The type 2 diabetes market is set to surge, rising from $28.6bn in 2016 to an estimated $64bn in 2026.
The seven major markets of the US, France, Germany, Italy, Spain, UK and Japan are expected to see 8.4% compound annual growth, driven by the condition’s rising prevalence, progressive nature and diagnosis.
The rise in disease-related comorbidities will also play a part in the projected market boost as more patients require multiple drug therapies, according to research and analysis group GlobalData.
Managing healthcare analyst Jesus Cuaron said: “All currently available treatments for type 2 diabetes are initially effective and reduce complication rates, but they lack the ability to maintain glycaemic control in the long term because of the progressive nature of pancreatic B-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.”