Type 2 Diabetes Market
Number of pages: 100 | Report Format: PDF | Published date: June 20, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 32.27 billion |
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Revenue Forecast in 2031 |
US$ 66.42 billion |
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CAGR |
8.35% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Drug Class, Application, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global type 2 diabetes market was valued at US$ 32.27 billion in 2022 and is expected to register a revenue CAGR of 8.35% to reach US$ 66.42 billion by 2031.
Type 2 Diabetes Market Fundamentals
Type 2 diabetes is a chronic metabolic disorder characterized by high blood sugar levels resulting from the body's inability to use or produce enough insulin effectively. It is the most common form of diabetes, accounting for approximately 90% to 95% of all diabetes cases globally. Type 2 diabetes is often associated with obesity, a sedentary lifestyle, and poor dietary choices. The condition poses significant health risks, including cardiovascular complications, nerve damage, kidney disease, and vision problems. As the prevalence of type 2 diabetes continues to rise worldwide, it has become a major public health concern.
Over the past few years, significant developments have emerged in managing and treating type 2 diabetes, such as increasing focus on personalized medicine and precision therapies. Medical experts and researchers are exploring genetic factors, biomarkers, and individual patient characteristics to modify treatments and interventions for better outcomes. This move toward personalized care enables more targeted and effective approaches to managing type 2 diabetes. Another trend is the integration of digital health technologies in diabetes management. Mobile apps, wearable devices, and continuous glucose monitoring systems have revolutionized how patients monitor their blood sugar levels, track their diet and exercise, and receive real-time feedback. These technologies not only empower individuals with diabetes to take more control of their health but also provide healthcare professionals with valuable data for personalized treatment adjustments.
Market players, including pharmaceutical companies, medical device manufacturers, and digital health startups, are actively seeking opportunities and strategies to address the challenges posed by type 2 diabetes. One promising area of focus is the development of innovative drugs and therapies. Researchers are investigating novel drug targets, such as incretin-based therapies and sodium-glucose cotransporter-2 (SGLT2) inhibitors, which have shown significant potential in improving glycaemic control and reducing cardiovascular risks.
Type 2 Diabetes Market Dynamics
The key factor driving the type 2 diabetes market is the increasing prevalence of type 2 diabetes. According to the Centers for Disease Control and Prevention, in April 2023, over 37 million Americans are estimated to have type 2 diabetes. Although it primarily affects individuals over the age of 45, it is becoming more prevalent among children, teenagers, and young adults. The trend is expected to increase significantly in the coming years due to sedentary lifestyles, obesity, and unhealthy dietary choices. According to Diabetes UK, in 2022, obesity is responsible for 80-85% of the risk of developing type 2 diabetes. Recent research indicates that individuals with obesity are up to 80 times more likely to develop type 2 diabetes than those with a BMI of less than 22.
Moreover, many top market players are launching new products in the global type 2 diabetes market. In March 2022, Mounjaro (tripeptide) injection was approved by the U.S. Food and Drug Administration to enhance blood sugar control in adults with type 2 diabetes when combined with proper diet and exercise. Clinical studies have shown that Mounjaro improves blood sugar levels and outperforms other diabetes treatments. Similarly, in September 2019, the FDA approved Novo Nordisk's oral GLP-1 receptor agonist, Rybelsus, which has gained popularity for its convenience and effectiveness. The drug has been proven to lower HbA1c levels and help with weight loss, making it an appealing choice for those with type 2 diabetes.
However, several challenges affect the type 2 diabetes market, including the expensive cost of medications, limited effective treatment choices, and the complexity of managing the disease. Furthermore, there is a pressing need for personalized care and improved patient education regarding lifestyle modifications that can positively impact their health.
Market Ecosystem
The global type 2 diabetes market is analyzed from the following perspectives: by drug Class, application, and region.
Type 2 Diabetes Market by Drug Class
Based on drug class, the global type 2 diabetes market is segmented into sulfonylureas, meglitinide/phenylalanine analogs, glucagon-like peptide-1 (GLP-1) receptor agonists, Dipeptidyl Peptidase-4 (DPP-4) inhibitors, biguanide (AMPK Activator), thiazolidinediones (PPARγ Activator), and others (α-Glucosidase Inhibitors, amylin analogs, dopamine-d2 receptor agonists, sodium-glucose cotransport-2 (SGLT-2) inhibitors, etc.).
The biguanide (AMPK Activator) segment accounted for a significant share of the global type 2 diabetes market revenue share in 2022. This is majorly attributed to the effectiveness of biguanides in controlling blood glucose levels. In addition, the availability of generic versions of biguanides at lower prices also contributes to this segment's growth. Metformin, a commonly prescribed biguanide, is the most popular type 2 diabetes drug due to its high efficacy and safety profile. In addition, metformin has been used for many years as a medication to manage type 2 diabetes and is known to have a reliable absorption profile.
Type 2 Diabetes Market by Distribution Channel
Based on the distribution channel, the global type 2 diabetes market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies.
The hospital pharmacies segment accounts for most of the global Type 2 Diabetes Market share. This is due to the high demand for diabetes medication in hospitals, as well as the fact that hospital pharmacies are often the primary source of medication for patients with severe cases of Type 2 diabetes. In addition, hospitals tend to have more resources and expertise when it comes to managing diseases, which makes them an attractive option for patients seeking treatment. However, as the prevalence of Type 2 diabetes continues to rise worldwide, there is also an increasing demand for diabetes medication in other settings, such as retail pharmacies and online pharmacies.
Type 2 Diabetes Market by Region
Based on the region, the type 2 diabetes market is segmented into North America, Europe, Asia Pacific, Latin America, & the Middle East & Africa.
North America accounted for the majority of the global type 2 diabetes market in 2022. This is attributed to the increasing number of type 2 diabetes patients. According to the Centers for Disease Control and Prevention, there is an anticipated increase in the number of young people with type 2 diabetes by 2060, which may reach up to 220,000, representing a staggering 700% rise. Additionally, there could be a 65% increase in young people with type 1 diabetes within the next four decades. Moreover, the type 2 diabetes market in North America is supported by the presence of many top players, such as Novartis AG, Eli Lilly, and Co., in the region. Furthermore, the increasing prevalence of obesity, unhealthy lifestyles, and a sedentary lifestyle contribute to the rise in type 2 diabetes cases in North America. The region has also witnessed a surge in government initiatives to raise awareness about diabetes management and prevention, thereby driving the market’s growth.
The Asia Pacific Type 2 Diabetes Market is projected to grow significantly in the forecast years. This growth can be attributed to various factors, including the increasing prevalence of type 2 diabetes in the region, rising awareness about the disease, and the adoption of unhealthy lifestyles. Additionally, the growing geriatric population and the rising healthcare expenditure in the region are expected to contribute to the market’s revenue growth. Moreover, the increasing demand for effective diabetes management solutions and the availability of advanced treatment options are further expected to boost the market growth in the coming years.
Strategic Development Type 2 Diabetes Market
Type 2 Diabetes Market Competitive Landscape
The competitive landscape of the type 2 diabetes market is constantly evolving. Top companies offer treatments and medications for this disease, ranging from large pharmaceutical giants to smaller biotech startups. Some of the key players in the market include Novo Nordisk, Sanofi, Eli Lilly, and Merck & Co. Each of these companies has their own unique approach to treating type 2 diabetes, and they are all vying for a larger share of the market.
Some of the prominent companies having the largest revenue share in the global type 2 diabetes market are,
Type 2 diabetes is a chronic metabolic disorder characterized by high blood sugar levels resulting from the body's inability to use insulin effectively or produce enough insulin.
The global type 2 diabetes market has been growing steadily over the years. This growth can be attributed to factors such as a significant increase in the prevalence of type 2 diabetes and many strategies top market players take to increase revenue.
The global type 2 diabetes market is expected to register a revenue CAGR of 8.35% in the forecast period from 2022 to 2031.
North America accounted for the majority of the global type 2 diabetes market, with the majority of market revenue share in 2022. This is due to the presence of a high patient pool and the presence of many top market players.
The global type 2 diabetes market was valued at US$ 32.27 billion in 2022.
*Insights on financial performance are subject to the availability of information in the public domain