Type 2 Diabetes Market Size To Hit US$ 70.05 Bn By 2032

The global type 2 diabetes market size reached US$ 34.46 billion in 2023 and it is expected to hit around US$ 70.05 billion by 2032 with a registered CAGR of 8.20% from 2023 to 2032.

Market competitors are launching not only novel pharmaceuticals and therapies, but also equipment and tools that can be used in the treatment and diagnosis of type 2 diabetes. As a result, the worldwide type 2 diabetes market is rising due to increased research and development activities. Market participants, as well as the government, are substantially investing in R&D activities. As a result, this aspect is contributing to the worldwide type 2 diabetes markets growth and expansion. Furthermore, type 2 diabetes is more common in children and teenagers. Obesity in children is on the rise, as are rates of type 2 diabetes in youngsters. As a result, the worldwide type 2 diabetes market is expanding due to the rising number of type 2 diabetes patients.

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Regional Snapshot

North America is the largest segment for type 2 diabetes market in terms of region. The U.S. is dominating the type 2 diabetes market in the North America region. The rising prevalence of diabetes is driving the expansion of the type 2 diabetes market in the area. The growth of the North American type 2 diabetes market is being fueled by factors such as the expansion of the healthcare sector and favorable government regulations. Furthermore, an increasing number of government initiatives and advantageous reimbursement policies are helping the region’s type 2 diabetes market growth.

Europe region is the fastest growing region in the type 2 diabetes market.The UK and Germany hold the highest market share in the Europe type 2 diabetes market. The rising number of type 2 diabetic patients is propelling the type 2 diabetes market in Europe to new heights. The demand for type 2 diabetes medications is being fueled by factors such as increased research and development activities and an increase in the prevalence of obesity. Furthermore, better supply chain management is opening up attractive market expansion potential.

Report Highlights

On the basis of drug class, insulin segment holds the largest market share in the global type 2 diabetes market. Insulin is a widely prescribed medication for the treatment of type 2 diabetes. Insulin improves the body’s metabolism while also attempting to stimulate the immune system. Insulin also aids in the regulation of blood sugar levels in the body.
On the basis of application, retail pharmacies segment holds the largest market share in the global type 2 diabetes market. Retail pharmacies have a vast selection of pharmaceuticals and medications. Drugs sold in retail pharmacies are inexpensive and accessible to the general public.

Table of Contents

Type 2 Diabetes Market Scope

Report Coverage	Details
Market Size by 2032	USD 70.05 Billion
Growth Rate from 2023 to 2032	CAGR of 8.20%
North America Market Share in 2022	35%
Fastest growing Region	Europe
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Drug Class, Application, Geography

Type 2 Diabetes Market Dynamics

Drivers

Surge in demand for insulin

The type 2 diabetes market growth prospects exist in the insulin segment of the market. The type 2 diabetes affects a large number of people. It’s one of the main reasons why insulin medicines are in such high demand. The insulin segment offers tremendous development and growth opportunities due to product variety and innovation. Thus, surge in demand for insulin are driving the growth of global type 2 diabetes market over the projected period.

Restraints

Lack of healthcare infrastructure in various nations

In some diabetic instances, the healthcare infrastructure is inadequate. It is a major hurdle for the type 2 diabetes market. Drug development, research, and other general market conditions are all hampered by weak healthcare infrastructure. In some regions, a lack of health infrastructure can make type 2 diabetes market expansion impossible. Furthermore, in certain areas, there may be less demand. As a result, lack of healthcare infrastructure in various nations is restricting the type 2 diabetes market growth.

Opportunities

Growing investments in research and development

The introduction of generic insulin and the rapidly expanding demand for innovative insulin in the regulation of blood sugar levels in type 2 diabetes are expected to drive the growth of global type 2 diabetes market. Lispro, a generalform of rapid acting Humalog insulin was launched in March 2019 by Eli Lilly and Company. It will be available in the U.S. for low price as compared to Humalog, making it more affordable for type 2 diabetes patients. Thus, growing investments in research and development is providing growth prospects for the global type 2 diabetes market.

Challenges

Stringent government regulations

The market challenges are imposed by rigorous government regulations. Diabetes medications are available in a broad variety around the world. Regulatory requirements also cause delays in the approval of new medications. The medicine approval regulator’s standards are stringent, influencing the type 2 diabetes market’s supply and output. As a result, stringent government regulations are major challenges for the growth of global type 2 diabetes market over the projected period.

Key Developments

The U.S. Food & Drug Administration (FDA) authorized Trijardy XR in January 2020 to decrease blood sugar in individuals with Type 2 diabetes. Trinary XR is a single pill that contains three Type 2 diabetic drugs.

Novo Nordisk declared in March 2019 that it would invest around $98 million to promote and develop its insulin medicine manufacturing facility in Denmark. The project is expected to be finished by the end of 2020.

Type 2 Diabetes Market Companies

Amgen Inc.
AstraZeneca PLC
Boehringer Ingelheim International GmbH
Daiichi Sankyo Co. Ltd
Eli Lilly and Co.
Merck & Co. Inc
Novartis AG
Novo Nordisk AS
Sanofi SA
Takeda Pharmaceutical Co. Ltd

Segments Covered in the Report

By Drug Class

Dipeptidyl Peptidase-4
Inhibitors
Glucagon-Like Peptide
Receptor Agonists
Thiazolidinediones
Alpha-Glucosidase Inhibitors
Sulfonylureas
Secretagogues
Biguanides
Sodium Glucose Cotransport 2 Inhibitors

By Application

Hospital Pharmacies
Retail Pharmacies
Online Pharmacies
Others

By Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa