Type 2 Diabetes Market Driven by Rising Prevalence of Obesity
The global type 2 diabetes market is witnessing increasing demand owing to rising prevalence of obesity. Type 2 diabetes, also known as adult-onset diabetes, refers to a chronic condition characterized by high blood sugar levels due to inadequate secretion and utilization of insulin by the body. Insulin resistance and relative lack of insulin are characteristic of type 2 diabetes.
The market provides a range of products for type 2 diabetes management including insulin, insulin delivery devices, oral glucose lowering drugs and other accessories. Insulin enables effective control of blood glucose levels by mimicking the body's natural insulin production. Insulin delivery devices such as insulin pens and pumps offer an easy and effective mode of insulin administration. Oral glucose lowering drugs such as metformin, sulfonylureas and DPP-4 inhibitors complement insulin therapy for type 2 diabetes management.
The global type 2 diabetes market is estimated to be valued at US$ 16.7 Bn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the type 2 diabetes market are Novo Nordisk, Sanofi, Eli Lilly, AstraZeneca, Janssen Pharmaceuticals.
Increased awareness regarding diabetes self-management and growing adoption of low-invasive insulin delivery devices are expected to drive Type 2 Diabetes Market Growth of the type 2 diabetes market.
Asia Pacific is expected to witness highest growth in the type 2 diabetes market owing to rapidly growing diabetic patient pool and improving healthcare infrastructure in emerging economies.
Market drivers
Rising prevalence of obesity is a major growth driver for the type 2 diabetes market. Obesity is a primary risk factor for insulin resistance and type 2 diabetes. According to the WHO, the global prevalence of obesity nearly tripled between 1975 and 2016. In 2016, more than 1.9 billion adults were overweight, of which over 650 million were obese. This rising obesity rate has significantly contributed to the increasing incidence of type 2 diabetes worldwide.
PEST Analysis
Political: According to Type 2 Diabetes Market Regional Analysis Governments worldwide are increasing healthcare budgets and funding support programs to create awareness about type 2 diabetes, its risks factors and management options.
Economic: Rising incomes and changing lifestyles have led to an increase in obesity and sedentary habits. This coupled with an aging population is augmenting the economic burden of type 2 diabetes treatment and management on national healthcare systems.
Social: Changing diets with increasing consumption of processed and convenience foods along with reduced physical activity due to labor-saving devices has led to obesity becoming a major risk factor for type 2 diabetes across both developing and developed nations.
Technological: Increased R&D efforts are boosting development of novel drug delivery systems, devices and diagnostic technologies. Continuous glucose monitoring systems, artificial pancreas devices and smart insulin pens are examples of technologies trying to make diabetes management simpler for patients.
The market is currently concentrated in developed regions due to higher per capita healthcare spending, aging demographics and affluent consumer bases able to afford sophisticated diabetes management solutions. North America presently accounts for the largest share, followed by Western Europe. However, increasing diabetes prevalence and growing medical needs of expanding middle-classes are propelling demand most rapidly in Asia Pacific countries like China and India.
China has emerged as the fastest growing country market worldwide. The sheer size of its population with diabetes, rising accessibility and affordability of diagnostic tests and treatment along with growing health awareness is fueling Type 2 Diabetes drug and device sales at double-digit growth rates in China. Expanding medical insurance coverage is further supporting market gains.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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