Type 2 Diabetes Market Size to grow by USD 42.6 billion between 2024-2028
According to a research report “ Type 2 Diabetes Market” by Drug Class (Insulin, DPP-4 inhibitor, GLP-1 receptor agonists, SGLT-2 inhibitors, Others) Distribution Channel (Retail pharmacies, Hospital pharmacies, Online pharmacies) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 42.6 billion, at a CAGR of 10.84% during the forecast period. Type 2 diabetes, a global health concern, is characterized by the body's inability to effectively utilize insulin. This condition, marked by hyperglycemia and metabolic alterations due to insulin secretion or action abnormalities, affects millions worldwide. Prevalence has surged among adults since the early 2000s, with an alarming increase among children. Early diagnosis poses a significant challenge due to non-specific symptoms. The Type 2 diabetes market encompasses solutions for insulin production enhancement, insulin sensitivity improvement, and disease management tools..
Browse market data tables, figures, and in-depth TOC on “Type 2 Diabetes Market” by Drug Class (Insulin, DPP-4 inhibitor, GLP-1 receptor agonists, SGLT-2 inhibitors, Others) Distribution Channel (Retail pharmacies, Hospital pharmacies, Online pharmacies) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample
By Drug Class, the Insulin segment is projected to dominate the market size in 2024
In the context of Type 2 Diabetes Market, insulin, a peptide hormone derived from beta cells, plays a pivotal role in regulating blood glucose levels. Preproinsulin is the precursor, which is proteolytically cleaved to obtain proinsulin, the forerunner of insulin. Under normal conditions, insulin interacts with insulin receptors, facilitating glucose absorption. Conversely, insulin deficiency or resistance can lead to elevated blood glucose levels, potentially causing nerve and blood vessel damage and cell starvation. Frederick Banting's groundbreaking discovery of insulin in 1921 revolutionized diabetes treatment.
By Distribution Channel, Retail pharmacies segment is expected to hold the largest market size for the year 2024
In the Type 2 Diabetes market, community pharmacies play a pivotal role as key retailers of essential medications and related products. These pharmacies, which can be independent or part of a chain, are licensed by the state and offer medications at retail prices to both the public and medical professionals. Despite holding a relatively small market share compared to wholesale pharmacies, retail pharmacies face increasing pressure on profitability. This is due to rising costs, including tighter compensation and escalating expenses for rent, wages, and burdensome certification and licensing requirements.
North America is forecasted to hold the largest market size by region in 2024
In North America, the Type 2 Diabetes market expansion is primarily fueled by the rising diabetes prevalence. According to the CDC, approximately 10.5% of the US population, equating to 34.2 million individuals, had diabetes in 2018. Among them, 8.2% or 26.9 million were diagnosed. The US, Canada, and Mexico exhibit the highest diabetes incidence within the region. This trend is attributed to unhealthy diets and sedentary lifestyles, leading to obesity.
The Type 2 Diabetes Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
In the retail pharmacy sector, there is a significant market for therapeutic compounds used in managing Type 2 Diabetes. Young adults and adolescents are among the demographics increasingly diagnosed with this condition. Type 2 Diabetes is characterized by high blood sugar levels due to insulin resistance or inadequate insulin production. Symptoms may include numbness or tingling in the hands and feet, slow-healing wounds, blurred vision, fatigue, frequent urination, and increased thirst. Neurological problems, renal issues, and cardiovascular diseases are potential complications. Pharmaceutical companies offer various treatments, such as Trulicity, Tanzeum, and Jardiance, which help manage blood sugar levels, improve insulin sensitivity, and mitigate complications. These medications target the nerves, blood vessels, eyes, kidneys, heart, and address issues related to hyperglycemia. It is crucial for patients to adhere to their treatment plans to prevent long-term health consequences.
Market Research Overview
In the rapidly expanding Type 2 Diabetes (T2D) market, oral route medications play a significant role in disease management. Key pharmaceutical companies, such as Sanofi and Lexicon Pharmaceuticals, are developing innovative drug candidates to address the complexities of T2D. One such promising development is the dual inhibitor, Sotagliflozin, which enhances urine glucose excretion by targeting both SGLT1 and SGLT2 renal glucose threshold. This non-invasive approach offers a positive outlook for patients, providing convenience and reducing the risk of infections associated with insulin injections. The T2D market encompasses various oral medications, including DPP-4 inhibitors like Sitagliptin (Januvia), meglitinides, metformin, and newer classes like GLP-1 receptor agonists such as Trulicity, Tanzeum, and Jardiance. Emerging economies witness a growing demand for these therapeutic compounds due to the increasing prevalence of T2D and associated medical conditions like high blood pressure, processed foods consumption, and risk factors like insulin resistance. Additionally, medications like Steglatro, which targets PPAR receptors, and thiazolidinediones, which improve insulin sensitivity, offer potential solutions for young adults, teenagers, and adolescents with T2D. The T2D market is vast and diverse, addressing various aspects of the chronic metabolic disorder, including glycemic control, hypoglycemia avoidance, cardiovascular safety, and disease management for nerves, blood vessels, eyes, kidneys, and heart. Hospital pharmacies and retail pharmacies, as well as online pharmacies, play crucial roles in ensuring patients have access to these essential medications.
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