Market Trends of New Zealand Oral Anti-Diabetic Drug Industry
The Biguanide Segment Occupied a Significant Market Share in 2023
The biguanide segment experienced significant growth in 2023, driven by increased regulatory approvals and enhanced financial accessibility for affordable drugs.
Metformin, a notable biguanide, is primarily used to manage type 2 diabetes and is also prescribed off-label for conditions such as insulin resistance. Since its introduction, metformin has effectively treated a substantial number of patients. Endorsed as a first-line treatment by the IDF, it boasts a commendable risk/benefit profile.
Until May 2024, PHARMAC's funded treatment program included combinations of metformin with vildagliptin and empagliflozin. For instance, a September 2023 article by Medsafe New Zealand reported that in 2022, 57,787 individuals received metformin + vildagliptin (Galvumet) under this program, significantly enhancing drug accessibility and adoption rates. However, due to supply shortages, the program was paused for new patients.
In New Zealand, key manufacturers of metformin-based diabetes drugs include Novartis New Zealand Ltd, Boehringer Ingelheim (NZ) Ltd, and AstraZeneca Limited.
The biguanide segment, particularly metformin, plays an important role in diabetes management. Despite supply challenges, the segment's growth prospects remain strong due to ongoing regulatory support and financial initiatives to improve drug accessibility.
The Increasing Diabetes Population in New Zealand is Driving the Market
Diabetes is a global health concern, including in New Zealand. The country's diabetes rates are on the rise, prompting urgent responses from healthcare authorities and stakeholders.
Diabetes is on the upswing across all age brackets in New Zealand, a trend primarily linked to a burgeoning obese demographic, poor dietary habits, and sedentary lifestyles. Projections from the International Diabetes Federation (IDF) suggest that by 2030, New Zealand's diabetic populace will reach 296.8 thousand, climbing to 319.6 thousand by 2045. As the number of diabetic people increases, New Zealand's expenditure on diabetes-related health is also expected to increase from around USD 1,101.2 million in 2030 to an estimated USD 1,116.7 million in 2045. With diabetes prevalence on the rise and New Zealand's proactive approach, the market is expected to record substantial growth during the forecast period.
Moreover, initiatives such as free diabetes tests are likely to amplify diabetes diagnoses. For instance, Ilam Medical offers complimentary annual diabetes checks, emphasizing the importance to all diabetic patients. These checks encompass blood and urine tests, a foot circulation assessment, and comprehensive discussions on medication, diet, and exercise.
New Zealand's struggle with diabetes presents a dual narrative of challenges and opportunities. The nation's dedication to combatting this health crisis through innovative solutions and updated protocols will be pivotal in lessening its future health and economic repercussions.
