21 August 2017
Type 2 diabetes market to more than double, to $64 billion by 2026, says GlobalData
The type 2 diabetes space across the seven major markets of the US, France, Germany, Italy, Spain, the UK, and Japan, is set to more than double in value from $28.6billion in 2016 to around $64 billion by 2026. While the global T2D market is crowded with inexpensive generics and marked by a late-stage pipeline filled with me-too drugs, the market is expected to grow at a strong compound annual growth rate of 8.4%, according to GlobalData, a recognised leader in providing business information and analytics.
The company’s latest report reveals that the dramatic increase in the prevalence, progressive nature and diagnosis of type 2 diabetes is the main driver of this rapid growth rate. The rise in disease-related comorbidities has also fuelled a more aggressive approach to treatment, including the use of multiple-drug therapies.
Current and future leaders in the type 2 diabetes space during the forecast period include Novo Nordisk, Astra Zeneca, Merck, Eli Lilly/BI, Takeda, Johnson & Johnson, Sanofi, and Intarcia Therapeutics. All of these companies have either late-stage pipeline products or very recently marketed products that have the potential to significantly strengthen their company’s portfolios.
Jesus Cuaron, Ph.D., PPM, Managing Healthcare Analyst at GlobalData, explains: “All currently available treatments for type 2 diabetes are initially effective and reduce complication rates, but they lack the ability to maintain glycemic control in the long term because of the progressive nature of pancreatic β-cell dysfunction. This represents one of the highest unmet needs in the type 2 diabetes space and demonstrates that the market has a significant growth opportunity for new patent-protected products that successfully address underlying disease pathology, cardiovascular concerns, or compliance issues.”
Overall, the ever-increasing prevalence of diabetes, along with the increased usage of anti-diabetic drugs with non-glycemic benefits, will lead to significant growth of the type 2 diabetes market.