The global prevalence of diabetes, particularly type 2 diabetes mellitus (T2DM), is rapidly increasing, posing significant health and economic challenges. T2DM not only disrupts blood glucose regulation but also damages vital organs such as the heart, kidneys, eyes, nerves, and blood vessels, leading to substantial morbidity and mortality. In the US alone, the economic burden of diagnosed diabetes exceeded \$400 billion in 2022. Early detection of individuals at risk is critical to mitigating these impacts. While machine learning approaches for T2DM prediction are increasingly adopted, many rely on supervised learning, which is often limited by the lack of confirmed negative cases. To address this limitation, we propose a novel unsupervised framework that integrates Non-negative Matrix Factorization (NMF) with statistical techniques to identify individuals at risk of developing T2DM. Our method identifies latent patterns of multimorbidity and polypharmacy among diagnosed T2DM patients and applies these patterns to estimate the T2DM risk in undiagnosed individuals. By leveraging data-driven insights from comorbidity and medication usage, our approach provides an interpretable and scalable solution that can assist healthcare providers in implementing timely interventions, ultimately improving patient outcomes and potentially reducing the future health and economic burden of T2DM.