Type 2 Diabetes Mellitus Treatment Market Size Is Projected to Grow at 8% CAGR By 2023
Research Reports
Jan 19, 2021
Type 2 Diabetes Mellitus Treatment Market Overview
The type 2 diabetes mellitus treatment market is set to expand at a rate of 8.0% during the appraisal period (2017-2023), suggests MRFR (Market Research Future). We will provide COVID-19 impact analysis with the report, along with all the notable developments following the coronavirus disease outbreak.
The type 2 diabetes mellitus treatment market has been experiencing a significant transformation fuelled by the introduction of advanced analytical technologies and the continuous exploration of new treatment options. A drastic rise in diabetes cases, especially in type 2 has been observed in the past few years in light of the increasing prevalence of obesity and sedentary lifestyles as urbanization rate escalates. The submarkets like human insulin as well as analogues will continue to remain steady in the global industry in the coming years. Some of the most used treatment products are oral drugs, injectable diabetes drugs, insulin pumps, insulin therapies, blood glucose monitoring systems and insulin injection devices, and the rising purchasing power of people is boosting the demand for these even more.
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The developments in type two diabetes mellitus treatments are anticipated to benefit the pharmaceutical firms in the long run. Considering the massive population of less affluent diabetes patients, particularly in developing countries, medical funding and price reductions are a few forms of government aids that help bolster the market demand. Also, the type 2 diabetes mellitus treatment market consists of a robust R&D pipeline. Additionally, the manufacturers who are developing drugs for related issues such as strokes, kidney disease, obesity and heart disease are also analyzing these medicines during clinical trials for the treatment of the type 2 diabetes, which can translate into extensive market growth in the ensuing years.
A huge number of players focus on patient comfort with the use of artificial intelligence; an advanced technology that has effectively transformed the entire market. These firms are leveraging various modern technologies to boost diabetes care solutions such as non-invasive insulin delivery systems, digital diabetes management platforms and CGM devices. To illustrate, in September 2020, Dexcom Inc. collaborated with the University of Virginia to accelerate the designing of CGM as well as the automated insulin delivery technology. The partnership is expected to bolster the use of CGM in type 2 diabetes, gestational diabetes and more.
Type 2 Diabetes Mellitus Treatment Market Segmentation
The market for type 2 diabetes mellitus treatment has been divided with regard to treatment and end user.
The treatment forms are drug class and devices.
A few of the key end users mentioned in the market study include hospitals, diagnostic centers, clinics, pharmacies, drug stores, and others.
Type 2 Diabetes Mellitus Treatment Market Eminent Vendors
The eminent vendors in the global market include Biocon, Akros Pharma, AstraZeneca, Sanofi, Novo Nordisk, Boehringer Ingelheim, Bayer AG, Novartis & Co., Abbott Laboratories, Adocia, Pfizer, Acon Laboratories, Inc., Roche Diagnostics Ltd., Sunpharma, Merck, Takeda Pharmaceuticals, Becton, Dickinson and Company, Peptron, Eli Lilly, Daiichi Sankyo, Amgen, and more.
Type 2 Diabetes Mellitus Treatment Market Regional Outlook
APAC/Asia Pacific, MEA/Middle East & Africa along with Americas and Europe are the key markets for type 2 diabetes mellitus treatment across the globe.
The Americas, led by Canada and the United States, is the leading market for type 2 diabetes mellitus treatment, as a result of the vast patient population and a technologically advanced healthcare system. The allocation of significant funds for healthcare development and the strong presence of various renowned vendors in the region also add to the market value. Given the increasing cases of diabetes, a number of companies along with government agencies are actively involved in the process of enhancing diabetes care. The type 2 diabetes mellitus treatment market in the region is also gaining momentum owing to the frequent technical advancements, and the increasing number of product launches.
Europe is currently in the second place, and the type 2 diabetes mellitus treatment market in the region is touted to perform even better in the following years, considering the presence of a supportive government that funds extensive research & development activities and offers reimbursement policies. The prevalence of type 2 diabetes mellitus in the region is quite high, and is still rising due to the worsening eating habits and surging prominence of inactive lifestyles. The market leaders in the region are Medtronic and Abbott who are known for adopting effective growth strategies, such as acquisitions and mergers, to establish further dominance.
APAC can emerge as the fastest expanding market for type 2 diabetes mellitus treatment, bearing in mind that the region holds a humungous patient pool and is observing a heightened demand for advanced healthcare technologies. Moreover, the anticipated introduction of potential pipeline molecules, including medications with novel mechanisms of action, may foster market expansion as well. Some other important growth enhancers can be the rising uptake of modern diabetes management solutions, favorable government policies, and the emerging trend of medical tourism in the region.
Browse Detailed TOC with COVID-19 Impact Analysis at: https://www.marketresearchfuture.com/reports/type-2-diabetes-mellitus-treatment-market-5669
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