Type 2 Diabetes Treatment Market Size Drug Glass (Insulin, Non-Insulin), Devices (Insulin Pumps, Insulin Pen, Blood Glucose Meters), & Region for 2024-2031

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Type 2 Diabetes Treatment Market Valuation – 2024-2031

Advances in medical technology are paving the way for more efficient, user-friendly, and tailored medicines. This includes continuous glucose monitoring technologies, new insulin administration mechanisms, and tailored treatment strategies. Thus, the advanced technologies in the healthcare sector are driving the market size to surpass USD 34.44 Billion in 2024 to reach a valuation of USD 70 Billion by 2031.

Increased public awareness of diabetes and its management choices encourages patients to seek early diagnosis and treatment. The increasing awareness of diabetes treatment is enabling the type 2 diabetes treatment market to grow at a CAGR of 8.20% from 2024 to 2031.

Type 2 Diabetes Treatment MarketDefinition/ Overview

Type 2 Diabetes Treatment is not a cure for type 2 diabetes disease, but it manages the treatment for the long term. This entails a multifaceted approach to keeping blood sugar levels within a safe range and avoiding problems. Type 2 diabetes, characterized by the body’s inability to efficiently use or generate insulin, poses a serious challenge to global healthcare systems. This increased prevalence results in a larger patient pool seeking better treatment options, moving the market ahead.

The glycated hemoglobin (A1C) test is most commonly used to identify type 2 diabetes. This blood test measures the average blood sugar level during the previous two to three months. Type 2 diabetes occurs in people under the age of 35 who are overweight or obese and have at least one risk factor for diabetes. Women who have experienced gestational diabetes.  People who have been diagnosed as prediabetic. Children who are overweight or obese have a family history of type 2 diabetes or other risk factors.

Type 2 diabetes chronic illness, defined by elevated blood sugar levels, necessitates a proactive approach to maintaining health and avoiding consequences. Fortunately, the landscape of Type 2 diabetes therapy is continually changing, with new and improved alternatives for effective blood sugar control and a higher quality of life. Emphasizing the condition’s prevalence promotes relatability and emphasizes the significance of existing treatment choices. Highlighting a proactive management approach encourages the reader to investigate the various treatment options. The focus on treatment progression piques the reader’s interest in the most recent advances in Type 2 diabetes care.

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How the Increasing Prevalence of Type 2 Diabetes is Driving the Growth of the Type 2 Diabetes Treatment Market?

The growing number of people with type 2 diabetes around the world is creating a huge demand for treatments. As more and more people get this condition, we need better ways to help them manage its challenges. That's why it's so important to develop new treatments to meet the changing needs of patients everywhere. For example, in Australia, almost 9 out of 10 people with diabetes have type 2. And in the United States, women who have gestational diabetes during pregnancy are more likely to develop type 2 diabetes later in life.

In addition, the increase in GDM in women after pregnancy is also driving the growth of the type 2 diabetes treatment market. According, to the Report in 2020 the overall rate of GDM was estimated to be 7.8% in women after pregnancy.

Diabetes is a serious issue with far-reaching effects on individuals and our communities. That's why it's encouraging to see a growing focus on research and development (R&D) in this area. This investment is a sign that healthcare providers and policymakers are committed to finding new and innovative treatments for diabetes. They recognize that these treatments can not only improve the lives of people with diabetes but also reduce the overall burden of the disease on society. For instance, the US government recently announced a $5 billion investment towards fighting diseases like diabetes and cancer. This investment will help develop new healthcare technologies and medicines. Similarly, the Indian government has allocated $10.69 billion for healthcare in its 2023 budget. By prioritizing R&D in diabetes treatments, healthcare stakeholders aim to enhance the care available to people with diabetes. This can lead to better long-term health outcomes and reduce the associated healthcare costs, creating a healthier future for all.

Imagine if there were diabetes medications that could not only lower your blood sugar, but also help you shed some pounds and protect your heart. That's what the latest wave of diabetes drugs is doing, and it's a game-changer in diabetes treatment! Plus, we're now living in the age of digital health. Think Telemedicine, diabetes apps, and monitoring devices that let you check your health right from home. These tools make it so much easier to manage your diabetes. You can connect with healthcare professionals in an instant, get up-to-date info on diabetes, and track your progress. This all means better diabetes control, fewer hassles, and happier, healthier days ahead!

