
The type 2 diabetes market is defined by the drugs and devices used in the management and treatment of type 2 diabetes. These include insulin, insulin delivery devices, oral antidiabetic drugs and other ancillary medical devices. An increasing number of patients suffering from obesity and sedentary lifestyles has led to spike in cases of type 2 diabetes globally. Type 2 diabetes requires lifelong management of blood sugar levels either through medications, lifestyle changes or both.
The type 2 diabetes market is estimated to be valued at USD 39.87 Bn in 2024 and is expected to reach USD 67.14 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031.
Key Takeaways
Key players operating in the type 2 diabetes market are Novo Nordisk, Sanofi, Eli Lilly and Company, Merck & Co., Inc., Boehringer Ingelheim, AstraZeneca PLC, Takeda Pharmaceutical Company Limited, Novartis AG, GlaxoSmithKline plc, Pfizer Inc., Daiichi Sankyo Company, Limited, Abbott Laboratories, Roche Holding AG, Sun Pharmaceutical Industries Ltd., Lupin Limited, Dr. Reddy's Laboratories Ltd., Aurobindo Pharma Limited, and Torrent Pharmaceuticals Limited
Market Drivers Growing global prevalence of obesity is a major factor augmenting the Type 2 Diabetes Market Growth According to WHO, worldwide obesity has almost tripled since 1975 and around 650 million adults and 340 million children are obese today. Obesity is a leading cause of type 2 diabetes and associated conditions like high blood pressure and cholesterol. The rising incidence of obesity is expected to continue propelling the demand for diabetes medicines.
The type 2 diabetes market offers significant opportunities in developing economies owing to growing awareness, better access to healthcare and increasing disposable incomes. Major players are focusing on these untapped markets for future growth. Globally, the prevalence of type 2 diabetes is growing at an alarming rate. Regions like Asia Pacific, Latin America, Middle East and Africa are witnessing high growth owing to lifestyle changes, obesity and aging populations. Leading manufacturers are expanding their geographical presence in these emerging markets through collaborations and partnerships.
PEST Analysis Political: Government regulations impact pricing and reimbursement policies for diabetes drugs and devices. Regulations also affect research funding and drug approvals. Economic: Rising healthcare costs and diabetes prevalence rates are economic factors in this market. Economic growth and income levels also influence market demand. Social: Growing public awareness, healthy lifestyle trends, and social support impact prevalence rates and self-management practices. Population age demographics and urbanization patterns are other social considerations. Technological: Advances in drug delivery, continuous glucose monitoring, and data analytics are expanding treatment and management options. Virtual care solutions are enhancing access through telehealth.
Geographical Regions of Concentration North America accounts for the largest value share currently due to favorable reimbursement systems, healthcare spending per capita, and market maturity. The U.S. represents a major market owing to high diabetes rates and Medicare coverage. Europe is another prominent regional market backed by universal healthcare and growing disease prevalence amid aging populations.
Fastest Growing Region Asia Pacific is poised to experience the fastest market growth during the forecast period. This is because of improving access to diagnosis and care and rapidly expanding patient pools linked to rising obesity, sedentary lifestyles and economic development across populous nations like China and India. Growing medical tourism and overseas investments by multinational firms also support the Asia Pacific region’s market potential.
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