Type 2 diabetes refers to a metabolic disorder characterized by high blood sugar levels due to insufficient insulin production or the body’s inability to respond to insulin properly. Some key products associated with type 2 diabetes management include insulin, insulin delivery devices, oral anti-diabetic drugs, and self-monitoring blood glucose devices. The global burden of type 2 diabetes has been increasing rapidly owing to increasing obesity levels, unhealthy diets, and sedentary lifestyle across both developed and developing nations.
The Global Type 2 Diabetes Market is estimated to be valued at US$ 39.87 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Type 2 Diabetes market are Novo Nordisk, Sanofi, Eli Lilly and Company, Merck Co., Inc., Boehringer Ingelheim, AstraZeneca PLC, Takeda Pharmaceutical Company Limited, Novartis AG, GlaxoSmithKline plc, Pfizer Inc., Daiichi Sankyo Company, Limited, Abbott Laboratories, Roche Holding AG, Sun Pharmaceutical Industries Ltd., Lupin Limited, Dr. Reddy’s Laboratories Ltd., Aurobindo Pharma Limited, and Torrent Pharmaceuticals Limited.
he rising prevalence of Type 2 Diabetes Market Share has created significant growth opportunities in drug development and devices manufacturing. Further, investments in awareness programs, technological advancements, and global expansions by key market players are helping patients better manage their condition.
The increasing research on diabetes drugs and continuous launch of novel treatments provide lucrative opportunities for market growth. For instance, in 2022 Eli Lilly launched a new pre-mixed insulin formulation under the brand name of Rybelsus that offers improved glucose control. The rising geriatric population suffering from diabetes and various initiatives by governments worldwide to spread awareness are majorly driving the global expansion of the type 2 diabetes market.
Market drivers
Increasing prevalence of obesity and sedentary lifestyle has been a major driver contributing to the growth of type 2 diabetes. According to WHO, in 2016, over 1.9 billion adults were overweight out of which over 650 million were obese. Further, improving diagnostic capabilities and continuous monitoring of blood glucose levels has helped in early detection and better management of type 2 diabetes cases globally.
PEST Analysis
Political: The rising healthcare expenditure and growing healthcare policies by governments worldwide will positively impact the growth of the type 2 diabetes market. Governments are raising awareness campaigns to curb diabetes.
Economic: Increasing disposable incomes in emerging economies has boosted the uptake of diabetes drugs and devices. Moreover, population with disposable incomes which can afford quality healthcare are the major consumers of diabetes management services and technologies.
Social: Growing prevalence of diabetes and obesity has increased focus on lifestyle management. Changing eating habits and sedentary lifestyles are fueling the risk of type 2 diabetes. Greater social awareness about diabetes self-management is aiding early detection and treatment-seeking.
Technological: Advancements in drug delivery systems, artificial pancreas devices and continuous glucose monitoring technologies have enabled superior glycemic control. Digital health solutions, mobile apps and telehealth are supporting remote diabetes management.
Around 60% of the total Type 2 Diabetes Market Regional Analysis in terms of value is concentrated in North America and Europe. This can be attributed to growing elderly demographic, rising obesity and presence of advanced healthcare systems in these regions. Asia Pacific is projected to be the fastest growing regional market during the forecast period owing to increasing diabetes prevalence, growing medical expenses and expansion of healthcare infrastructure across developing nations.
The Middle East and Africa region is also emerging as a lucrative market backed by increasing government investments to strengthen regional healthcare systems and address the growing burden of diabetes. Factors such as rapid urbanization and lifestyle changes have augmented diabetes incidence rates in Middle Eastern and African countries in recent years.