ID: MRFR/Pharma/4214-HCR | 85 Pages | Published By Rahul Gotadki on March 2023
The Type 2 Diabetes Mellitus Treatment Market is expected to reach USD 39,673 Million by 2030 at 9.2% CAGR during the forecast period 2022-2030. Type 2 diabetes mellitus is a metabolic disorder which results from an excess of caloric intake over energy expenditure. The condition is characterized by progressive insulin secretory defect, which increases the body’s demand for insulin in order to retain glucose homeostasis. Hyperglycemia is a major symptom of type 2 diabetes mellitus. According to the National Diabetes Statistics Report suggested by CDC, it is found that 9.4% of the U.S. population, i.e. 30.3 million people had diabetes in 2015.
It is noted that rising technological advancements and escalating prevalence are the key factors driving the type 2 diabetes mellitus treatment market. With the rising awareness about the condition, market players are coming up with novel drugs and devices owing to technological advancements. For instance, in December 2017, Novo Nordisk received FDA approval for Ozempic (semaglutide). The drug was specially designed for the treatment of type 2 diabetes mellitus. In the same year, Merck has also received FDA approval for Steglatro (ertugliflozin).
Various other factors such as growing awareness, huge research funding in diabetes diagnosis and treatment, unmet medical needs, increasing global prevalence of obesity, improving regulatory framework, increasing government assistance, and increasing adoption rate, are continuously contributing to the growth of the global type 2 diabetes mellitus treatment market.
Despite these drivers, there are some issues associated with type 2 diabetes mellitus treatment market. The high cost associated with diagnosis and treatment of diabetes, side effects of available treatment options, and poor healthcare system in low and middle-income countries may hamper the growth of the market to an extent.
The global type 2 diabetes mellitus treatment market is segmented on the basis of treatment and end user.
On the basis of the treatment, the market is classified as a drug class and devices. The drug class is further segmented into insulin, sensitizers, SGLT-2 inhibitors, alpha-glucosidase inhibitors, secretagogues, peptide analogs, others. The sub-segment of sensitizers includes thiazolidinediones and biguanides. The sub-segment of secretagogues includes sulfonylureas and non-sulfonylureas. The devices market is further segmented into blood glucose monitoring devices and insulin delivery devices. The sub-segment of blood glucose monitoring devices includes testing strips, lancets, continuous glucose monitors, self-monitoring blood glucose meters, and others. The sub-segment of insulin delivery devices includes insulin pens, insulin pumps, insulin syringes, and insulin jet injectors.
On the basis of the end user, the market is segmented into hospitals, clinics, diagnostic centers, drug stores, pharmacies, and others.
The Americas dominate the type 2 diabetes mellitus treatment market owing to the presence of patient population, a well-developed technology, high healthcare expenditure, and the presence of the leading players. Due to the rising prevalence of diabetes, various companies, and government associations are actively participating in improving diabetes care. For instance, The Merck Foundation has provided funding of around USD 10,000,000 for the projects designed to improve diabetes care in the United States.
Europe holds the second position in the type 2 diabetes mellitus treatment market. It is expected that the government support towards research & development expenditure and amendments in reimbursement policies in the healthcare is likely to drive the European market. As per the German maternity guidelines, every pregnant woman can undergo glucose challenge test for the early diagnosis of Gestational diabetes mellitus, and the charges for the test are completely covered by women’s health insurance.
Asia Pacific is the fastest growing type 2 diabetes mellitus treatment market owing to a huge patient pool, increasing demand, and development in healthcare technology.
The Middle East & Africa holds the lowest share of the global market due to low development, lack of technical knowledge, and poor medical facilities.
Some of key the players in the global type 2 diabetes mellitus treatment market are Abbott Laboratories, Acon Laboratories, Inc., Adocia, Akros Pharma, Amgen, AstraZeneca, Bayer AG, Becton, Dickinson and Company, Biocon, Boehringer Ingelheim, Daiichi Sankyo, Eli Lilly, Merck, Novartis & Co., Novo Nordisk, Peptron, Pfizer, Roche Diagnostics Ltd., Sanofi, Sunpharma, Takeda Pharmaceuticals, and others.
|Market Size||USD 39,673 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Treatment, Devices and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Abbott Laboratories, Acon Laboratories, Inc., Adocia, Akros Pharma, Amgen, AstraZeneca, Bayer AG, Becton, Dickinson and Company, Biocon, Boehringer Ingelheim, Daiichi Sankyo, Eli Lilly, Merck, Novartis & Co., Novo Nordisk, Peptron, Pfizer, Roche Diagnostics Ltd., Sanofi, Sunpharma, Takeda Pharmaceuticals|
|Key Market Opportunities||Growing awareness and huge research funding in diabetes diagnosis and treatment|
|Key Market Drivers||Rising technological advancements and escalating prevalence|