Singapore Diabetes Therapeutics Market Analysis

Singapore Diabetes Therapeutics Market Executive Analysis

Singapore's diabetes therapeutics market is at around $173 Mn in 2022 and is projected to reach $378 Mn in 2030, exhibiting a CAGR of 10.3% during the forecast period. The Singapore General Hospital's Emergency Medicine Building and Elective Centre, as well as IT infrastructure for new healthcare facilities and other significant IT projects, will all get funding totaling $1.02 Bn from the Health Ministry. In order to ensure efficient healthcare delivery at hospitals, specialized centres, polyclinics, and community hospitals, the Health Ministry will also concentrate on hiring, training, and retaining healthcare workers as well as expanding clinical services. $15.51 Bn will be spent on operational expenses, including increasing patient subsidies as new polyclinics open in Sembawang and Tampines North and increasing capacity in advance of the launch of Woodlands Health Campus.

Diabetes mellitus (DM) is a serious global health issue that is on the rise. The International Diabetes Federation predicts a 13.7% prevalence of diabetes mellitus for Singapore's entire adult population by 2030. In Singapore, the prevalence of diabetes mellitus among citizens and permanent residents aged 18 to 69 years went from 8.3% in 2010 to 8.6% in 2017. The impact of diabetes is significant for socioeconomic progress and public health. Atherosclerotic cardiovascular disease, ischemic heart disease (IHD), stroke, peripheral arterial disease (PAD), lower limb amputations (LEA), retinopathy, nephropathy, and neuropathy are among the macrovascular and microvascular problems that are more likely to develop with uncontrolled diabetes. Diabetes accounts for 4.3% of years lived with disability (YLDs) and 2.9% of disability-adjusted life years (DALYs) in Singapore.

Type 2 Diabetes Mellitus (T2DM) treatment can be difficult because of the various therapeutic targets and patient individual variability, necessitating the adoption of precise, individualized care. Additionally, because diabetes is a chronic condition, patients must undergo a series of therapies, each of which has the potential to have an impact on their long-term clinical results. Because the effects of a single treatment may not be immediately apparent, choosing a treatment sequence can be more difficult. The first-line medical recommendation for T2DM is metformin, followed by second-line recommendations for all other kinds of glucose-lowering medications. Dipeptidyl peptidase-4 (DPP-4) quickly breaks down glucagon-like peptide-1 (GLP-1) after oral glucose administration. GLP-1 is a powerful insulinotropic incretin gut hormone. GLP-1 only slightly increases hypoglycemia since it increases insulin release only when there is hyperglycemia.12 Therapies based on incretins also prevent the release of glucagon, which may help them lower blood sugar levels. Incretin-based therapies using GLP-1 receptor agonists (GLP-1 RA) and DPP-4 inhibitors have been authorized for the treatment of T2DM throughout the past ten years.

Market Dynamics

Market Growth Drivers

Singaporeans have experienced major changes in nutrition, lifestyle, and other environmental factors during the past few decades that are typical of urbanization and economic growth. The growth in the prevalence of diabetes is a result of these developments. In 2016, the Singaporean government announced: the "War on Diabetes" (WoD), a multi-pronged initiative that included upstream prevention, early screening and management, and improved disease control. To commemorate the 100th anniversary of the discovery of insulin, Diabetes Singapore and Sanofi Singapore have established an online learning platform. The Singapore diabetes therapeutics market's expansion is the result of such endeavours.

Market Restraints

Due to the rising demand for diabetic treatments and the rising number of companies selling these goods, the industry is seeing fierce competition. Pricing pressure and lower profit margins for businesses may result from this. For the licensing and sale of medications, including diabetic treatments, Singapore's government maintains tight rules. It can take a lot of time and money to meet these regulations, which may discourage some businesses from entering the market or developing new products. Diabetes management in Singapore can be expensive, which may prevent some patients from receiving treatment. This may affect the Singapore diabetes therapeutics market expansion negatively.

Competitive Landscape

Key Players

• Raffles Medical Group (SGP)
• WAVE Life Sciences (SGP)
• Pharmaskin (SGP)
• Sphaera Pharma (SGP)
• Pharmaxcels (SGP)
• Astrazeneca
• Boehringer Ingelheim
• Eli Lilly
• Glaxosmithkline
• Novartis
• Novo Nordisk

Notable Deals

March 2023- BetaLife, a Singapore-based business, is working with the Agency for Science, Technology, and Research (A*STAR) to hasten the creation of the next generation of cell-based diabetic therapies. BetaLife has purchased the rights to A*STAR's human induced pluripotent stem cell (iPSC) technology. BetaLife is a stem cell treatment firm that specializes in creating regenerative medicine for diabetes. BetaLife and A*STAR are collaborating on research with the aim of creating highly curated human iPSC banks that capture the genetic diversity of Asian ethnicities and developing human iPSC-derived pancreatic islet cells in order to speed up development efforts. For the scale-up and therapeutic development of an off-the-shelf human iPSC-based therapy, this collaboration brings together BetaLife's infrastructure and patented platforms with A*STAR's expertise in stem cells and diabetes biology.

January 2022- A new disease management software for those with type 2 diabetes mellitus and sub-optimal to poor blood glucose control has been released by digital health company ConnectedHealth. SugoSure, a subscription-based service that offers remote doctor monitoring, digital health support, and health coaching, was introduced by the firm. SugoSure is powered by Connected Health's cloud-based Clinical Data Platform.

Healthcare Policies and Regulatory Landscape

A multidisciplinary organization, Health Sciences Authority (HAS). It makes use of scientific, pharmacological, and medical expertise to safeguard and improve public health and safety. The organization performs three essential tasks: It oversees the nation's health product regulations and secures the blood supply by running the national blood bank. The HSA's Health Goods Regulation Group makes ensuring that all pharmaceuticals, medical equipment, and other healthcare goods sold in Singapore adhere to acceptable and reasonable standards of efficacy, safety, and quality. The organization also aids in the creation of national drug policies. Pre- and post-market preventive measures are taken into account by HSA's risk management system. Before new medications are launched in Singapore, HSA oversees clinical trials for them and issues product authorization. Good manufacturing and distribution processes are also the subject of audits. HSA oversees health products on the market through regulatory surveillance actions on the post-market front. Additionally, the organization conducts inquiries and takes enforcement action against illegal practices involving unregistered, fake, and contaminated health items. HSA has an established and active program for monitoring pharmacovigilance that makes use of its network of medical experts and international regulators. In reaction to documented adverse drug events, HSA is now able to take swift, focused action. This enables the agency to swiftly isolate such issues and minimize risks to the health and safety of the general population.