The global type 2 diabetes market is projected to grow twofold by 2025 and reach $58.7bn, according to a report by GlobalData. The market will expand at a compound annual growth rate of 6.5% from its current $31.2bn value.
The report, titled 'PharmaPoint: Type 2 Diabetes - Global Drug Forecast and Market Analysis to 2025', states that the market expansion will be driven by rise in the number of cases of type 2 diabetes resulting from improved life expectancy and lifestyle changes.
A significant increase is expected in the diagnosis of the disease along with a rise in its occurrence.
Lifestyle changes including dietary changes, more stress and a reduction in exercise will have a greater impact on the market, with US being the most affected. The global market share of the US will increase to 66% from the current 58%.
The high prevalence and progressive nature of type 2 diabetes leads to unmet needs such as higher durability of treatment, improvement of efficacy of glycemic control with cardiovascular safety, hypoglycemia avoidance, and tolerability and ease of compliance.
Such unmet needs present an opportunity for the launch of new patent-protected products and also the need for new treatments for maintaining glycemic control in the long-term.
Jesus Cuaron, Ph.D. PPM, GlobalData's analyst covering cardiovascular and metabolic disorders, explains: "Molecules in the earlier stages of development, Phase II or earlier, employ various novel mechanisms of action.
"Early-stage novel drug classes include those such as 11-beta-hydroxysteroid dehydrogenase type 1 inhibitors and glucokinase activators."
The GlobalData report concludes that the biggest unmet need in type 2 diabetes is the issue of insulin resistance and new drugs are needed to address this problem effectively without any side effects, including weight gain.