The type 2 diabetes market is expected to more than double from $26.8bn in 2016 to $64bn by 2026, according to a report by GlobalData.

Titled 'Type 2 Diabetes – Global Drug Forecast and Market Analysis to 2026', the report covers the seven major markets of the US, France, Germany, Italy, Spain, the UK, and Japan.

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An increase in prevalence of type 2 diabetes and the disease-related comorbidities have been identified as the main drivers of the growth. Availability of inexpensive generics and increase in the use of drugs with non-glycaemic benefits is expected to further contribute to the growth.

Several me-too drugs are currently in late-stage development, which are also expected to drive growth in the market.

"Several me-too drugs are currently in late-stage development, which are also expected to drive growth in the market."

The companies projected to emerge as leaders in the market with their late-stage pipeline products include Novo Nordisk, Astra Zeneca, Merck, Eli Lilly/BI, Takeda, Johnson & Johnson, Sanofi, and Intarcia Therapeutics.

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The highest unmet need in the type 2 diabetes space is the inability to maintain glycaemic control in the long-term, states Jesus Cuaron, PhD, PPM, Managing Healthcare Analyst at GlobalData. Existing treatments are capable of reducing complication rates, but unable to address this unmet need.

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An aggressive approach to treatment through the use of multiple drug therapies is being adopted by physicians to address these issues. New patent-protected products that can address these issues, as well as cardiovascular and compliance issues, will provide a significant growth opportunity for the market, adds the report.