Inadequate comprehension of the severity of diabetes and the importance of following medication regimens can drastically reduce treatment success.  The patients can have difficulty navigating the complexity of managing a chronic condition like diabetes, resulting in concerns such as medication tiredness or trouble adhering to suggested treatment programs. For instance, in around 70% of the population affected by diabetes does not know they have diabetes.

How the Lack of Awareness and High Cost of Treatment are Impeding the Growth of the Type 2 Diabetes Treatment Market in Emerging Countries?

Lack of information about the severity of diabetes and the importance of constant medication adherence can lead to poor blood sugar control and an increased risk of complications. Individuals with diabetes must understand the potential consequences of non-adherence, which may include worsening symptoms, disease progression, and increased susceptibility to associated health complications such as cardiovascular disease, neuropathy, and kidney dysfunction. In addition, the high cost of treatment is a hurdle to the growth of the market. For instance, in Canada, the cost of type 2 diabetes treatment is USD 76 to USD 10,014.

The cost of diabetes treatments, such as insulin, medications, and essential blood sugar monitoring supplies, can be overwhelming for many people, especially in low- and middle-income countries. This financial burden can make it difficult for people to get the care they need, leading to problems sticking to their treatment plans and poor health outcomes. Imagine you have diabetes and live in an area where healthcare is limited and you have to pay for your treatments out of your own pocket. It can be a struggle to decide how to spend your money. In South Africa, for example, the government spent a lot of money on diabetes care in 2018, but it's expected to cost even more in the future. As a result, some people may have to skip or cut back on their medications, which can make it harder for them to manage their diabetes and keep their blood sugar levels under control. This can lead to serious health problems.

Social determinants of health include a variety of environmental, economic, and social elements that affect people’s health outcomes. Individuals living in places with limited access to inexpensive and nutritious food options may find it cumbersome to make healthy dietary choices. Food insecurity, a lack of mobility to grocery stores that sell fresh produce, and the abundance of fast food restaurants may all contribute to poor dietary patterns in these communities, aggravating the challenges of properly controlling Type 2 diabetes.

Category-Wise Acumens

How Demand for Delivery Systems is Boosting Sales of Insulin Pumps ?

The insulin pump market is booming, helping to drive the growth of treatments for type 2 diabetes. These pumps work like a healthy pancreas, continuously delivering insulin throughout the day. This helps keep blood sugar levels stable, reducing the risk of both high (hyperglycemia) and low blood sugar (hypoglycemia). The best part about insulin pumps is that they can be customized to meet your exact needs. You can set different insulin delivery rates depending on what you're doing, like if you're exercising or just sleeping. This helps keep your blood sugar in the sweet spot, reducing the risk of diabetes-related complications.

In addition, many current insulin pumps include connectivity capabilities that allow remote monitoring and data sharing with healthcare practitioners and caregivers. Real-time monitoring of insulin administration and glucose levels enables rapid modifications to treatment regimens and provides vital insights into diabetes care. Insulin pumps provide flexibility in bolus dosage, allowing users to rapidly and conveniently give insulin to cover carbohydrate intake at mealtimes or rectify elevated blood sugar levels. Bolus dosages can be programmed manually or computed automatically using pre-determined insulin-to-carbohydrate ratios and adjustment factors.

Some insulin pumps work with CGM systems, allowing for the seamless integration of insulin delivery and glucose monitoring. This interface enables automated insulin delivery adjustments based on real-time glucose measurements, resulting in better glycemic control and a lower risk of hypoglycemia.

How Insulin Glycemic Controlling is Escalating the Growth of Insulin Segment in the Type 2 Diabetes Treatment Market?

When it comes to treating type 2 diabetes, insulin is like a superhero. It's the most powerful medication we have to lower blood sugar. So, if you're taking pills for diabetes but they're not doing the trick, insulin can be the extra help you need to keep your blood sugar in check. Insulin not only helps lower blood sugar, but it also prevents those nasty long-term problems that diabetes can cause. What's more, if you get sick or have surgery, insulin can help keep your blood sugar from going haywire, which can speed up your recovery. Even during pregnancy, insulin can be a lifesaver. Gestational diabetes, a condition that some women get during pregnancy, can put both mom and baby at risk. But insulin can help keep everyone healthy.

Insulin regulates blood sugar levels, lowering the risk of problems during pregnancy and childbirth. In circumstances where Type 2 diabetes advances quickly, insulin may be required to restore control of blood sugar levels. This intervention is critical for preventing further deterioration in health and reducing the risk of complications associated with uncontrolled diabetes.

