AstraZeneca plc., and Wellona Pharma, among others, are the major players in the global saxagliptin market.
The global saxagliptin market is anticipated to grow at a CAGR of about 4% in the forecast period of 2021-2026. As per the analysis by Expert Market Research, the market is expected to be driven by the rising prevalence of type II diabetes across the globe.
The market is being positively driven by certain factors, such as improving lifestyle, increasing prevalence of obesity, and rising junk food habits, and growing government investment. The recent technological advancements in the saxagliptin industry are boosting the market growth of saxagliptin. Furthermore, the product is used as a medicine to treat diabetes type 2 cases. Thus, the increasing geriatric population and rising cases of diabetes type 2 is fuelling the market growth in North American and European countries. In addition, the increasing healthcare expenditure and government funding have improved healthcare awareness in countries like India and China in the Asia Pacific region. Moreover, the growing population, rising disposable incomes, and a larger pool of patients globally also contribute to the growth of the saxagliptin market.
The key players in the global saxagliptin market include AstraZeneca plc. (LON: AZN) and Wellona Pharma. In 2019, AstraZeneca plc. received the approval from the Drug Controller General of India (DGCA) to launch QTERN, a fixed-dose combination of dapagliflozin 10mg and saxagliptin 5mg film-coated tablet for improving blood sugar control in diabetes type 2 cases. The Committee for Medicinal Products for Human Use recommended AstraZeneca plc's Qtrilmet drug-using saxagliptin for treating patients with type 2 diabetes for European Union countries in 2019. Earlier in 2017, AstraZeneca plc's drug Kombiglyze XR was approved by the China Food and Drug Administration for diabetes. The drug is the first once-daily, oral fixed-dose combination drug for diabetes in China and contains saxagliptin and metformin. Wellona Pharma, another key player, supplies saxagliptin as one of its anti-diabetic drug products globally. The aforementioned developments in the industry are expected to boost the market growth over the forecast period.
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AstraZeneca plc. is a British-Swedish multinational biotechnology company that researches, manufactures, and sells pharmaceutical and medical products worldwide. The company is renowned for developing the Oxford-AstraZeneca COVID-19 vaccine and is one of the largest pharmaceutical companies worldwide. It provides a wide array of products for treating major diseases in areas including gastrointestinal, oncology, cardiovascular, respiratory, central nervous system, and other systems. In addition, the products can treat pain control and anaesthesia as well. AstraZeneca operates in over 100 countries with a workforce of more than 65,000 people. The company generated a revenue of USD 26,617 million in 2020.
Wellona Pharma is an Indian pharmaceutical company engaged in manufacturing and exporting high-quality medicines and medicinal products. The company's diverse portfolio of products includes tablets, capsules, injections, pre-filled syringes, inhalers, nasal sprays, creams, ointments, eye and ear drops, syrups, suspensions, suppositories, sachets, powders, and miscellaneous products. It produces and exports over 1500 products to about 1,250 clients in 86 countries globally through its state-of-the-art manufacturing facilities. Wellona Pharma specialises in contract manufacturing and 3rd party manufacturing for selling easily accessible, competitively priced and quality products worldwide.
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