The Global Type 2 Diabetes Mellitus Market is expected to exhibit
an upswing and capture a CAGR of 8% over the forecast period of 2017-2023,
proclaims Market Research Future (MRFR) in an exhaustive research report. The
global market is expanding at a rapid pace due to the increasing burden of type
2 diabetes across the globe. Type 2 diabetes mellitus has been increasing
exponentially, and the market has observed a high prevalence rate in both
developed and developing countries due to multiple risk factors of diabetes and
delayed diagnosis. Development of novel efficient therapies is expected to
create a supportive dais for building up the global type 2 diabetes mellitus
market. The inefficiency of current therapies and life-threatening
complications arising out of type 2 diabetes mellitus has necessitated the
development of appropriate preventive measures.
The government of various countries have initiated awareness
programs and are investing heavily in research & development. Moreover,
there has been a rise in the number of FDA approvals for new drugs which have
also helped the market expand. Other driving factors include an increase in
healthcare expenditure on a global scale and a rise in risk factors of type 2
diabetes mellitus. Conversely, the market growth might be hindered by lack of
awareness, the high cost of treatment and diagnosis, complex regulatory
framework for FDA approvals of therapies, and the side effects of available
treatment options.
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Segmentation
The global type
2 diabetes mellitus treatment market has been segmented based on
treatment and end user. By treatment, the market has been segmented into drug
and devices. The drug segment has been further segmented into Insulin,
Sensitizers, Sglt-2, Alpha-Glycosidase Inhibitors, Others. The devices segment
has been further segmented into Blood Glucose Monitoring, Insulin Delivery
Devices. By end user, the market has been segmented into hospitals, clinics,
diagnostic centers, drug stores, pharmacies, and others.
Regional Analysis
The global type 2 diabetes mellitus treatment market spans across
the regions of the Americas, Europe, Asia Pacific, and the Middle East &
Africa. The Americas account for the largest share of the global type 2
diabetes mellitus market owing to the presence of a huge patient pool,
well-developed healthcare sector, and the presence of leading players in the
region. Moreover, due to the rising burden of diabetes mellitus on the
healthcare, various companies and governments are endeavoring towards improving
diabetes care. Europe is the second largest market for type 2 diabetes mellitus
market. Government grants for research & Development coupled with favorable
reimbursement scenario drive the market in Europe. Throughout Europe, charges
for diagnosis and treatment of type 2 diabetes mellitus are covered under
health insurance, especially for pregnant women. Asia Pacific is poised to be
the fastest growing market on account of an epidemic increase in diabetes
occurrence in the region which induces high demand for treatment and diagnosis.
Also, the market is expanding due to substantial investment in the healthcare
sector by the governments in the region. The Middle East & Africa market
accounts for the least share of the market due to low healthcare penetration
and poor medical facilities, especially in the Africa region. The Middle East
market is expected to exhibit considerable growth over the forecast period due
to improving the healthcare sector in the region.
Competitive Landscape
The notable players operating in the global type 2 diabetes
mellitus treatment market include Abbott Laboratories, Adocia, Amgen, Bayer AG,
Dickinson and Company, Boehringer Ingelheim, Eli Lilly, Novo Nordisk, Pfizer, Sanofi, Takeda Pharmaceuticals, Acon Laboratories,
Inc., Akros Pharma, AstraZeneca, Becton, Biocon, Daiichi Sankyo, Merck,
Novartis & Co., Peptron, Roche Diagnostics Ltd., Sunpharma, and
others.
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