. Main symptoms include frequent urination, increased thirst and hunger. Some key factors contributing to increased prevalence of type 2 diabetes include obesity, lack of physical activity, poor diet and genetics. Oral anti-diabetic drugs are commonly prescribed to control blood glucose levels along with lifestyle changes and regular monitoring.
The global type 2 diabetes market is estimated to be valued at US$51 billion in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024-2026.
Key Takeaways
Key players operating in the type 2 diabetes market are Novo Nordisk, Sanofi, Eli Lilly and Company, AstraZeneca and Johnson & Johnson.
Growing prevalence of obesity and sedentary lifestyle is a major factor spurring the Type 2 Diabetes Market Demand for diabetes management and treatment. According to the International Diabetes Federation, the number of adults living with diabetes is projected to rise from 643 million in 2022 to 783 million by 2045.
Increased R&D investments by market players are helping advancement of novel drug formulations, connected diabetes devices, AI-powered diabetic retinopathy screening and predictive analytics for diabetes risk assessment. This is further fueling market growth.
Market Trends
Increased adoption of biosimilars: Biosimilars are viable alternatives to branded biologics offering cost savings without compromising on quality. Their uptake is rising significantly across major markets.
Rise of digital health solutions: Digital health tools such as virtual diabetes clinics, online consultations, mobile apps for tracking blood sugar and medications are becoming popular. They facilitate remote monitoring and management of diabetes.
Market Opportunities
Growing focus on preventive healthcare in developing nations presents lucrative opportunities for diabetes care services, generic drugs and affordable glucose monitors and strips. Asia Pacific and Latin America in particular hold huge business potential.
Increasing investments towards development of oral insulin and hybrid closed-loop insulin delivery systems could disrupt the market. Their successful launch will capture a major share of the diabetes care market.
Impact of COVID-19 on Type 2 Diabetes Market Growth
The ongoing COVID-19 pandemic has significantly impacted the growth of the type 2 diabetes market globally.During the lockdowns imposed worldwide, patients found it difficult to access both in-person and telemedicine consultations with physicians for their regular checkups and management of blood sugar levels.This led to poor glycemic control and unstable glucose levels in many diabetic patients.The disruption in treatment routines and medications availability negatively affected short-term market growth.
However, as restrictions have eased in many regions post lockdowns, the market is witnessing a revival.Telemedicine platforms have emerged as an important resource for patients to remotely consult with doctors, receive prescriptions and diet counselling.Pharmaceutical companies are pushing for digital innovations to ramp up access to diabetes drugs and supplies via online channels.Governments and healthcare agencies globally are also promoting awareness drives about managing diabetes safely during the pandemic times.
Going forward, remote patient monitoring tools, connected glucometers, AI-powered insulin pumps and advanced drug delivery systems will see higher adoption.Market players are investing in R&D of antiviral drugs, vaccines and new drug formulations specific to COVID-19 infected diabetics.Overall the long-term outlook remains positive, supported by growing diabetic patient pool, improved treatment options and use of virtual care models developed during the pandemic period.
The United States accounts for the largest share of the global type 2 diabetes market in terms of revenue.This is attributed to the huge diabetic population, availability of advanced treatment options and higher healthcare spends.China is projected to be the fastest growing regional market over the forecast period backed by rising incidences of obesity and sedentary lifestyles in the country.India is another high potential emerging market for type 2 diabetes given the increased disease burden and government measures to strengthen healthcare infrastructure and promote awareness.
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