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The advanced glycation end products market is involved in the manufacturing of various pharmaceutical products used for the treatment of diabetes and its associated complications. These products work by inhibiting the formation of AGEs in the body and thereby, preventing tissue and organ damage. The global market for advanced glycation end products is primarily driven by the growing prevalence of diabetes worldwide and increasing lifespan of the aging population. Within the pharmaceutical industry, continuous research and development activities are being conducted to generate improved treatment options. Advanced glycation end products play a key role in slowing down diabetes progression and reducing the risk of related health conditions.
The Global Advanced Glycation End Products Market is estimated to be valued at US$ 3,469.95 Mn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the advanced glycation end products market are Merck KGaA (Germany), Aquinnah Pharmaceuticals (US), Pliant Therapeutics (US), Daval International Limited (UK), Elysium Health (US), Geron Corporation (US), and NeoMed (Luxembourg).
The market is expected to witness lucrative growth opportunities due to rising government funding for R&D activities and increasing awareness regarding advanced glycation end products inhibitors. Continuous research in the area of nanotechnology is further expected to offer new candidates for inhibiting AGE accumulation.
Technological advancements like the development of new categories of AGE inhibitors, enzyme inhibitors and cross-link breakers are anticipated to boost market growth over the forecast period. In June 2019, MIT engineers announced developing a method to convert nanoemulsion liquid into solid gels, which could pave way for controlled release drug delivery formulations.
Market drivers
The increasing prevalence of diabetes along with growing elderly population base worldwide is a key driver boosting demand for advanced glycation end products therapeutics. As per estimates, around 463 million people were suffering from diabetes in 2019 globally and the figure is expected to rise to over 700 million by 2045. Furthermore, rising investments in pharmaceutical R&D and clinical trials are supporting the development of advanced treatment solutions, thereby propelling market revenues.
Current challenges in Advanced Glycation End Products Market
The Advanced Glycation End Products Market faces several challenges. One major challenge is the lack of awareness about advanced glycation end products and their role in various chronic diseases. This lack of awareness has hindered the adoption of AGE inhibitors and breakers. Another challenge is the high cost of research and development activities in this field. Developing effective inhibitors and breakers require extensive pre-clinical and clinical trials which increases the overall costs.
SWOT Analysis
Strength: Growing prevalence of diabetes and associated chronic diseases is driving the demand for AGE inhibitors and breakers. Also, continuous research and development activities are generating promising product pipeline.
Weakness: Lack of awareness about ill effects of AGEs hinders market growth. High costs of R&D is also a weakness.
Opportunity: Emerging economies with large diabetic population present lucrative growth opportunities. Collaborations between industries and research institutes can help develop low-cost solutions.
Threats: Stringent regulatory approvals and safety concerns pose a major threat to market growth. Expiry of patents can increase market competition.
In terms of value, North America accounts for the major share in the global Advanced Glycation End Products Market due to growing diabetic population and availability of advanced healthcare facilities. Europe is another prominent market favored by increasing government support for research activities.
The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rising healthcare expenditure, growing medical tourism, and increasing prevalence of chronic diseases. China and India are expected to drive the market in the Asia Pacific due to large patient pools and improving healthcare infrastructure.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
