Mother measuring daughter's glucose with digital device.
Overview and Scope
Type 2 diabetes is a chronic metabolic disorder characterized by elevated blood sugar levels due to insulin resistance and inadequate insulin production. The development of Type 2 diabetes is influenced by a combination of genetic, lifestyle and environmental factors. Dietary and pharmaceutical adjustments can manage type 2 diabetes by lowering weight, eating a healthy diet and exercising consistently.
Sizing and Forecast
The type 2 diabetes market size has grown strongly in recent years. It will grow from $44.56 billion in 2023 to $48.14 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to lifestyle and dietary changes, aging population, pharmaceutical developments, public health initiatives.
The type 2 diabetes market size is expected to see strong growth in the next few years. It will grow to $65.89 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to global diabetes epidemic, personalized medicine, technological advancements, healthcare policy changes. Major trends in the forecast period include digital health and telemedicine, prevention and early intervention, artificial intelligence (AI) and machine learning (ML), metabolic surgery.
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Segmentation & Regional Insights
The type 2 diabetes market covered in this report is segmented –
1) By Drug Class: Dipeptidyl Peptidase-4 (DPP-4) Inhibitors; Glucagon-Like Peptide-1 (GLP-1) Receptor Agonists; Thiazolidinediones; Alpha-Glucosidase Inhibitors; Sulfonylureas And Other Insulin Secretagogues; Biguanides; SodiumGlucose Cotransporter 2 Inhibitors; Other Drug Classes
2) By Application: Glycemic Control; Cardiovascular Safety; Hypoglycemia Avoidance; Other Applications
3) By End-User: Children; Adults
North America was the largest region in the type 2 diabetes market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in type 2 diabetes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
Increasing rates of obesity and heart disease are expected to propel the growth of the type 2 diabetes market going forward. Obesity is a medical condition where excess body fat has accumulated to an unhealthy level, while heart disease refers to a range of conditions that affect the heart and blood vessels. Excess body weight increases the risk of insulin resistance, leading to high blood sugar levels and the development of type 2 diabetes. In contrast, high blood sugar levels can damage blood vessels and nerves that control the heart and blood vessels, leading to heart disease. For instance, in May 2022, according to the Centers for Disease Control and Prevention, a US-based government agency, severe obesity in the US increased from 4.7% to 9.2% in 2021. Furthermore, in March 2022, according to a report published by the Office for National Statistics, a UK-based government department, the number of deaths from heart disease increased from 19,440 in 2020 to 20,061 in 2021. Therefore, rising rates of obesity and heart disease are driving the growth of the type 2 diabetes market.
Key Industry Players
Major players in the type 2 diabetes market are F. Hoffmann-La Roche AG, Merck and Co. Inc., Novartis AG, AstraZeneca PLC, Abbott Laboratories, Sanofi SA, Medtronic PLC, Takeda Pharmaceutical Company, GlaxoSmithKline plc., Eli Lilly and Company, Novo Nordisk A/S, Johnson And Johnson Private Limited, Daiichi Sankyo Co. Ltd., Boehringer Ingelheim International GmbH, Dexcom Inc., Amgen Inc., Insulet Corporation, Ascensia Diabetes Care, Byram Healthcare, Beta Bionics, Onduo LLC, DarioHealth, One Drop, Bigfoot Biomedical Inc., Digbi Health, MySugr GmbH, Senseonics Holdings Inc., Provention Bio Inc., Vida Health Inc., Diathrive Health.
The type 2 diabetes market report table of contents includes:
1. Executive Summary
2. Type 2 Diabetes Market Characteristics
3. Type 2 Diabetes Market Trends And Strategies
4. Type 2 Diabetes Market – Macro Economic Scenario
5. Global Type 2 Diabetes Market Size and Growth
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26. South America Type 2 Diabetes Market
27. Brazil Type 2 Diabetes Market
28. Middle East Type 2 Diabetes Market
29. Africa Type 2 Diabetes Market
30. Type 2 Diabetes Market Competitive Landscape And Company Profiles
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