PUBLISHER: Orion Market Research | PRODUCT CODE: 1078190
PUBLISHER: Orion Market Research | PRODUCT CODE: 1078190
Global Type 2 Diabetes Treatment Market Size, Share & Trends Analysis Report, By Drug Class (Insulin, Non-Insulin (DPP-4 Inhibitor, GLP-1 Receptor, SGLT-2 Inhibitor)) By Devices (Insulin Pumps, Insulin Pen, Blood Glucose Meters, Others) Forecast Period 2022-2028
The global Type 2 Diabetes Treatment market is growing at a considerable CAGR of 6.6% during the forecast period (2022-2028). The global increase in the prevalence of type 2 diabetes (T2D) condition is a primary factor driving the market's expansion. According to the National Center for Biotechnology Information, 89 million instances of T2DM were recorded in 2014, with 330 million cases projected by 2022. Furthermore, pharmaceutical companies' breakthroughs in diabetes treatments boost market growth. The newest drugs on the market include Jardiance, a sodiumglucose cotransporter 2 inhibitor, and Tanzeum and Trulicity, two glucagon-like peptide-1 receptor agonists. However, a lack of patient awareness about the availability of such drugs limits market expansion. Unmet medical demands in emerging economies, on the other hand, are likely to generate lucrative market growth prospects.
The market is segmented based on drug class and devices. Based on the drug class segment, the market is segmented into insulin and non-insulin. The insulin type segment held a considerable share in the drug class segment. When the blood sugar level is not normal people suffering from type 2 diabetes disease usually take insulin rather than other drugs According to the American Action Forum, around 8.3 million people require insulin to regulate blood glucose levels in the US. Around 22.0% of the US population was dependent on insulin for the control of diabetes. Moreover, it is estimated that the use of insulin will increase by 20.0% by 2030 across the globe. Further, based on the devices segment, the market is segmented into insulin pumps, insulin pens, blood glucose meters, and others.
The global Type 2 Diabetes Treatment market is analyzed based on the geographical regions that are contributing significantly to the growth of the market. Based on the geography, the market is bifurcated into North America, Europe, Asia Pacific, and the Rest of the World. North America is estimated to have one of the major shares in the Type 2 Diabetes Treatment market. High prevalence of cancer diseases, investment in R&D in the US, regulatory approvals by FDA and CE for commercial use of these Type 2 Diabetes Treatment tests, and improved healthcare infrastructure are some of the factors that contribute to the growth of the market in this region. Asia-Pacific is estimated to be one of the fastest-growing regions in this market owing to the rise in awareness about the diagnosis and treatment for cancer diseases within the countries and government checks on the rising level of cancer patients.
The key players of the type 2 diabetes treatment market include Merck & Co., Inc., Novo-Nordisk A/S, Eli Lilly and Co., Medtronic, PLC, AstraZeneca, PLC, Johnson, And Johnson Services, Inc. and GlaxoSmithKline, PLC among others.
Research Methodology
The market study of the global Type 2 Diabetes Treatment market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
The Report Covers
Report Category- Pharmaceuticals