Press Release Description
Driven by Unhealthy Lifestyles & Obesity, Type-2 Diabetes Market to Promulgate
The Global Type-2 Diabetes Market is projected to grow at a CAGR of around 8.0% during 2023-28, cites MarkNtel Advisors in the recent research report. The market growth is primarily propelled by the growing population of type 2 diabetes resulting from unhealthy lifestyles, physical inactivity, and obesity. Thus, the number of diabetes cases is increasing day by day. According to the World Health Organization (WHO), nearly 422 million people globally have diabetes, with the majority of people from low and middle-income countries. This has led to the introduction of medical substances, creating potential for new treatments such as DPP4 inhibitors, GLP-1 receptor agonists, SGLT2 inhibitors, Colesevelam, and bromocriptine QR. The intake of these substances has led to exponential growth of the type 2 diabetes market.
Furthermore, key players in the market have brought forth advanced medical devices to cure diabetic patients. They have also entered the digital market by launching mobile health apps to ease the tracking of type 2 diabetic conditions. The launching of biosimilar pharmaceuticals is also rapidly rising, further expanding the market. These key players are also allying with other pharmaceutical firms to offer products and gain a competitive edge in the market. All these factors mentioned above accentuate the market in the coming years, as stated in the research report "Global Type-2 Diabetes Market Analysis, 2023."
The market is broadly fragmented based on drug type, gender, age group, On the basis of drug type, the market is segmented into Dipeptidyl Peptidase-4 (DPP-4) Inhibitors, Alpha-glucosidase Inhibitors, and Biguanides, Glucagon-Like Peptide-1 (GLP-1) Receptor Agonists, Sodium-Glucose Cotransporter 2 Inhibitors (SGLT2), Sulfonylureas, Other (Thiazolidinediones, Meglitinides, Glitazones, etc.). And Based on gender, the market is segmented into male and female. Based on age group, the market is segmented into Upto 19 years, 20 – 65 years, and Above 65 years.
Multiple Pregnancy Outcomes Drives the Women Segment
The women's segment is anticipated to have the largest market share due to the prevalence of type 2 diabetes among pregnant women. The development of gestational diabetes is high among pregnant women due to multiple pregnancy outcomes. Additionally, there is a high chance of developing type 2 diabetes every three to six years after delivery. Moreover, exposure to hyperglycemia in the womb affects the health of the child, resulting in overweight and being prone to type 2 diabetes. Hence, these factors are essentially fueling the type 2 diabetes market.
Increasing Rate of Chronic Diseases Fuels the Type-2 Diabetes Market in North America
North America is predicted to drive market growth in the forecasted time frame. This is mainly attributed to the increasing rate of obesity, cardiovascular, and chronic diseases in the country, resulting in type 2 diabetes in people. According to the Centers for Disease Control and Prevention, diabetes negatively impacts nearly 37 million Americans, with type 2 diabetes accounting for 90-95% of cases. It predominantly affects those over 45, along with a growing tendency in adolescents, teenagers, and young adults. These aspects are likely to influence the market positively in the coming years.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players including Merck & Co, AstraZeneca, Novo Nordisk, Bristol-Myers Squibb, Eli Lilly, Sanofi, Boehringer Ingelheim, Pfizer, Takeda, Biocon, Johnson & Johnson
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the Global Type-2 Diabetes Market?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition shaped across various countries, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from Type 2 Diabetes product manufacturers evolved during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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