TYPE 2 DIABETES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Type 2 Diabetes Market Size and Trends

The type 2 diabetes market is estimated to be valued at USD 39.87 Bn in 2024 and is expected to reach USD 67.14 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031.

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The global type 2 diabetes market is witnessing positive trends. With the increasing prevalence of obesity and sedentary lifestyle among the population globally, the risk of developing type 2 diabetes has increased. Moreover, the growing geriatric population prone to sugar-related diseases also contributes to the growth of the market. However, greater awareness among consumers regarding healthy diet and lifestyle changes along with the increasing adoption of advanced insulin delivery devices is expected to provide opportunities for new offerings and treatments in the market. Strong pipeline of novel treatment options can further aid the market growth over the coming years.

Rise in obese and overweight population

The growing prevalence of obesity and overweight population across the globe has become a major public health issue driving the type 2 diabetes market. As per various studies conducted, excess body weight is the main risk factor for type 2 diabetes and majority of new diabetes patients are diagnosed with being overweight or obese. This rising epidemic of obesity can primarily be attributed to changing lifestyle patterns like increased consumption of calorie dense and processed food, lack of physical activity due to sedentary jobs, and urbanization. With busy routines and hectic schedules, people are opting for convenient and high calorie fast foods over home cooked meals which are adding inches to their waistlines. Moreover, children are also following similar lifestyle trends like less involvement in outdoor games and physical education at schools. If this obesity epidemic continues to grow at current pace, it will overwhelm the healthcare systems and economies in the coming decades. As excess body weight directly increases the risk of insulin resistance and diabetes, the expanding obese population base is fueling the demand for diabetes management and treatment. Obese individuals require close monitoring of blood glucose levels and may need early insulin therapy or multiple anti-diabetic drugs to control their blood sugar. This growing diabetic patient pool dependent on life-long treatment is proving beneficial for the diabetes drug market.

The aging population is another crucial growth driver for the type 2 diabetes market. As human life expectancy increases worldwide due to advancements in public health and medicine, the geriatric population over 65 years is rising sharply. According to United Nations, between 2015 and 2030, the number of people in the world aged 60 years or over is projected to grow by 56%, from 901 million to 1.4 billion. Region wise too, every continent is witnessing notable surge in their elderly demographic. Aging is a significant risk factor for diabetes as age-related metabolic changes impair body's ability to produce and use insulin efficiently. As people grow older, they tend to gain weight and experience loss of muscle mass, making them more prone to insulin resistance.