Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "China Diabetes Care Drugs Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The China Diabetes Care Drugs Market is currently experiencing significant growth and is predicted to attain a valuation of USD 13.73 billion by 2028, ascending at a compound annual growth rate (CAGR) of 2.70% from 2023. The intensified focus on early intervention and management of diabetes, particularly in the face of the COVID-19 pandemic, has further highlighted the critical nature of diabetes care in China.
Oral Anti-Diabetic Drugs Dominate the Market
The oral anti-diabetic drugs segment has captured the highest market share this year and is anticipated to continue its upward trajectory at an estimated CAGR of 3.1% over the forecast period. One of the key drivers for this segment's growth is the ease of administration and cost-effectiveness of oral anti-diabetic medication, which has led to improved patient adherence and demand. With China facing a substantial rise in the number of individuals diagnosed with diabetes, the demand for diabetic drugs has concurrently increased, signalling a robust market for these products.
The Emergence of GLP-1 Receptor Agonists as a Growth Catalyst
The Glucagon-like peptide-1 receptor agonist segment is forecasted to exhibit the highest growth rate in the market, with an expected CAGR of about 5.2% during the forecast period. The wide-ranging benefits of these medications, which include lower risk of hypoglycemia, weight loss, and cardiovascular advantages, make them a preferred option for diabetes management. Such factors, along with the proactiveness of the Chinese government through initiatives like the Healthy China 2030 Plan, are significantly contributing to the market's expansion.
Regulatory Initiatives Propel Market Growth
The Chinese government's efforts to tackle non-communicable diseases, including diabetes, through various initiatives have provided a favorable environment for the growth of the Diabetes Care Drugs Market. By promoting regular monitoring and effective disease management, the government aims to enhance the overall health outcomes for diabetes patients and reduce early mortality rates associated with the condition.
- Competitive Landscape: The competitive landscape in the China Diabetes Care Drugs Market denotes a moderate level of fragmentation with key players like Eli Lilly, Sanofi, and Novo Nordisk, alongside a diverse array of generic manufacturers, collectively shaping the dynamics of the market.
- Focus on Primary Care: To address the rising demand and enhance the efficiency of the healthcare system, there is a growing emphasis on strengthening primary care facilities and health promotion, which is likely to be beneficial for diabetes control.
Implications for the Healthcare Industry
The uptrend in the China Diabetes Care Drugs Market carries implications for stakeholders across the healthcare industry. Pharmaceutical companies, healthcare providers, and policymakers must adapt to the evolving market landscape, which is characterized by increasing demand for innovative and effective diabetes management solutions. As the market continues to grow, its influence is expected to reverberate across global healthcare markets, echoing the importance of diabetes care as a pivotal component of public health strategies. For more insights into the China Diabetes Care Drugs Market and its growth prospects, readers can access the comprehensive analysis included in the latest research publication on this rapidly expanding sector.
A selection of companies mentioned in this report includes
- Takeda
- Novo Nordisk A/S
- Pfizer
- Eli Lilly and Company
- Janssen Pharmaceuticals
- Astellas
- Boehringer Ingelheim
- Merck and Co.
- AstraZeneca
- Bristol Myers Squibb
- Novartis
- Sanofi Aventis
For more information about this report visit https://www.researchandmarkets.com/r/97ossg
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