Gain Access to Type 2 Diabetes Treatment Market Report Methodology

Country/Region-wise Acumens

How the Increasing Prevalence of Diabetes and Rising Awareness of Healthcare Professionals is Driving the Growth of North America’s Type 2 Diabetes Treatment Market?

North America is substantially leading in the type 2 diabetes treatment market and is expected to continue its growth during the forecast period. There is a growing awareness among healthcare professionals and patients about the benefits of new diabetic treatments. This increasing awareness has sparked an interest in researching and implementing newer pharmaceutical treatments for treating the illness.

In addition, the prevalence of diabetes is increasing in North America, in regions such as Canada, the United States Mexico, etc., making it a major public health concern. For instance, in , there are 90% of cases of type 2 diabetes, and 4,118,000 people were diagnosed with type 2 diabetes in 2023.  As the number of people diagnosed with diabetes grows, there is a greater need for efficient treatment solutions to manage the disease’s rising burden. This rising prevalence emphasizes the critical need for innovations in diabetes care and motivates the quest for new therapeutic strategies.

In depression increases the likelihood of acquiring type 2 diabetes by 40% to 60%. Type 2 diabetes is caused by a mix of individual, societal, environmental, and hereditary variables. In June 2021, Bill C-237, An Act to Establish a National Diabetes Framework, was signed into law in Canada. This necessitates stakeholder consultations by the Federal Minister of Health to build a national framework aimed at lowering the risk of type 2 diabetes and improving treatment for all diabetics.

Competitive Landscape

The competitive landscape of the Type 2 Diabetes Treatment Market is constantly evolving. Companies that can successfully navigate these challenges, capitalize on emerging trends, and deliver innovative and cost-effective solutions will be well-positioned for long-term success in this dynamic market.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in type 2 diabetes treatment market include

  • Bayer AG
  • Abbott Laboratories, Inc.
  • GlaxoSmithKline
  • Eli Lilly and Co.
  • PLC
  • Johnson & Johnson Services, Inc.
  • Merck & Co.
  • Pfizer Inc.
  • AstraZeneca
  • PLC, Becton
  • Dickinson and Co.
  • Hoffmann-La Roche Ltd.

Latest Developments

  • In March 2024, Abbott Laboratories Inc., announced the new findings from two real-world studies1, 2 reveal that persons with Type 2 diabetes who used GLP-1 drugs and FreeStyle Libre equipment together improved their HbA1c more than those who simply used GLP-1 medications.
  • In June 2023, Pfizer, announced decision to advance one oral late-stage glucagon-like peptide-1 receptor agonist (GLP-1-RA) candidate into clinical development for the possible treatment of people with obesity and Type 2 diabetes mellitus (T2DM).
  • In November 2023, Bayer AG announced the launch of Digital Patient Support Package, named My Kidney Assistant, created to provide type 2 diabetes (T2D) patients with information and services to help them monitor and improve their kidney function.
  • In January 2020, Trijardy XR announced the approval of (empagliflozin/linagliptin/metformin hydrochloride extended-release tablets) by the US Food and Drug Administration to reduce blood sugar in individuals with type 2 diabetes. Trinary XR combines three Type 2 diabetes drugs into a single tablet.

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2021-2031

Growth Rate

CAGR of ~8.20% from 2024 to 2031

Base Year for Valuation

2024

Historical Period

2021-2023

Forecast Period

2024-2031

Quantitative Units

Value in USD Billion

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • Drug Glass
  • Devices
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Players

Bayer AG, Abbott Laboratories, Inc., GlaxoSmithKline, Eli Lilly and Co., PLC, Johnson & Johnson Services, Inc., Merck & Co., Pfizer Inc., AstraZeneca, PLC, Becton, Dickinson and Co., F. Hoffmann-La Roche Ltd.

Customization

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Type 2 Diabetes Treatment Market, By Category

Drug Glass

  • Insulin
  • Non-Insulin

Devices

  • Insulin Pumps
  • Insulin Pen
  • Blood Glucose Meters

Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

Research Methodology of Market Research

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Pivotal Questions Answered in the Study

Some of the key players leading in the market include Bayer AG, Abbott Laboratories, Inc., GlaxoSmithKline, Eli Lilly and Co., PLC,

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