Type 2 Diabetes Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Type 2 Diabetes Market Outlook

• The increasing prevalence of type 2 diabetes and the rising advancements in treatment options are driving the market demand.
• The ongoing research and development initiatives directed at developing improved drugs with higher efficacy and fewer side effects are poised to boost the market growth in the forecast period.
• The rise in strategic merger and acquisition events and the surge in regulatory approvals of innovative drugs and devices for type 2 diabetes are significant market trends.

Type 2 Diabetes Market Overview

Type 2 diabetes refers to a chronic condition that affects the processing of blood sugar (glucose) in the body. People with type 2 diabetes often experience high blood sugar levels, a relative lack of insulin, and insulin resistance. The rising burden of type 2 diabetes is driving the demand for diabetes management solutions. Further, advancements in treatment options including the development of GLP-1 receptor agonists and insulin delivery technologies are poised to favor market growth. Moreover, the rise in public health campaigns and screening programs along with the growth in digital health solutions to advance diabetes care are anticipated to influence the market dynamics positively.

Type 2 Diabetes Market Growth Drivers

Increasing Prevalence of Type 2 Diabetes Drives Market Growth

The prevalence of diabetes is increasing rapidly across the globe, especially in low- and middle-income countries. Recent data suggests that 95%  of people living with diabetes have type 2 diabetes, which can seriously damage the blood vessels and nerves in the body. It is estimated that 643 million  people will have diabetes by 2030, which is further projected to increase to 783 million by 2045. Thus, the rising cases of type 2 diabetes are expected to contribute significantly to the market growth in the forecast period.

Type 2 Diabetes Market Trends

The market is witnessing several trends and developments to improve the current scenario. Some of the notable trends are as follows:

Rise in Strategic Mergers and Acquisitions to Affect the Market Landscape Significantly

Prominent market players are stepping forward to enhance their diabetes care portfolio propelled by the surge in the demand for diabetes medications. For instance, in March 2023, Sanofi announced the acquisition of Provention Bio, a United States-based biopharmaceutical company, in order to expand its diabetic care presence and reinforce its market position in the diabetes treatment space. Such strategic merger and acquisition events are expected to impact market growth.

Increased R&D Initiatives Poised to Elevate Type 2 Diabetes Market Value

The ongoing research and development directed at developing improved drugs with higher efficacy and fewer side effects is likely to aid market growth. For example, Fractyl Health, a Massachusetts-based biotech company, is working towards developing a one-time gene therapy intended to lower body weight as well as blood sugar levels. The drug is set to mimic a human hormone called GLP-1 that is released in the gut in response to eating. Such research initiatives are poised to favor market expansion in the coming years.

Surge in Regulatory Approvals to Augment the Type 2 Diabetes Market Demand

In August 2024 , Insulet Corporation, a medical device company specializing in insulin delivery systems, announced the U.S. Food and Drug Administration (FDA) approval of its patient-centric technology Omnipod 5 Automated Insulin Delivery System for the management of type 2 diabetes. The rise in regulatory approvals of innovative drugs and devices for type 2 diabetes is projected to amplify the market demand in the forecast period.

Growing Awareness Campaigns to Boost Type 2 Diabetes Market Size

To control and minimize the adverse effects of the disease, prominent organizations like the World Health Organization (WHO) have been initiating significant campaigns. WHO has launched a new initiative called BeatDiabetes in the Indian region, aimed at increasing awareness and promoting a healthy lifestyle. Such awareness campaigns are set to bolster the market demand for effective treatments.

Type 2 Diabetes Market Segmentation

Market Breakup by Drug Type

• Oral 
  • Biguanides 
  • Meglitinides 
  • Thiazolidinediones 
  • Alpha-Glucosidase Inhibitors 
  • SGLT-2 Inhibitors 
  • Sulfonylureas 
  • Others  
• Injectable 
  • Insulin 
  • GLP-1 Receptor Agonists 
  • Others 
• Others 

