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2024 Global Type 2 Diabetes Market Size, Share, Trends And Growth Analysis Report | F. Hoffmann-La Roche AG, Merck and Co. Inc., Novartis AG, AstraZeneca PLC, Abbott Laboratories

05-17-2024 03:17 PM CET | Health & Medicine

Press release from: The Business Research Company

Type 2 Diabetes Global Market Report 2024

Type 2 Diabetes Global Market Report 2024

"The type 2 diabetes market size has grown strongly in recent years. It will grow from $44.56 billion in 2023 to $48.14 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to lifestyle and dietary changes, aging population, pharmaceutical developments, public health initiatives.

The type 2 diabetes market size is expected to see strong growth in the next few years. It will grow to $65.89 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to global diabetes epidemic, personalized medicine, technological advancements, healthcare policy changes. Major trends in the forecast period include digital health and telemedicine, prevention and early intervention, artificial intelligence (AI) and machine learning (ML), metabolic surgery.

Market Overview -
Type 2 diabetes is a chronic metabolic disorder characterized by elevated blood sugar levels due to insulin resistance and inadequate insulin production. The development of Type 2 diabetes is influenced by a combination of genetic, lifestyle and environmental factors. Dietary and pharmaceutical adjustments can manage type 2 diabetes by lowering weight, eating a healthy diet and exercising consistently.

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Elevated Rates Of Obesity And Heart Disease Fuel Expansion Of The Type 2 Diabetes Market
Increasing rates of obesity and heart disease are expected to propel the growth of the type 2 diabetes market going forward. Obesity is a medical condition where excess body fat has accumulated to an unhealthy level, while heart disease refers to a range of conditions that affect the heart and blood vessels. Excess body weight increases the risk of insulin resistance, leading to high blood sugar levels and the development of type 2 diabetes. In contrast, high blood sugar levels can damage blood vessels and nerves that control the heart and blood vessels, leading to heart disease. For instance, in May 2022, according to the Centers for Disease Control and Prevention, a US-based government agency, severe obesity in the US increased from 4.7% to 9.2% in 2021. Furthermore, in March 2022, according to a report published by the Office for National Statistics, a UK-based government department, the number of deaths from heart disease increased from 19,440 in 2020 to 20,061 in 2021. Therefore, rising rates of obesity and heart disease are driving the growth of the type 2 diabetes market.

Competitive Landscape -
Major players in the type 2 diabetes market are F. Hoffmann-La Roche AG, Merck and Co. Inc., Novartis AG, AstraZeneca PLC, Abbott Laboratories, Sanofi SA, Medtronic PLC, Takeda Pharmaceutical Company, GlaxoSmithKline plc., Eli Lilly and Company, Novo Nordisk A/S, Johnson And Johnson Private Limited, Daiichi Sankyo Co. Ltd., Boehringer Ingelheim International GmbH, Dexcom Inc., Amgen Inc., Insulet Corporation, Ascensia Diabetes Care, Byram Healthcare, Beta Bionics, Onduo LLC, DarioHealth, One Drop, Bigfoot Biomedical Inc., Digbi Health, MySugr GmbH, Senseonics Holdings Inc., Provention Bio Inc., Vida Health Inc., Diathrive Health.

Innovative Products Like Mounjaro Revolutionize The Type 2 Diabetes Market For Enhanced Patient Care
Major companies operating in the type 2 diabetes market are developing innovative products, such as Mounjaro, to provide better standards for safety and effectiveness for diabetic patients. Innovative drugs such as Mounjaro aim to enhance the efficacy, safety, or convenience of diabetes management compared to existing medications. Innovations in diabetes drug development focus on improving blood sugar control, minimizing side effects and addressing other related health concerns. For instance, in May 2022, Eli Lilly and Co., a US-based pharmaceutical company, received approval from the U.S. Food and Drug Administration, a US-based government organization, for Mounjaro (tripeptide) injection to improve blood sugar control in adults with type 2 diabetes as an addition to diet and exercise. Tirzepatide is a novel, dual-targeted treatment for type 2 diabetes. It is a once-weekly injection that targets two hormones in regulating blood sugar, such as glucagon-like peptide 1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP). GLP-1 helps to increase insulin production and decrease glucagon production, while GIP helps to increase insulin production. Tirzepatide is a promising new treatment option for people with type 2 diabetes, even those who have not responded well to other treatments.

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https://www.thebusinessresearchcompany.com/report/type-2-diabetes-global-market-report

Key Segments -
The type 2 diabetes market covered in this report is segmented -
1) By Drug Class: Dipeptidyl Peptidase-4 (DPP-4) Inhibitors; Glucagon-Like Peptide-1 (GLP-1) Receptor Agonists; Thiazolidinediones; Alpha-Glucosidase Inhibitors; Sulfonylureas And Other Insulin Secretagogues; Biguanides; SodiumGlucose Cotransporter 2 Inhibitors; Other Drug Classes
2) By Application: Glycemic Control; Cardiovascular Safety; Hypoglycemia Avoidance; Other Applications
3) By End-User: Children; Adults

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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