SGLT2 Inhibitor Market by Type (Dapagliflozin, Canagliflozin, Empagliflozin, and Others), By Application (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies): Global Opportunity Analysis and Industry Forecast, 2022-2031

The SGLT2 Inhibitor market was valued at $10.2 billion in 2022. It is projected to grow at a CAGR of 8.8% from 2023 to 2031 and reach more than $16.3 billion by the end of 2031. 

Analysts’ Viewpoint by Cognate Lifesciences

According to industry analysts, the global SGLT2 Inhibitor market is expected to see significant growth in the coming years, driven several key factors that are poised to shape the market landscape. Among these factors are the increasing prevalence of diabetes, a growing emphasis on the management of cardiovascular complications associated with diabetes, and the continuous development of novel and more effective SGLT2 inhibitors.The rising global prevalence of diabetes, particularly type 2 diabetes, serves as a primary driver for the anticipated growth in the SGLT2 inhibitor market. As diabetes rates continue to escalate worldwide, there is an expanding patient population seeking effective treatment options to manage the condition and its associated complications.

Furthermore, the growing recognition of the cardiovascular benefits associated with SGLT2 inhibitors is expected to propel market expansion. Recent research and clinical studies have highlighted the potential cardiovascular advantages of SGLT2 inhibitors beyond glycemic control, influencing their adoption in diabetes management. The continuous development of innovative SGLT2 inhibitors, marked by enhanced efficacy and safety profiles, is another critical factor fostering market growth. Pharmaceutical companies are actively investing in research and development to introduce newer and improved SGLT2 inhibitors, providing clinicians with advanced options for diabetes treatment.

SGLT2 Inhibitor Overview 

The SGLT2 Inhibitor market presents a promising landscape, poised for significant growth in the coming years, according to industry analysts. This optimistic outlook is shaped by various key factors that define the market's dynamics and its role in the management of diabetes and associated complications. One of the primary drivers of the SGLT2 Inhibitor market is the escalating global prevalence of diabetes, particularly type 2 diabetes. As the incidence of diabetes continues to rise globally, there is a growing demand for effective therapeutic options, and SGLT2 inhibitors have emerged as valuable tools in the management of this chronic condition.

Beyond glycemic control, the market is influenced by the increasing recognition of the cardiovascular benefits associated with SGLT2 inhibitors. Recent research has shed light on the positive impact of these inhibitors on cardiovascular outcomes, positioning them not only as antidiabetic agents but also as contributors to cardiovascular risk reduction. Innovation and continuous research and development efforts play a pivotal role in shaping the SGLT2 Inhibitor market. Pharmaceutical companies are actively engaged in developing novel SGLT2 inhibitors with improved efficacy and safety profiles, providing healthcare professionals and patients with advanced and more tailored treatment options.

New product launches to flourish in the market

The SGLT2 Inhibitor market is expected to see several new product launches in the coming years. Some of the key product launches expected in the SGLT2 Inhibitor market are:

• In April 2022, Nippon Boehringer Ingelheim achieved a label update for its SGLT-2 inhibitor, Jardiance (empagliflozin), approved by the Pharmaceuticals and Medical Devices Agency (PMDA) in Japan. This update expands the usage of Jardiance to include patients not only with heart failure with reduced ejection fraction (HFrEF) but also those with chronic heart failure with preserved ejection fraction (HFpEF). This regulatory approval signifies a significant milestone, broadening the therapeutic applications of Jardiance in the Japanese market.
• In February 2021, AstraZeneca received approval in China for Forxiga (dapagliflozin) to mitigate the risk of cardiovascular (CV) death and hospitalization due to heart failure (hHF) in adults diagnosed with heart failure (NYHA class II-IV) exhibiting reduced ejection fraction (HFrEF). This regulatory endorsement represents a significant development, expanding the application of Forxiga in the Chinese market to address cardiovascular risks associated with heart failure.

Segment Overview:

By Type: The SGLT2 Inhibitor market is divided into dapagliflozin, canagliflozin, empagliflozin, and others. Empagliflozin currently commands the largest market share, accounting for approximately 40% of the SGLT2 Inhibitor market. This dominance within the segment can be attributed to several key factors that collectively underscore the strength of empagliflozin in the market. Empagliflozin's early market entry and established presence play a pivotal role in its market dominance. Being one of the first SGLT2 inhibitors introduced to the market, empagliflozin has had a head start, allowing it to build a strong reputation for both efficacy and safety. This early-mover advantage has contributed significantly to its widespread adoption. Additionally, the extensive clinical data and proven benefits associated with empagliflozin further solidify its dominant market position. The robust body of clinical evidence supporting its effectiveness in not only glycemic control but also cardiovascular protection and other health benefits has contributed to its acceptance among healthcare professionals and patients alike.

