Asia-Pacific Biguanide Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia-Pacific Biguanide Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia-Pacific Biguanide Market is set to witness a CAGR of more than 1.5% during the forecast period 2022-2027. The market is estimated to reach a value of more than USD 2 billion by 2027.

The COVID-19 pandemic positively impacted the Asia-Pacific Biguanide Market. 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. Diabetes and uncontrolled hyperglycemia are risk factors for poor outcomes in patients with COVID-19 including an increased risk of severe illness or death. People with diabetes have a weaker immune system, the COVID-19 complication aggravates the condition, and the immune system gets weaker very fast.

Biguanides are a class of medications used to treat type 2 diabetes. They work by reducing the production of glucose that occurs during digestion. Metformin is the only biguanide currently available in most countries for treating diabetes. Glucophage (metformin) and Glucophage XR (metformin extended release) are well-known brand names for these drugs. Others include Fortamet, Glumetza, and Riomet. Metformin is also available in combination with several other types of diabetes medications, such as sulfonylureas.

As Type 2 diabetes is associated with both poorer clinical outcomes during the COVID-19 pandemic and an increased risk of death in such hospitalized patients, the role of glucose control has been emphasized to improve the prognosis. Metformin is the first-line choice for the management of hyperglycemia in T2DM. Besides being an important glucose-lowering agent, metformin also has significant anti-inflammatory. Therefore, metformin has been a potential candidate for treating patients affected by COVID-19 infection, with type 2 diabetes, as well as an excellent antidiabetic (glucose-lowering) agent during COVID-19 pandemic times.

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 market growth.

Key Market TrendsRising diabetes prevalence

The diabetes population in the Asia-Pacific region is expected to rise by more than 1% during the forecast period.

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, mainly due to lifestyle changes. Diabetes is associated with many health complications. 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.

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.

In July 2022, Zydus Lifesciences announced that it has received final approval to market Empagliflozin and Metformin Hydrochloride tablets in multiple strengths. Empagliflozin and Metformin Hydrochloride tablets are used with proper diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus. They are also used to lower the risk of cardiovascular death in patients with type 2 diabetes mellitus and established cardiovascular disease.

Owing to the rising rate of obesity, growing genetic factors for type-2 diabetes, the increasing prevalence, and the aforementioned factors it is likely that the market will continue to grow.

China is Expected to Dominate the Asia-Pacific Biguanide Market

China holds the highest market share in the Asia-Pacific Biguanide Market and is also expected to register a CAGR of around 2% in the forecast period.

China has been recognized as a potential developing market, due to the growing diabetic population in this region. It 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. 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 reduces lifespan and people with the disease are likely to experience blindness, being hospitalized for amputations, kidney failure, heart attacks, strokes, and heart failure. First-line therapy used in patients with T2D is metformin monotherapy. When metformin is contraindicated or not tolerated, or when treatment goals are not achieved after three months of use at the maximum tolerated dose, other options need to be considered. Recently added to the growing spectrum of diabetes mellitus drugs, dipeptidyl peptidase-4 (DPP-4) inhibitors, sodium-glucose cotransporter-2 (SGLT-2) inhibitors, and glucagon-like peptide-1 (GLP-1) agonists are generally used to supplement treatment with metformin.

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.

Owing to the aforementioned factors the market is expected to grow during the forecast period.

Competitive Landscape

The Asia-Pacific Biguanide market is fragmented, with manufacturers like Takeda, Merck, Sanofi, GlaxoSmithKline, Bristol-Myers Squibb, and Boehringer Ingelheim Pharmaceuticals having a global market presence and the market is highly competitive due to generic drugs manufacturers' presence.

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