Type 2 diabetes market forecast to reach $136.2 billion in 2029
The Type 2 diabetes (T2D) market is a crowded and competitive landscape with multiple ‘me-too’, generic and biosimilar drugs entering the sector. Growth will be primarily driven by the launch of novel blockbuster therapies and an increasing diagnosed prevalent population across the nine major markets. (9MM).
According to analytics firm GlobalData’s latest report, ‘ Type 2 Diabetes Market Size and Trends’, the T2D market in the 9MM will reach $136.2 billion in 2029 compared to the $45.9 billion seen in 2019, with drug sales almost doubling at a compound annual growth rate (CAGR) of 11.5%.
Drivers of growth for the T2D market will include the launch of once-weekly basal insulins, which include Novo Nordisk’s (NOV: N) insulin icodec and combinatorial insulin icosema (icodec + semaglutide), both forecast to launch in 2024, and Eli Lilly’s (NYSE: LLY) Basal Insulin-fc, forecast to launch in 2026, noted GlobalData’s pharma analyst Akash Patel.
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