Market Definition
Diabetes is a chronic and metabolic disease marked by elevated levels of blood glucose (or blood sugar) that results in severe damage to the kidneys, heart, blood vessels, eyes, and nerves over time. Broadly there are two types of diabetes, Type-1, and Type-2. Type 2 diabetes, usually common in adults, occurs when the body doesn't make enough insulin or becomes resistant to it.
Market Insights
The Global Type-2 Diabetes Market is projected to grow at a CAGR of around 8.0% during the forecast period, i.e., 2023-28. The market growth is favorably fostered by the increasing prevalence of type 2 diabetes stemming from unhealthy lifestyles, physical inactivity, and obesity. According to WHO, around 422 million people worldwide have diabetes, out of which the majority live in low-and middle-income countries. In addition, diabetes accounts for more than 1.5 million deaths each year. The number of cases and the prevalence of diabetes have witnessed expansion over the past few decades. In addition, the rising geriatric population, along with the surging population with type-1 diabetes and the lack of proper healthcare infrastructure in emerging countries, are projected to boost the growth of the type-2 Diabetes market globally in the forthcoming years.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 8.0% |
| Regions Covered | North America: US, Canada, Mexico |
| Europe: Germany, The UK, France, Spain, Italy, Rest of Europe | |
| Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific | |
| South America: Brazil, Argentina, Rest of South America | |
| Middle East & Africa: GCC, South Africa, Rest of MEA | |
| Key Companies Profiled | Merck & Co, AstraZeneca, Novo Nordisk. Bristol-Myers Squibb, Eli Lilly, Sanofi, Boehringer Ingelheim, Pfizer, Takeda, Biocon, Johnson & Johnson etc |
| Unit Denominations | USD Million/Billion |
According to MarkNtel Advisors, key players such as AstraZeneca, Pfizer, Johnson & Johnson, etc., bring forth innovative medical devices to aid diabetic patients. Besides, to gain a competitive edge over the other market players and have a strong foothold worldwide, these companies are collaborating with other pharmaceutical firms to launch products in other markets. Moreover, to make the diabetes digital health space less congested, the companies have entered the digital market by launching mobile health apps for the customer to ease them by constantly tracking their type 2 diabetes regimes. These aspects are likely to accentuate the market expansion in the coming years.
Market Segmentation
Based on Gender,
Between the two, the Women segment held a significant market share in the Global Type-2 Diabetes market in 2022, owing to the alarming rise in the prevalence of type-2 diabetes among pregnant women. Due to multiple adverse pregnancy outcomes, the development of gestational diabetes is high among pregnant women. Besides, the chance of developing type 2 diabetes is higher, especially three to six years after delivery. Moreover, exposure to hyperglycemia in the womb affects the health of children later, resulting in being overweight, making them more prone to developing type 2 diabetes in the coming years. Thus, it is projected to accentuate the market growth of type-2 diabetes in the forecasted period.
Regional Projection
Geographically, the Global Type-2 Diabetes Market expands across:
Here, North America captured a considerable market share in the Global Type-2 Diabetes market in 2022, with The US acquiring the majority market share in the region. It primarily attributes to the surge in the rate of obesity, cardiovascular, and chronic diseases in the country, which has proliferated the growth of type-2 diabetes in people. According to the Centers for Disease Control and Prevention, diabetes negatively impacts around 37 million Americans, with type 2 diabetes accounting for 90-95% of cases. Type 2 diabetes affects predominantly those over the age of 45, along with growing prevalence in adolescents, teenagers, and young adults.
On the other hand, an astronomical growth in the number of type-2 diabetes is anticipated in the Asia-Pacific region. The number of people with diabetes in Southeast Asia was 80 million in 2017 and is anticipated to surge to 151 million by the year 2045. Thus, these factors are projected to substantially contribute to the growth of the Type-2 Diabetes market in the coming years, as stated in the MarkNtel Advisors’ research report “Global Type-2 Diabetes Market Analysis, 2023”.
Recent Developments in the Global Type-2 Diabetes Market
Market Dynamics
Growth Opportunities: Inclusion of The New Therapeutic Compounds
The introduction of new medicinal substances with enhanced efficacy and safety into the type 2 diabetes market globally has created the potential for the creation of new treatments. Therapeutic treatments with a unique MoA are offered by drugs such DPP4 inhibitors, GLP-1 receptor agonists, SGLT2 inhibitors, colesevelam, and bromocriptine QR. Additionally, they stop weight gain and lessen the chance of hypoglycemia. Despite the fact that not everyone should take these medications, they give medical professionals a number of alternatives for tailoring patient care and improving healthcare. The introduction of biosimilar pharmaceuticals is anticipated to increase at a quick rate over the anticipated period because of their low cost, strict product quality control standards, and straightforward production processes.
Possible Restraint: Inadequate Healthcare Infrastructure Worldwide
The infrastructure for healthcare in some diabetic cases is insufficient. It is a significant barrier for the market for type 2 diabetes. Weak healthcare infrastructure hinders drug discovery, research, and other aspects of the healthcare business. It may be impossible to expand the type 2 diabetes market in some areas due to a lack of health infrastructure. Furthermore, demand can be lower in some locations. As a result, the development of the type 2 diabetes market is being constrained by a lack of healthcare infrastructure in various countries.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Type-2 Diabetes Market is projected to grow at a CAGR of around 8.0% during 2023-28.
A. Rising prevalence of type 2 diabetes stemming from unhealthy lifestyles, physical inactivity, and obesity is expected to drive the Type-2 Diabetes Market during 2023-28.
A. Merck & Co, AstraZeneca, Novo Nordisk. Bristol-Myers Squibb, Eli Lilly, Sanofi, Boehringer Ingelheim, Pfizer, Takeda, Biocon, Johnson & Johnson etc., are few of the leading players in the Type-2 Diabetes Market.
A. The Women segment is anticipated to emerge as an area of remunerative opportunities for the leading players in the Type-2 Diabetes Market during the forecast period.
A. The North America grabbed a significant market share continue to grow at a highest CAGR, presenting immense opportunities for manufacturers and suppliers of Type-2 Diabetes Market.
A. Inclusion of the new therapeutic compounds emerge as an area of remunerative opportunities for the leading players in the Type-2 Diabetes Market during the forecast period.
A. Inadequate Healthcare Infrastructure Worldwide is the possible restraint affecting the growth of the Type-2 Diabetes Market during 2023-28.
