With the emergence and long-term Impact of COVID-19, Global Type 2 Diabetes Market to reach USD 61.62 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Type 2 Diabetes Market points towards a potential rise to USD 61.62 Billion by 2030. Type 2 Diabetes, also known as adult-onset diabetes or non-insulin-dependent diabetes is a chronic metabolic disorder characterized by high blood sugar levels. It is the most common form of diabetes accounting for approximately 90% to 95% of all diagnosed cases. Unlike type one diabetes, which is an autoimmune condition where the body fails to produce insulin type two diabetes is characterized by insulin resistance and inadequate insulin production. Increasing number of diabetic patients and growing geriatric population elucidate as the growth drivers of this market during the forecast period.
Geographically, the global Type 2 Diabetes market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the type 2 diabetes market. The region’s market growth is driven by the increasing prevalence of diabetes, with over 29 million individuals affected, expected to rise to 32 million by 2025. Notably, the United States alone had more than 25 million diabetic patients in 2019. The expansion of the healthcare sector, favorable government regulations, and a growing number of initiatives and favorable reimbursement policies contribute to the overall growth of the type 2 diabetes market in North America.
Europe is anticipated to exhibit the highest growth rate among regions. Within Europe, the type 2 diabetes market is primarily dominated by the United Kingdom. The increasing number of patients with type 2 diabetes is a key driver for market growth in the region. Factors such as escalating research and development activities and the rising prevalence of obesity contribute to the demand for type 2 diabetes drugs. Furthermore, enhanced supply chain management presents favorable opportunities for the expansion of the type 2 diabetes market in Europe.
The global Type 2 Diabetes market is highly competitive owing to the presence of several key players such as Amgen Inc. AstraZeneca PLC Boehringer Ingelheim International GmbH Daiichi Sankyo Co. Ltd Eli Lilly and Co. Merck & Co. Inc Novo Nordisk AS Sanofi SA Takeda Pharmaceutical Co. Ltd Novartis AG, and others.
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Key findings of the study suggest:
- Global Type 2 Diabetes Market is anticipated to grow with a healthy growth rate of more than 8.4% over the forecast period 2023-2030.
- In the Drug Class segment, Dipeptidyl Peptidase-4 Inhibitors emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the increasing prevalence of diabetes, expansion of the healthcare sector, favorable government regulations, and a growing number of initiatives and favorable reimbursement policies contribute to the overall growth of the type 2 diabetes market in North America.
- Asia Pacific is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Drug Class:
- Dipeptidyl Peptidase-4 Inhibitors
- Glucagon-Like Peptide Receptor Agonists
- Thiazolidinediones
- Alpha-Glucosidase Inhibitors
- Sulfonylureas & Other Insulin Secretagogues
- Biguanides
- Sodium Glucose Cotransport 2 Inhibitors
By Application:
- Glycaemic Control
- Cardiovascular Safety
- Hypoglycaemia Avoidance
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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