PUBLISHER: The Business Research Company | PRODUCT CODE: 1415797
PUBLISHER: The Business Research Company | PRODUCT CODE: 1415797
“Type 2 Diabetes Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on type 2 diabetes market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for type 2 diabetes? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The type 2 diabetes market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Type 2 diabetes is a persistent metabolic disorder characterized by elevated blood sugar levels attributed to insulin resistance and insufficient insulin production. The development of Type 2 diabetes is the result of a combination of genetic, lifestyle, and environmental factors. Effective management of type 2 diabetes can be achieved through dietary modifications, pharmaceutical interventions that aid in weight reduction, adherence to a healthy diet, and consistent physical activity.
In the realm of type 2 diabetes management, various classes of drugs are available, including dipeptidyl peptide-4 (DPP-4) inhibitors, glucagon-like peptide-1 (GLP-1) receptor agonists, thiazolidinediones, alpha-glucosidase inhibitors, sulfonylureas, other insulin secretagogues, biguanides, sodium-glucose cotransporter 2 inhibitors, and others. Dipeptidyl peptidase-4 (DPP-4) inhibitors represent a class of oral medications designed to impede the action of the enzyme responsible for breaking down incretin hormones, which play a crucial role in regulating blood sugar levels. These drugs find applications in diverse areas, including glycemic control, cardiovascular safety, prevention of hypoglycemia, and more, catering to various age groups, including children and adults.
The type 2 diabetes market research report is one of a series of new reports from The Business Research Company that provides type 2 diabetes market statistics, including type 2 diabetes industry global market size, regional shares, competitors with a type 2 diabetes market share, detailed type 2 diabetes market segments, market trends and opportunities and any further data you may need to thrive in the type 2 diabetes industry. This type 2 diabetes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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.
The anticipated growth of the type 2 diabetes market is attributed to the escalating rates of obesity and heart disease. Obesity is a medical condition characterized by the accumulation of excess body fat to unhealthy levels, while heart disease encompasses a range of conditions affecting the heart and blood vessels. Excess body weight elevates the risk of insulin resistance, resulting in high blood sugar levels and the onset of type 2 diabetes. Conversely, elevated blood sugar levels can lead to the impairment of blood vessels and nerves that regulate heart and vascular functions, ultimately causing heart disease. For example, in May 2022, the Centers for Disease Control and Prevention, a US-based government agency, reported that severe obesity in the US surged from 4.7% to 9.2% in 2021. Moreover, a March 2022 report from the UK's Office for National Statistics, a government department, indicated an increase in the number of deaths from heart disease, rising from 19,440 in 2020 to 20,061 in 2021. Thus, the increasing prevalence of obesity and heart disease is the driving force behind the growth of the type 2 diabetes market.
The growth of the type 2 diabetes market is further fueled by the increasing geriatric population. This demographic comprises older adults aged 65 and above, who are more susceptible to various health conditions due to their lowered immunity and advanced age. Aging significantly heightens the risk of problems associated with Type 2 diabetes, including issues like hypoglycemia (low blood sugar), renal failure, and heart disease, impacting both acute and chronic microvascular and cardiovascular complications. As an illustration, a factsheet published by the World Health Organization in October 2021 highlighted that the global population aged 60 and over is projected to reach 1.4 billion by 2030, with a further increase to 2.1 billion by 2050. Hence, the growing geriatric population serves as a driving factor for the type 2 diabetes market.
The growth of the type 2 diabetes market is hampered by the increasing cost of medications during the forecast period. The high expenses associated with diabetes medications create financial barriers for individuals dealing with Type 2 Diabetes, especially those lacking sufficient insurance coverage or facing substantial out-of-pocket costs. This can result in delayed or inadequate treatment, leading to poorly controlled blood sugar levels and heightened health risks. For instance, in June 2021, as reported by the National Library of Medicine, a US-based medical library, the average lifetime cost for all medications employed in diabetes treatment is estimated at $23,380.17. On average, the total monthly cost per patient stands at $1,521, with $11.94 allocated to medical expenses and $3.26 to non-medical expenditures. Consequently, the soaring medication costs are a hindrance to the growth of the type 2 diabetes market.
Prominent companies operating in the type 2 diabetes market are pioneering innovative products such as Mounjaro to elevate the standards of safety and effectiveness in diabetic patient care. Innovative medications like Mounjaro aim to enhance the efficiency, safety, or convenience of diabetes management when compared to existing drugs. Advancements in the development of diabetes treatments focus on optimizing blood sugar regulation, minimizing adverse effects, and addressing other associated health issues. For instance, in May 2022, Eli Lilly and Co., a US-based pharmaceutical firm, secured approval from the U.S. Food and Drug Administration, a US-based government body, for Mounjaro (tripeptide) injection as an adjunct to diet and exercise for improving blood sugar control in adults with type 2 diabetes. Tirzepatide, a novel, dual-targeted therapy for type 2 diabetes, is delivered as a once-weekly injection, simultaneously targeting two hormones involved in blood sugar regulation, namely glucagon-like peptide 1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP). GLP-1 contributes to increased insulin production and reduced glucagon production, while GIP stimulates insulin production. Tirzepatide stands as a promising novel treatment option for individuals with type 2 diabetes, including those who have responded poorly to other treatments.
In July 2021, Eli Lilly and Company, a US-based pharmaceutical enterprise, completed the acquisition of Protomer Technologies Inc. for $1 billion. Through this acquisition, Eli Lilly aims to bolster its diabetes pipeline by integrating Protomer's glucose-sensing insulin program. This strategic move accelerates the development of innovative treatments for individuals grappling with this chronic condition, providing a more precise and effective treatment option for diabetes patients. Protomer Technologies Inc., based in the US, is a biotechnology company known for its development of PT-100, a small molecule intended for the treatment of type 2 diabetes.
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 .
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 report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the type 2 diabetes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The type 2 diabetes market consists of revenues earned by entities by providing services such as blood sugar monitoring, diabetes education and support, bariatric surgery and lifestyle modifications. The market value includes the value of related goods sold by the service provider or included within the service offering. The type 2 diabetes market also includes sales of blood glucose meters, insulin pens, insulin syringes, insulin pumps, metformin and diabetic socks. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.