Increasing incidence of type 2 diabetes in Asia Pacific fuels growth of diabetes therapeutics market

MUMBAI, India - July 24, 2015 - PRLog -- There has been a dramatic increase in cases of type 2 diabetes. As per data revealed by the International Diabetes Federation (IDF),currently,there are more than 240 million people worldwide who are affected bythe disease. By 2025, this number is estimated to rise to 380 million, majority of which would be Type 2 diabetes. The increase in occurrenceof type 2 diabetes is mainly due to globalization and change in lifestyles. Research by market experts on the Asia Pacific region revealed that the disease is growing exponentially in this area, which is, in turn, fueling the growth of the diabetes therapeutics market. As of 2013, the value of type 2 diabetes therapeutics market was estimated to be USD 6.5 billion in the APAC region. Experts predict that the market would grow at a CAGR of 7.1% between 2013 and 2020, and reach an overall value of USD 10.5 billion.

This report, Type 2 Diabetes Therapeutics in Asia-Pacific Markets to 2020 - Increasing Uptake of Novel Drug Classes to Drive Market Growth, provides an in-depth analysis of type 2 diabetes, mainly in China, India, Japan and Australia. This market report presents quantifiable data that charts the progression of the disease in each geography.

Growth prospects of type 2 diabetes therapeutics market

As per the market research report, currently more than 113 million Asians are suffering from diabetes, of which 95% of the patients have the type 2 diabetes disorder. It is estimated that by 2025, the number of people having diabetes in Asia would reach 170 million. As the number of people suffering from this disorder increases and there is greater demand for better treatment, the type 2 diabetes therapeutics market in this region would grow simultaneously. The increased number of incidences of type 2 diabetes would bring about introduction of several new drugs into the market that would complement the existing ones like metformin and sulfonylureas. Some of the new drug classes would include Novo Nordisk’s VictozaVictoza (liraglutide), SGLT2 inhibitors, such as AstraZeneca's Forxiga (dapagliflozin) and DPP-4 inhibitors, such as BoehringerIngelheim'sTrajenta (linagliptin). These new classes of drug are expected to perform better thanthe cheaper drugs like metformin and sulfonylureas,further expanding the market.