Moreover, strategic marketing campaigns and well-established brand recognition play a crucial role in empagliflozin's market dominance. The active promotion of the drug, coupled with its recognizable brand, enhances its visibility and acceptance in the market. Thus, empagliflozin's largest market share is a result of its early market entry, established presence, extensive clinical data showcasing its benefits, and effective marketing strategies that have contributed to strong brand recognition. These factors collectively position empagliflozin as a leading player in the SGLT2 Inhibitor market segment.

By Application: The SGLT2 Inhibitor market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. Hospital pharmacies presently secure the largest market share, accounting for approximately 55% of the SGLT2 Inhibitor market. This dominance within the segment can be attributed to several key factors, underscoring the pivotal role of hospital pharmacies in the distribution and accessibility of SGLT2 inhibitors. The direct access to patients that hospital pharmacies provide is a critical factor contributing to their market dominance. With a readily available patient population within the hospital setting, hospital pharmacies cater to individuals already diagnosed with diabetes who often require immediate access to medications like SGLT2 inhibitors. This direct access streamlines the medication dispensing process and facilitates timely treatment. Secondly, the integration of hospital pharmacies with healthcare systems is a significant driver. The close collaboration with healthcare providers and the established infrastructure within hospitals create a seamless pathway for prescribing and dispensing SGLT2 inhibitors. This integration ensures efficient coordination between healthcare professionals and pharmacists, optimizing patient care. Lastly, the bulk purchasing power and negotiating capabilities of hospital pharmacies play a crucial role in their dominance. Hospitals, with their large patient volumes, can negotiate advantageous deals with pharmaceutical companies due to their ability to make bulk purchases. This negotiating power potentially influences medication costs, making SGLT2 inhibitors more economically viable within hospital settings. Thus, the largest market share held by hospital pharmacies is attributed to their direct access to patients, integration with healthcare systems, and the bulk purchasing and negotiating power that hospitals possess. These factors collectively position hospital pharmacies as key players in the SGLT2 Inhibitor market segment.

By Region:

North America, with the highest population of individuals with Type 2 diabetes, stands as a key driver for the growth of the SGLT2 inhibitor market. The region's rising prevalence of Type 2 diabetes globally fosters the demand for SGLT2 drugs, despite comparatively higher prices in this market. In the United States, Jardiance emerges as a frontrunner, holding a substantial 50% market share in the SGLT2 market. This dominance is underpinned by the endorsement from the American Diabetes Association Standards of Care, which specifically recommends empagliflozin—the active pharmaceutical ingredient in Jardiance. Notably, empagliflozin is recognized as the sole diabetic drug that reduces the risk of cardiovascular death in adults with Type 2 diabetes, further solidifying its position in the market. The United States faces a significant challenge with a dramatic increase in diabetes prevalence over the past two decades, attributed to escalating rates of obesity and lifestyle changes. Diabetes ranks among the fastest-growing chronic diseases in the country, with approximately 1.75 million new diagnoses each year. The prevalence of obesity, a prominent cause of Type 2 diabetes, is notably high in the United States.

The Asia Pacific region stands out as the fastest-growing market for SGLT2 Inhibitor, with a projected CAGR of approximately 12%. The Asia Pacific SGLT2 Inhibitor market presents a landscape characterized by substantial growth opportunities, driven by factors such as rising diabetes prevalence, increasing awareness, and supportive government initiatives. These dynamics position the APAC region as a key player in shaping the future of diabetes management through SGLT2 inhibitors. Governments across the APAC region are actively implementing initiatives to enhance diabetes management and improve access to medications. These supportive policies create a conducive environment for the growth of the SGLT2 Inhibitor market, aligning with broader healthcare objectives.

Competitive analysis and profiles of the major players in the SGLT2 Inhibitor market, such as AstraZeneca, Eli Lilly and company, Boehringer Ingelheim International GmbH, Pfizer Inc., Glenmark pharmaceuticals, Mankind Pharma Ltd., Torrent Pharmaceuticals Ltd., Lupin Pharmaceuticals, Inc., Janssen Pharmaceuticals, USV Ltd., Abbott. Major players have adopted product launch and acquisition as key developmental strategies to improve the product portfolio of the SGLT2 Inhibitor market.   

Market Scope and Structure Analysis

Key Segments Covered

Type

• Dapagliflozin
• Canagliflozin
• Empagliflozin
• Others

By Application

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa
  • Israel
  • Rest of Middle East & Africa