APAC Diabetes Drugs Market Analysis

APAC Diabetes Drugs Market Executive Summary

The APAC diabetes drugs market size was valued at $12.97 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 7.37% from 2022-30 and will reach $22.91 Bn in 2030. The APAC region is a diverse region with a wide range of healthcare systems and levels of healthcare spending. According to the World Bank, the total healthcare expenditure in the APAC region was around $1.8 trillion in 2019, which accounted for about 27% of the global healthcare spending. The region includes some of the world's most populous countries, such as China and India, as well as several high-income countries, including Japan, South Korea, and Australia. The healthcare expenditure in the APAC region is expected to continue to grow due to several factors, including increasing aging populations, growing healthcare needs, and the rising prevalence of chronic diseases such as diabetes and cardiovascular diseases. However, the healthcare systems in the region face several challenges, including limited resources, inadequate infrastructure, and disparities in healthcare access and quality between urban and rural areas. The APAC region is a significant contributor to global healthcare spending, and healthcare expenditure in the region is expected to continue to grow in the coming years.

Patients with COVID -19 and pre-existing diabetes reportedly had blood glucose level changes, which finally resulted in a significant demand for cutting-edge medications to treat diabetes, according to a BeatO study conducted in 2021 on 800 participants. Nonetheless, Novo Nordisk has introduced a new social responsibility approach to beat diabetes to give patients access to affordable diabetic care in every country in an effort to decrease the disastrous effects of COVID-19.

Asian nations have seen a sharp rise in the number of people with diabetes over the past few decades, particularly those with type 2. More than 70% of people with diabetes live in developing nations. The APAC region is expected to see significant growth as a result of an ageing population and an increase in diabetes prevalence, which is mostly caused by increased stress levels, sedentary lifestyles, smoking, and excessive alcohol use that raises blood sugar levels. Also, the production infrastructure of some antidiabetic medicine manufacturers in the area contributed to the market expansion. However, one of the main commercial restraints is thought to be the rising cost of pharmaceuticals. Some 227 Mn individuals in the APAC region have type 2 diabetes, and about half of them are misdiagnosed and uninformed that they will experience long-term consequences, according to the OECD iLibrary. Also, according to data from the World Diabetes Federation, the number of adults in South-East Asia (SEA) who have diabetes is expected to rise from 90 Mn in 2021 to 113 Mn in 2030 and 152 Mn in 2045.  

Due to the rising number of diabetics in the Asia-Pacific area, China and Japan have been identified as prospective growth markets. Being a mature market, Japan has a number of difficulties, including weak economic development, an ageing population, and rising competition. Patients with type-2 diabetes in this region are increasingly choosing oral anti-diabetics, which has fueled the expansion of the market under study. The largest market share and largest contributor to the global diabetes medicine market are both held by China. There are now a lot more companies in the nation making generic medications. The dominant international businesses in the sector under study are also up against the fierce regional competition. As a result of the aforementioned variables, it is projected that the APAC diabetes drugs market u will expand during the course of the investigation.

Market Dynamics

Market Growth Drivers Analysis

1. Growing prevalence of diabetes: The prevalence of diabetes is increasing in the APAC region, primarily due to factors such as sedentary lifestyles, unhealthy diets, and obesity. This is driving the demand for diabetes drugs and management products in the region.
2. Increasing healthcare expenditure: As healthcare expenditure in the APAC region continues to grow, there is more funding available for diabetes drugs and treatment. This is driving innovation in the industry and contributing to the development of new drugs and technologies.
3. Rising awareness about diabetes management: As public awareness about diabetes and its complications increases, more people are seeking treatment and management options. This is driving demand for diabetes drugs, as well as technologies and devices that help patients manage their condition.
4. Growing geriatric population: The aging population in the APAC region is at a higher risk of developing diabetes, which is driving the demand for diabetes drugs and management products.

Market Restraints

1. The high cost of diabetes drugs can be a barrier to access for some patients, particularly in low- and middle-income countries in the region. In some areas of the APAC region, there is limited healthcare infrastructure and resources, which can impact access to diabetes drugs and treatment.
2. Additionally, the lack of reimbursement policies in some countries can make it difficult for patients to afford diabetes drugs and treatment. The regulatory environment for diabetes drugs in the APAC region can be complex and challenging, which can impact drug development and access to new treatments.

Competitive Landscape

Key Players

• Sanofi
• Novo Nordisk
• AstraZeneca
• Takeda Pharmaceutical Company
• Boehringer Ingelheim
• Glenmark Pharmaceuticals
• Sun Pharmaceutical
• Merck
• Bristol-Myers Squibb
• Eli Lilly
• GlaxoSmithKline

Recent developments

July 2022- For people with Type 2 diabetes, Glenmark Pharmaceuticals Limited has introduced sitagliptin and its Fixed Dose Combinations (FDCs) in India. With the brand name SITAZIT and its variations, Glenmark has made available 8 various combinations of sitagliptin-based medications at a reasonable price.

June 2021- Wegovy (semaglutadine 2.4 mg), the first and only once-weekly GLP-1 medication for weight management was approved by the FDA on behalf of Novo Nordisk.

June 2021- Twymeeg for Type 2 Diabetes was introduced by Poxel and Sumitomo Dainippon Pharma in Japan.

Healthcare Policies and Regulatory Landscape

The regulations for diabetes drugs in the APAC (Asia-Pacific) region can vary by country. However, there are some general guidelines and trends that can be observed. In most APAC countries, diabetes drugs are regulated by their respective regulatory bodies, such as the Therapeutic Goods Administration (TGA) in Australia, the Ministry of Health (MOH) in Singapore, and the Pharmaceuticals and Medical Devices Agency (PMDA) in Japan.

The regulatory approval process for diabetes drugs in the APAC region generally follows the same principles as in other parts of the world, with the requirement for preclinical and clinical trials to demonstrate safety and efficacy. The regulatory bodies may also have specific requirements related to the demographic and genetic diversity of the population in the region.

In recent years, there has been an increased focus on the safety and efficacy of diabetes drugs in the APAC region, particularly with regards to the risk of cardiovascular events associated with some medications. As a result, some regulatory bodies have implemented additional requirements for cardiovascular safety studies and labeling requirements for diabetes drugs. Additionally, some countries in the APAC region have specific regulations related to the import and distribution of diabetes drugs, such as import permits and requirements for local manufacturing or distribution partnerships.

Reimbursement policies for diabetes drugs in the APAC (Asia-Pacific) region can vary depending on the country and its healthcare system. However, there are some general trends and guidelines that may be helpful to understand. The APAC region have public healthcare systems that provide some level of reimbursement for diabetes drugs. This can include coverage for both oral medications and injectable insulin, as well as monitoring supplies like blood glucose test strips and lancets. In some countries, such as Japan and South Korea, the government sets prices for medications and negotiates with manufacturers to keep costs down. This can result in lower out-of-pocket costs for patients, but may also limit the availability of newer, more expensive medications.

Other countries, such as Singapore and Hong Kong, have more market-driven healthcare systems where private insurance plays a larger role in covering medication costs. In these cases, coverage and reimbursement can vary widely depending on the individual's insurance plan.