Nigeria Diabetes Therapeutics Market Analysis

Nigeria Diabetes Therapeutics Market Executive Analysis

Nigeria's diabetes therapeutics market is expected to witness growth from $130 Mn in 2022 to $292 Mn in 2030 with a CAGR of 10.7% for the forecasted year 2022-30. Out of the $44 Bn overall budget for the 2023 fiscal year, $2.5 Bn was allotted to the health sector. The total includes $1.26 in recurrent expenses and $0.87 in capital expenditures. Additionally, it has provisions of $0.13 Bn for retained independent revenue and $5 Mn for aid and grants, both of which could aid the health authorities in carrying out their other duties. The service-wide vote includes $0.18 Bn for the health sector. Included in this are $0.15 Bn for GAVI/vaccination; $16 Mn for counterpart money, which comprises the global fund and a health reimbursement to GAVI; and $9.5 Mn for military retirees covered by the National Health Insurance Scheme (NHIS). From the $1.79 Bn allotted to the health sector in 2022 and the $1.18 Bn given in 2021, the 2023 budget represents a huge rise.

In sub-Saharan Africa, Nigeria has the highest prevalence of diabetes. In 2016, Nigeria had a 4.3% diabetes prevalence, according to the WHO. In Nigeria, a few local studies revealed a prevalence ranging between 0.8% and 11%. According to a recent survey, 4.7 Mn people in Nigeria have type 2 diabetes.

For people with diabetes, metformin is regarded as the first-line oral medication. It can also be used to treat prediabetes. It functions by reducing the liver's ability to produce glucose, raising insulin sensitivity, and reducing intestinal sugar absorption. A1 levels have been reported to fall by 1% to 2%, fasting glucose levels by 25% on average, and postprandial glucose levels by 44% when using metformin. After using metformin for three months and if the A1C level is still above target, a doctor may decide to add glipizide to the patient's treatment plan. The pancreatic beta cells are stimulated to secrete more insulin as a result of this medicine, which lowers postprandial blood glucose levels. Glipizide is used to treat Type 2 Diabetes Mellitus (T2D); however, because it cannot be taken with insulin, it is contraindicated in the treatment of Type 1 Diabetes Mellitus (T1D). Although glimepiride and metformin have a similar mechanism of action, their combined usage is uncommon because of the higher risk of hypoglycemia. The first substantial meal of the day should be consumed together with the once-daily prescription glimepiride. The medicine functions best when used in conjunction with a healthy diet and exercise. Glimepiride, a sulfonylurea, is chosen for individuals with cardiovascular disease since it has no negative effects on ischemia preconditioning and is associated with the least amount of weight gain of all the sulfonylureas.

Market Dynamics

Market Growth Drivers

Nigeria has seen an increase in the frequency of diabetes in recent years. As more people are receiving diabetes diagnoses, this has boosted the demand for diabetic medications. Programs for diabetes awareness and screening have been extensively promoted by the Nigerian government and healthcare groups, which have assisted in identifying more instances of diabetes. Diabetes therapies are now in greater demand as a result of this. Recent years have seen several developments in diabetes therapy, including the introduction of new medications and therapies. These developments have increased the effectiveness of diabetic medications and broadened the spectrum of accessible treatment options for patients. This has led to the growth of Nigeria's diabetes therapeutics market.

Market Restraints

For individuals with diabetes, the high expenses of therapy are frequently a barrier because many cannot afford them. This may reduce the nation's need for diabetes treatments. Nigeria's healthcare system is insufficient, with access to medical facilities being restricted and a lack of healthcare experts. This may restrict access to diabetes treatments and impede market expansion. The pharmaceutical industry in Nigeria is not well controlled, which might result in the selling of subpar and fake diabetes treatments. Patients may suffer from poor health results as a result, and market confidence may be damaged thus limiting the expansion of the Nigeria diabetes therapeutics market.

Competitive Landscape

Key Players

• Taylek Drugs Company (NGA)
• Gemini Pharmaceuticals (NGA)
• LaBeta drugs (NGA)
• Africure Pharmaceuticals (NGA)
• Danisam Pharmaceuticals (NGA)
• Astrazeneca
• Boehringer Ingelheim
• Eli Lilly
• Glaxosmithkline
• Johnson Johnson
• Merck
• Novartis
• Novo Nordisk

Healthcare Policies and Regulatory Landscape

In Nigeria, the National Agency for Food and Drug Administration and Control (NAFDAC), the National Drug Law Enforcement Agency (NDLEA), and the Federal Ministry of Health are the regulatory bodies with authority over medicines, biologicals, and medical devices. The National Agency for Food and Drug Administration and Control Act Cap N1 LFN 2004 (the NAFDAC Act) provides the legal framework for the approval of pharmaceuticals, biologicals, and medical devices. According to the NAFDAC Act, NAFDAC has the authority to oversee and control the production, distribution, advertising, sales, use, and importation of food, pharmaceuticals, cosmetics, medical equipment, bottled water, and chemicals. There is currently no established system in Nigeria for the pricing and reimbursement of pharmaceuticals, biologicals, and medical devices. Nobody can initiate a clinical trial, or cause one to start, or conduct a clinical trial unless written authorization in relation to the clinical trial has been granted by NAFDAC, according to the NAFDAC Guidelines for Clinical Trial Application in Nigeria (NAFDAC Clinical Trial Guidelines). In order to market a product in Nigeria, it must first be registered with NAFDAC and then advertised and labelled. Prior to applying for a product's registration, NAFDAC must first approve the label or artwork of the product. The pertinent NAFDAC guidelines on the registration of medicines or medical devices in Nigeria regulate labelling, and they are readily available on the NAFDAC website.