Market Trends of Asia-Pacific Oral Anti-Diabetic Drug Industry
Biguanide Segment is Estimated To witness Significant Growth Over the Forecast Period
The biguanide segment was expected to witness significant growth in 2023 owing to increased regulatory approvals and financial ease for increasing the accessibility of affordable drugs.
Metformin, a biguanide, is primarily used to manage type 2 diabetes. It is also prescribed off-label for conditions like insulin resistance. Since its introduction, metformin has successfully treated a significant number of patients. Endorsed as a first-line prescription by IDF, it boasts a commendable risk/benefit profile.
Given its track record, metformin is the most prescribed oral anti-diabetic globally, accounting for 45-50% of all prescriptions and benefiting over 150 million individuals annually. Its dominance is attributed to a combination of factors, including a well-established safety profile, robust clinical efficacy, high patient adherence, affordability, and widespread availability.
Regulatory endorsements play a pivotal role in bolstering market growth. For instance, in June 2023, the US FDA greenlit Jardiance (empagliflozin) and Synjardy (empagliflozin with metformin) for children aged 10 and above with type 2 diabetes, marking a significant stride in pediatric diabetes treatment.
Similarly, in February 2024, Canada's Health Minister announced the government's progress toward a universal pharmacare program. This initiative, once agreed upon with the provinces, will ensure that Canadians, especially diabetic people, have access to primary diabetes treatments, notably metformin, at an annual cost of around CAD 100 (USD 73). Other common medications for type 2 diabetes, like sulfonylureas and SGLT-2 inhibitors, can range from CAD 100 (USD 73) to over CAD 1,000 (USD 733.5) annually. By enhancing affordability, the initiative aims to not only improve the health of people with diabetes but also stimulate market growth.
The biguanide segment, led by metformin, dominates the North American oral anti-diabetic drugs market. The combination of clinical efficacy, affordability, and strong regulatory support ensures its sustained prominence and growth in the market.
China is Expected to Hold a Significant Market Share
China's oral anti-diabetic drug market is surging, driven by a rising diabetic population. With its population size, the nation has become an attractive opportunity for global pharmaceutical players for their product launches. For instance, in June 2023, China's NMPA approved AstraZeneca's Xigduo XR, a once-daily fixed-dose combination containing dapagliflozin and metformin hydrochloride. This approval was specifically for treating adults with type-2 diabetes (T2D) as an adjunct to diet and exercise aimed at enhancing glycaemic control.
Moreover, increasing focus on diabetic drug development in the Chinese market is set to propel market growth. For instance, in May 2024, Innovent Biologics Inc. announced encouraging outcomes from the Phase 3 clinical trial (DREAMS-2) evaluating mazdutide. This drug is a dual agonist targeting the glucagon-like peptide-1 receptor (GLP-1R) and glucagon receptor (GCGR); it showcased efficacy in Chinese subjects with type 2 diabetes (T2D).
The combination of a growing diabetic population and increased drug development activities positions China as a significant player in the Asia-Pacific oral anti-diabetic drug market. The country's strategic importance is expected to continue attracting major pharmaceutical companies, further driving market growth.
