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

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 rising prevalence of type 2 diabetes (T2D) worldwide is the main reason propelling the market expansion. The NCBI reports that 89 million instances of type 2 diabetes were reported in 2014, and by 2022, that number is predicted to rise to 330 million cases. Furthermore, pharmaceutical companies' developments in diabetes drugs support the market's expansion. The two new drugs in the market are glucagon-like peptide-1 receptor agonists Tanzeum & Trulicity and sodium glucose cotransporter 2 inhibitor Jardiance. However, the market expansion is constrained by patients' ignorance of these drugs' availability. On the other hand, it is anticipated that unmet medical requirements in developing nations would present profitable expansion prospects for the industry.

As the prevalence of diabetes has increased, so too has the need for improved diabetes care options. Furthermore, the business is now able to offer highly adaptive solutions due to technological advancements. The growing acceptance of cloud-based enterprise solutions and the growing popularity of connected devices and apps are two other key factors propelling the market's expansion. However, factors including high device costs, a lack of funding in developing nations, and a higher adoption of traditional diabetes control technologies are projected to restrain growth in this market during the forecast period.