PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606456
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606456
Type 2 diabetes market size was valued at USD 34,849.09 Million in 2023, expanding at a CAGR of 8.40% from 2024 to 2032.
Type 2 diabetes is a chronic metabolic disorder where the body either resists insulin or doesn't produce enough of it, leading to high blood sugar levels. Symptoms may be mild or unnoticed for years, with signs like increased thirst, frequent urination, fatigue, or tingling in the hands and feet. Diagnosis typically involves blood tests like fasting plasma glucose or the A1C test to assess average blood sugar levels.
Type 2 Diabetes Market- Market Dynamics
Increasing prevalence of type 2 diabetes across the globe to propel market demand
The rising incidence of type 2 diabetes among people worldwide is mainly due to the lifestyle changes and aging populations is the major factor driving the growth of the type 2 diabetes market. According to the World Health Organization (WHO), more than 95% of people with diabetes have type 2 diabetes. Besides, the global rise in obesity and overweight individuals is closely linked to higher rates of type 2 diabetes, as excess weight significantly increases insulin resistance. However high cost of devices and despite pharmaceutical advancements, many patients are unaware of novel diabetes drugs, limiting their adoption and slowing market growth. On the contrary, pharmaceutical developments, such as glucagon-like peptide-1 receptor agonists (Tanzeum, Trulicity) and sodium glucose cotransporter-2 inhibitors (Jardiance) are predicted to create massive growth opportunities for the type 2 diabetes market.
Type 2 Diabetes Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.40% over the forecast period (2024-2032)
Based on drug class segmentation, sodium-glucose cotransporter 2 (SGLT2) inhibitors was predicted to show maximum market share in the year 2023
Based on route of administration segmentation, oral was the leading segment in 2023
Based on end-user segmentation, homecare was the leading segment in 2023
On the basis of region, the North America type 2 diabetes market was the leading revenue generator in 2023
The Global Type 2 Diabetes Market is segmented on the basis of Drug Class, Route of Administration, Distribution Channel, End User, and Region.
The market is divided into four categories based on drug class: dipeptidyl peptidase-4 inhibitors, sodium-glucose cotransporter 2 (SGLT2) inhibitors, glucagon-like peptide 1 receptor agonists, and others. The sodium-glucose cotransporter 2 (SGLT2) sector dominates the market. This is majorly owing to their effectiveness in lowering blood sugar and reducing the risk of cardiovascular and renal events.
The market is divided into three categories based on distribution channel: online pharmacies, retail pharmacies, and hospital pharmacies. The online sector is predicted to rise at the highest CAGR during the forecast period. This is mainly because the increasing demand for convenient access to diabetes medications allows patients to order prescriptions easily from home, making it a preferred option for many.
Type 2 Diabetes Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The global type 2 diabetes market is rapidly growing, driven by the increasing prevalence of the disease and rising demand for effective management options. This market features a competitive landscape comprised of both international and local players who utilize various distribution channels, including e-commerce and retail partnerships. Companies differentiate themselves through competitive pricing, product quality, and innovation. Key strategies for expanding market share include launching new products, investing in research and development, and pursuing mergers and acquisitions, all aimed at meeting the evolving needs of patients seeking effective diabetes care.
In October 2023, Glenmark Pharmaceuticals announced the launch of India's first triple-drug fixed-dose combination (FDC) therapy for adults with Type 2 diabetes and comorbidities. Named Zita DM, the drug combines three medications to enhance glycemic control, helping patients maintain optimal blood glucose levels. This marks a significant innovation in diabetes management in India.
In June 2024, the FDA approved AstraZeneca's Farxiga (dapagliflozin) to help control blood sugar levels in children aged 10 and up with type 2 diabetes. This approval is based on encouraging findings from the T2NOW Phase III trial. Farxiga was previously authorized for adults, supporting blood sugar management alongside diet and exercise.