Type 2 Diabetes Market Size, Share, and Trends 2024 to 2034

Type 2 Diabetes Market Size and Companies

The global type 2 diabetes market size was valued at US$ 32 billion in 2022 and it is expected to surpass around US$ 70.05 billion by 2032 with a registered CAGR of 8.20% from 2023 to 2032.

Type 2 Diabetes Market in U.S. 2023 To 2032

The U.S type 2 diabetes market size reached US$ 32 billion in 2022 and is projected to expand around US$ 70.05 billion by 2032 with a CAGR of 8.20% between 2023 to 2032.

North America dominated the type 2 diabetes market in 2022 with revenue share of 35%. The growth of type 2 diabetes market in the region is being driven by the growing prevalence of diabetes. Diabetes affects more than 29 million people in North America, with that number anticipated to rise to 32 million by 2025. In 2019, the U.S. alone had over 25 million diabetic sufferers. The factors such as expansion of healthcare sector and favorable government regulations are driving the growth of North America type 2 diabetes market. In addition, growing number of initiatives by government and favorable reimbursement policies are boosting the type 2 diabetes market growth in the region.

Europe, on the other hand, is expected to develop at the fastest rate during the forecast period. The UK dominates the type 2 diabetes market in Europe region. The growing number of type 2 diabetic patients is driving the growth of type 2 diabetes market in Europe region. The factors such as rising research and development activities as well as rising prevalence of obesity are propelling the demand for type 2 diabetes drugs. In addition, improved supply chain management is providing lucrative opportunities for the expansion of Europe type 2 diabetes market.

Growth Factors

According to Centers for Disease Control and Prevention, diabetes affects around 37 million Americans, with type 2 diabetes accounting for 90-95% of cases. Type 2 diabetes affects primarily those over the age of 45, although it is increasingly affecting an increasing number of adolescents, teenagers, and young adults. In addition, according to the National Center for Biotechnology Information, 89 million instances of type 2 diabetes were recorded in 2014, with 330 million cases projected by 2022. Thus, the growing prevalence of diabetes is driving the growth of global type 2 diabetes market.

In addition, children and teenagers are more prone to type 2 diabetes. Obesity rates in children are rising, as are rates of type 2 diabetes in children. More than 75% of children with type 2 diabetes also have a close family member who suffers from the disease. As a result, growing number of type 2 diabetes patients are boosting the growth of global type 2 diabetes market.

The new therapeutic compounds with improved efficacy and safety are being introduced in the global type 2 diabetes market, opening up the possibility of developing new treatments. Due to their cost, strong product quality control standards and ease of production procedures, the release of biosimilar pharmaceuticals is predicted to rise at a rapid pace over the projected period.

Type 2 Diabetes Market Scope

The government all around the globe is taking constant efforts for the development of global type 2 diabetes market. The government bodies are collaborating with major market players for the launch of new products in the worldwide type 2 diabetes market. In addition, government of emerging nations are providing tax benefits such as tax incentives and subsidies to the manufacturers of type 2 diabetes drugs and medications. Thus, all these factors are driving the growth and development of global type 2 diabetes market.

The market players are not only introducing new drugs and medicines, but also introduced devices and tools that can be utilized for the treatment and diagnostics of type 2 diabetes. Thus, the growing research and development activities are propelling the growth of global type 2 diabetes market. The market players as well as government are heavily investing for research and development initiatives. Thus, this factor is contributing towards the growth and expansion of global type 2 diabetes market.

The global type 2 diabetes market has sparkled a surge in interest nowadays, owing to the fact that it is the major reason for cardiovascular diseases, as well as a variety of renal and neurological problems. Another factor that is supporting industry to generate the most money is the growing obesity epidemic in many regions of the world. Furthermore, rising demand for diabetes medications among adults is boosting the growth of global type 2 diabetes market. Impaired glucose tolerance, gestational diabetes, and impaired fasting glycemia are three more components of type 2 diabetes. Thus, the growth of global type 2 diabetes market is expected in near future.

Drug Class Insights

The insulin segment dominated the type 2 diabetes market in 2022. Insulin is considered as prominent drug for the treatment of type 2 diabetes. Insulin promotes the metabolism of body and tries to stimulates the immune system of the body. Insulin needs to be taken within specific period of time and at least thrice a day. Insulin also helps to control blood sugar level of the body.

The thiazolidinediones segment is fastest growing segment of the type 2 diabetes market in 2022. In the treatment of type 2 diabetes, thiazolidinediones are utilized as insulin sensitizers. They work by attaching to and activating PPAR receptors, which raises the synthesis of adiponectin, an anti-inflammatory hormone that stimulates glucose uptake into fat cells for storage. After eating, this results in higher glucose uptake by muscle cells and lower blood sugar levels.

Application Insights

The retail pharmacies segment dominated the type 2 diabetes market in 2022. The large number of drugs and medications are available in retail pharmacies. Walgreens, the world’s largest prescription medication retailer has over 5,000 locations in all 50 U.S. states and Puerto Rico. The drugs available in retail pharmacies are available at low prices and can be bought by anyone. Due to all these factors, the growth of the segment is anticipated in upcoming years.

The online pharmacies segment is fastest growing segment of the type 2 diabetes market in 2022. The online pharmacies provide wide range of benefits to the customers. The benefits such as discounts and free home delivery are driving the growth of global type 2 diabetes market. Moreover, some of the online pharmacist provides advantage of easy returns and exchange. Thus, these factors are boosting the segment expansion.

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