ASIA-PACIFIC DIABETES CARE DRUGS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

ASIA-PACIFIC DIABETES CARE DRUGS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

The Asia-Pacific market for diabetes drugs is expected to grow at a CAGR of over 3%, during the forecast period 2022- 2027.

The Asia-Pacific market for diabetes has witnessed a gradual increase in the demand for diabetes drugs during the COVID-19 crisis. According to a study by BeatO in 2021 on 800 people, patients with COVID -19 and pre-existing diabetes have experienced blood glucose level fluctuations, which has eventually led to a high demand for advanced drugs to treat diabetes. However, to lessen the devastating impact of COVID-19, Novo Nordisk has launched a new social responsibility strategy to defeat diabetes to provide access to affordable diabetes care to patients in every country.

Over the past few decades, Asian countries have witnessed a rapid increase in diabetes patients, especially those with type 2 diabetes. Developing countries have more than 70% of the global diabetes population. The Asia -Pacific is anticipated to experience considerable growth due to a more geriatric population and rising prevalence of diabetes mainly due to the enhanced stress level, sedentary lifestyles, smoking, and excessive consumption of alcohol that elevates the body’s sugar levels have led to the growth of the market. Moreover, the production basis of certain antidiabetic drug companies in the region also boosted the market growth. However, the increasingly high cost of drugs is considered one of the major restraining factors for the market. According to the OECD iLibrary in Asia-Pacific, about 227 million people live with type 2 diabetes and about half of them are undiagnosed and unaware of developing long-term complications. Also, according to the International Diabetes Federation data, 90 million adults in the age group of 20-79 are living with diabetes in the South-East Asia (SEA) Region in 2021 which is projected to increase to 113 million by 2030 and 152 million by 2045.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.

Key Market TrendsOral Anti-Diabetes Drugs occupied 65% of the Asia-Pacific Diabetes Drugs Market in 2021

Oral Anti-Diabetes Drugs are set to register a CAGR of more than 3% during the forecast period.

The use of oral anti-diabetes drugs is rising, since new generation oral drugs, such as DPP-4 and SGLT-2, reduce the rate of CV risk in diabetes patients. SGLT-2 and GLP-1 are linked to lowering the mortality rate more effectively than DPP-4 inhibitors. Meglitinide and sulfonylureas are oral hypoglycemic drugs that directly arouse the discharge of insulin from pancreatic beta cells. They hold a significant market share, of 14.27% and 9.62%, respectively, in the Asia-Pacific anti-diabetics drugs market. China has the highest market share and is expected to grow with a steady CAGR of 2%. It also contributes 15% to the global diabetes drug market. The country is witnessing a significant increase in the number of generic drug manufacturers. Furthermore, the leading global players in the market studied are facing intense competition from the regional players.

The Asia-Pacific region had witnessed an alarming increase in the prevalence of diabetes, in recent years. In developing countries, such as China and India, the rate of diabetes is at an all-time high. Patients with diabetes require many corrections throughout the day for maintaining nominal blood glucose levels, such as oral anti-diabetic medication or ingestion of additional carbohydrates by monitoring their blood glucose levels. Leading manufacturers are focusing on technological innovations and the development of advanced products to gain a substantial share of the market.

Thus, owing to the above-mentioned factors it is expected to drive the segment growth over the forecast period.

China and Japan Occupy more than 50% Share in the Asia-Pacific Diabetes Drugs Market

In the Asia-Pacific region, China and Japan have been recognized as potential developing markets, due to the growing diabetic population in this region. Japan is a mature market, with some associated challenges, like slow economic growth, an aging population, and increased competition. In this region there is a growing preference for oral anti-diabetics among type-2 diabetic patients, thereby, leading to the growth of the market studied.

China has the highest market share and contributes majorly to the global diabetes drug market. The country is witnessing a significant increase in the number of generic drug manufacturers. Furthermore, the leading global players in the market studied are facing intense competition from the regional players.

Diabetes has been identified as a healthcare priority by the Ministry of Health, Labour, and Welfare (MHLW). The high prevalence of type 2 diabetes is associated with a significant economic burden. The costs of diabetes are increased in patients with co-morbidities such as hypertension and hyperlipidemia and in patients who develop complications. Costs increase with an increasing number of complications. Well-organized medical insurance systems cover all medical fees for diabetes mellitus, and diabetics can visit doctors freely in Japan. Also, insulin therapy by self-injection became legal and is covered by health insurance. The Japanese healthcare system has a few disease management programs conducted by the Japan Association for Diabetes Education and Care. Japan is one of the regional leaders in Asia-Pacific, in terms of diabetic public health policies. Such advantages have helped the rise in the adoption of these products in the Japanese market.

Competitive Landscape

The Asia-Pacific diabetes care drugs market is highly fragmented, with a few major manufacturers gaining presence in major countries of the Asia-Pacific market, while the remaining market comprises other local or region-specific manufacturers. Mergers and acquisitions that happened between players in the recent past helped companies strengthen their market presence, as well as drive innovations, helping the diabetes drugs market to increase in the Asia-Pacific region. Novo Nordisk, a prominent player in Diabetes Drug Industry has retained its position due to increasing partnerships, and growing investments in research and developments which eventually boosted the technological innovations and portfolio of superior treatments solutions. The company along with Eli Lilly and Sanofi holds over half of the diabetes drugs market share.

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