Market Breakup by Drug Delivery Method

• Oral 
• Injections 
• Pen Devices 
• Insulin Devices 
• Others 

Market Breakup by End User

• Hospitals and Clinics 
• Retail Pharmacies 
• Online Pharmacies 
• Others

Market Breakup by Region

• United States 
• EU-4 and the United Kingdom 
  • Germany 
  • France 
  • Italy 
  • Spain 
  • United Kingdom 
• Japan 
• India  

Type 2 Diabetes Market Share

Market Segmentation Based on Drug Delivery Method is Anticipated to Witness Substantial Growth

The market breakup by drug delivery method includes oral, injections, pen devices, insulin devices, and others. Oral medications are most commonly used to manage type 2 diabetes, especially for patients who are in the early stages of the disease. Popular drugs like metformin and sulfonylureas are available in oral forms. Oral medications are easy to administer and are also a preferred option for patients who are hesitant about injections.

Type 2 Diabetes Market Analysis by Region

The market segmentation by region includes the United States, EU-4 (Germany, France, Italy, Spain), and the United Kingdom, Japan, and India. The United States dominates the market share owing to a well-established infrastructure and the presence of major healthcare companies that are actively working to provide novel solutions. Further, significant funding to advance type 2 diabetes treatments is also expected the market growth in the region. For instance, in August 2023, the National Institutes of Health offered USD 3.5 million to conduct a large-scale clinical trial testing that can prove pivotal for new drug development.

Leading Players in the Type 2 Diabetes Market

The key features of the market report comprise patent analysis, grants analysis, clinical trial analysis, funding and investment analysis, and strategic initiatives by the leading key players. The major companies in the market are as follows:

Novo Nordisk A/S

Danish multinational pharmaceutical Novo Nordisk is one of the leading players in the market, boasting production facilities in nine countries. The global healthcare company is actively focused on advancing treatment for type 2 diabetes from injections to tablets. Novo Nordisk has also demonstrated that a synthetic version of the glucagon-like peptide-1 (GLP-1) hormone, which lowers glucose levels in the blood, can be taken in the form of a tablet.

Sanofi SA

Headquartered in Paris, France, this multinational pharmaceutical and healthcare company has a prominent presence in the market. In April 2024 , Sanofi India launched Soliqua, a once-daily diabetes injectable drug in India at the cost of INR 1850 per pen.

Pfizer Inc.

Pfizer, based in New York, United States, significantly contributes to the development of the market through its extensive research capabilities and robust market presence. The company is engaged in the clinical development of its oral GLP-1-RA candidate danuglipron  for the treatment of type 2 diabetes mellitus.

Merck & Co.

American multinational pharma Merck & Co. is a major market player and is known for its strong portfolio of prescription medicines, vaccines, and biologic therapies, among others. The company's 'See it. Slow it. Stop it.'  campaign educates the public about the warning signs of type 2 diabetes and encourages people at risk to make simple lifestyle changes.

Other key players in the market include Boehringer Ingelheim International GmbH, Eli Lilly and Company, Abbott Laboratories, AstraZeneca plc, Bayer AG, and GSK plc., among others. 

Key Questions Answered in the Type 2 Diabetes Market Report

• What was the type 2 diabetes market value in 2023?
• What is the type 2 diabetes market forecast outlook for 2024-2032?
• What are the regional markets covered in the EMR report?
• What is market segmentation based on drug type?
• What is the market breakup based on drug delivery methods?
• Who are the major end users in the market?
• What are the major factors aiding the type 2 diabetes market demand? 
• How has the market performed so far and how is it anticipated to perform in the coming years?
• What are the market's major drivers, opportunities, and restraints?
• Which regional market is expected to lead the market share in the forecast period? 
• Which country is expected to experience expedited growth during the forecast period? 
• How do the prevalence and incidence of type 2 diabetes affect the market landscape?
• What are the major type 2 diabetes market trends?
• How does the rise in the geriatric population impact the market size?
• Which drug type will dominate the market share?
• Which drug delivery method is expected to have a high market value in the coming years?
• Which end user is projected to contribute to the highest market growth?
• Who are the key players involved in the type 2 diabetes market?
• What is the patent landscape of the market?
• What are the current unmet needs and challenges in the market?
• How are partnerships, collaborations, mergers and acquisitions among the key market players shaping the market dynamics?