Type 2 Diabetes Market Size, Share, Growth Analysis, By Drug Class(Dipeptidyl Peptidase-4 Inhibitors, Glucagon-like Peptide 1 Receptor Agonists, Biguanides, Sodium-Glucose Cotransporter 2 (SGLT2) Inhibitors), By Route of Administration(Oral, Parenteral), By Distribution Channel(Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), By End User(Homecare Settings, Hospitals & Clinics, Academic & Research Institutes, Others), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35J2115 | Region: Global | Published Date: October, 2024
Pages: 216 | Tables: 94 | Figures: 77

Type 2 Diabetes Market News

In July 2023, An important development is Novo Nordisk's introduction of Ozempic® (semaglutide) for the decrease of cardiovascular risk in people with Type 2 diabetes. Novo Nordisk's dedication to enhancing patient outcomes and tackling cardiovascular problems linked to diabetes is bolstered by the exceptional efficiency of this once-weekly injectable GLP-1 receptor agonist.

In November 2022, In the market for Type 2 diabetes, Sanofi's Toujeo® Max SoloStar® FDA approval represents a significant advancement. Sanofi's diabetes medication line is further expanded with the introduction of Toujeo® Max SoloStar®, an insulin glargine injection that has three times the maximum dose of Toujeo® SoloStar®. This injection helps patients with Type 2 diabetes achieve better glycemic control and more dosing flexibility.

In March 2021, The acquisition of Protomer Technologies by Eli Lilly represents a calculated step in the direction of cutting-edge diabetes treatments. Peptide engineering is Protomer Technologies' area of expertise. Its unique molecular engineering platform holds promise for improvements in diabetic therapies, including insulin that responds to glucose. Eli Lilly's dedication to developing cutting-edge new approaches for managing Type 2 diabetes is demonstrated by this purchase, which bodes well for upcoming therapeutic advancements.

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Global Type 2 Diabetes Market size was valued at USD 34.07 billion in 2022 and is poised to grow from USD 36.87 billion in 2023 to USD 66.52 billion by 2031, growing at a CAGR of 7.72% during the forecast period (2024-2031).

The competitive landscape of the Global Type 2 Diabetes Market is characterized by the presence of prominent international pharmaceutical companies. Novo Nordisk, Sanofi, and Eli Lilly are among the key players dominating this market, leveraging their extensive product portfolios and research capabilities. Additionally, multinational corporations like Merck & Co., Inc. and AstraZeneca PLC contribute significantly to market competition through innovative therapies and strategic alliances, driving advancements in diabetes management worldwide. 'Novo Nordisk ', 'Sanofi ', 'Eli Lilly and Company ', 'Merck & Co., Inc. ', 'Boehringer Ingelheim ', 'AstraZeneca PLC ', 'Novartis AG ', 'GlaxoSmithKline plc ', 'Pfizer Inc. ', 'Daiichi Sankyo Company, Limited ', 'Roche Holding AG ', 'Sun Pharmaceutical Industries Ltd. ', 'Lupin Limited ', 'Dr. Reddy's Laboratories Ltd. ', 'Aurobindo Pharma Limited ', 'Medtronic ', 'B. Braun Melsungen AG ', 'Abbott Laboratories ', 'F. Hoffmann-La Roche ', 'Insulet Corporation '

The subject of artificial intelligence (Al) is expanding quickly, and its applications in diabetes have changed how this chronic condition is diagnosed and managed. Algorithms to enable predictive models for the risk of getting diabetes or its complications have been developed using machine learning principles. Al will present a paradigm change in the treatment of diabetes that replaces traditional management techniques with focused, data-driven precision care.

Stronger Emphasis on Customized Medicine: A greater focus is being placed on customizing treatment methods to the unique characteristics of each patient, including genetics, lifestyle variables, and comorbidities, thanks to developments in digital health technologies and genetic testing. By providing customized solutions that are in line with individual patient needs and preferences, this approach seeks to maximize therapeutic outcomes, enhance patient adherence, and reduce side effects.

With a 35% revenue share, North America led the type 2 diabetes market in 2022. The rising incidence of diabetes is fueling the type 2 diabetes market's expansion in the area. In North America, the number of individuals with diabetes is estimated to be over 29 million, and by 2025, it is predicted to reach 32 million. There were more than 25 million diabetics in the United States alone in 2019. Conversely, during the projection period, Europe is anticipated to develop at the fastest rate. In the European region, the UK leads the market for type 2 diabetes. The type 2 diabetes market is expanding in the European region due to the rising number of type 2 diabetic patients.

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