Type 2 Diabetes Mellitus Treatment Market 2019 Global Analysis, Opportunities And Forecast To 2023
The type 2 diabetes mellitus treatment market is growing colossally; mainly due to the growing prevalence of diabetes. The demand for effective treatments for type 2 diabetes mellitus is increasing pervasively due to the rising occurrences of diabetes in various age groups. Additionally, government initiatives to control diabetes are also fueling the growth of the market.
According to Market Research Future, the global type 2 diabetes mellitus treatment market has been booming and expected to demonstrate a spectacular growth by 2023. In its recently published report, MRFR also asserts that the market would register a CAGR over 8% throughout the forecast period (2017-2023). Rising numbers of breakthrough discoveries of novel drugs and therapeutics to treat type 2 diabetes is a key driving force.
Rising technological advancements and spreading awareness about the condition & availability of treatments are some of the key factors driving the growth of the market. Besides, increasing aging population and sales of medicines & devices are fostering the market growth. Also, unmet medical needs, increasing rate of obesity disorder, and growing adoption rate are continuously contributing to the growth of the market.
It is noted that huge funding in R&D to invent new diabetes diagnosis and treatment procedures, the improving regulatory framework, and increasing government assistance, trends as such would continue in the years to come, further increasing the size of the market. Patient compliance is one important factor in the future growth of drugs, devices, and monitoring systems used to treat diabetes.
On the other hand, the high cost associated with diagnosis & treatment, side effects of available treatment options, and poor healthcare system in low and middle-income countries would impede the growth of the market. Also, low awareness among people about the availability of treatments is anticipated to pose challenges to the type 2 diabetes mellitus treatment market.
Type 2 Diabetes Mellitus Treatment Market - Segments
The report is segmented into three market dynamics to widen the scope of understanding,
By Treatment : Drugs Class (Insulin, Sensitizers, Sglt-2, Alpha-Glucosidase Inhibitors, others) and Devices (Blood Glucose Monitoring, Insulin Delivery Devices, others).
By End-user :Hospitals, Clinics, Diagnostic Centers, Drug Stores, and Pharmacies, among others.
By Regions : Asia Pacific,North America, Europe, and the Rest-of-the-World.
Type 2 Diabetes Mellitus Treatment Market - Geographical Analysis
North America leads the global type 2 diabetes mellitus treatment market. The presence of a large patient population, various notable players, and a well-developed healthcare system, alongside the high healthcare expenditure foster the regional market growth. The US, backed by colossal funding for the projects designed to improve diabetes care, majorly drive the market in the region. The North American type 2 diabetes mellitus treatment market is expected to grow at a substantial CAGR throughout the forecast period.
The type 2 diabetes mellitus treatment market in the European region holds the second position. Increasing prevalence of type 2 diabetes alongside, favorable guidelines for the drug manufacturing and a well-established pharmaceutical industry are propelling the regional market growth. Besides, government support towards research & development expenditure and amendments in reimbursement policies in healthcare are some of the key driving forces expected to continue in the future as well.
The Asia Pacific type 2 diabetes mellitus treatment market is growing briskly. Vast development in healthcare technology and increasing numbers of healthcare facilities are fostering the growth of the regional market. Also, a huge patient pool is creating large market demand. China and India are emerging as fastest-growing markets in the region. Also, rising funds for diabetes control is boosting the growth of the type 2 diabetes mellitus treatment market in the region.
Type 2 Diabetes Mellitus Treatment Market - Competitive Analysis
Highly competitive, the type 2 diabetes mellitus treatment market appears to be fragmented characterized by the presence of several well-established players. In order to gain a competitive advantage in this market, these players incorporate strategic approaches, such as mergers & acquisition, collaboration, expansion, and technique & product launch.
Manufacturers of drugs and medical devices adopt modern manufacturing processes to ensure safety and convenience. They employ a continuous improvement strategy to analyze and update products, implementing improvements, and launching new solutions to meet the changing needs of both patients and health care professionals.
They also invest heavily in developing a pipeline of innovative drugs to address unmet patient needs. Investment activities in the type 2 diabetes mellitus treatment market are interpreted as capacity expansion plan and intensive R&D to obtain vast growth opportunities.
Players leading the global type 2 diabetes mellitus treatment market include Acon Laboratories, Inc., Abbott Laboratories, Adocia, Amgen, Akros Pharma, AstraZeneca, Becton, Dickinson and Company, Bayer AG, Biocon, Daiichi Sankyo, Boehringer Ingelheim, Eli Lilly, Merck, Novartis & Co., Peptron, Pfizer, Novo Nordisk, Roche Diagnostics Ltd., Sunpharma, Sanofi, and Takeda Pharmaceuticals, among others.
Industry, Innovation & Related News
August 20, 2019 --- Glenmark Pharmaceuticals Ltd. (India), a leading global pharmaceutical company, announced the receiving regulatory approval for its novel, patent-protected combination drug used for diabetes treatment to market in India. The combination includes medicines – sodium-glucose co-transporter-2 (SGLT2) inhibitor – Remogliflozin (Remogliflozin etabonate) and Metformin Hydrochloride film-coated tablets.
Remogliflozin is an innovative, patent-protected SGLT2 inhibitor indicated for the treatment of type-2 diabetes mellitus in adults. Glenmark would commercialize the product under the brand names -Remo-M and Remozen-M.
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