin generated by beta cells.

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The sulfonylurea market is directly proportional to the increasing diabetic population of type 2. In most cases, sulfonylureas are prescribed for type 2 patients as the second line of drugs. The global diabetic population has grown tremendously over the years and the Type 2 population accounts for nearly 90% of the diabetic population. The drug class Sulfonylureas has been in existence for a long time so the drug market has reached saturation so the growth is expected to be moderate over the forecast period. The major restraint for the Sulfonylureas is that though it is perceived as the first line of therapy drug it is mostly substituted by metformin.

The region of North America has a high diabetic population of type 2. Thus in this region, sales of sulfonylureas are high. North America accounts for close to 44.01% of the global market share of Sulfonylureas. Chinas republic has one of the world’s biggest Type 2 populations. The population of type 2 would rise from 103.08 million by 2023 to 120.37 million. In China, the market for sulfonylureas in 2017 is USD 945.91 million and is expected to reach USD 1235.79 million by 2023.

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Key Players: Mylan, Teva, Takeda, Ranbaxy / Sun Pharma, Actavis, GlaxoSmithKline, Merck, Bristol-Myers Squibb, Boehringer Ingelheim Pharmaceuticals

Key Developments:

Feb 2018: Adults with type 2 diabetes may have a reduced risk of sudden cardiac arrest and ventricular arrhythmia compared to glipizide and glimepiride.

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