Diabetes has become a common household
in disease in China over the past two decades. In fact, the prevalence of
diabetes in China increased from 1% per capita in 1980 to over 12% per capita
by 2013. Data reveals that diabetes is about to reach catastrophic levels in
the near future.
MORE
THAN 150 MILLION EXPECTED TO HAVE DIABETES BY 2040
Though this figure is unexpectedly
high, it also has some direct impact on the Chinese diabetes care market. For
instance, the consumption of insulin is expected to gain a rapid momentum. The Insulin market in China showcased a growth rate at a CAGR of 18.3% during 2008-2013. This
indicates tremendous growth opportunities for both local Chinese drug
manufacturers and international drug makers. With such a huge need for proper
diabetes care, the first step is to fulfill the unmet insulin needs, the basis
for diabetes treatment. While multinational companies continue to focus on
urban China, the local producers are better positioned to promote insulin
products in the rural areas by building better relationships with healthcare
professionsals.
PLAYER’S
POSITIONING
This growing need for diabetes
treatment in China has attracted several leading players from across the globe.
Companies such as Novo Nordisk, Eli Lilly and Sanofi Aventis capture a large
proportion of the market, whereas domestic players including TonghuaDongbao and
Shanghai Fosun Pharmaceutical share a small fraction of the Chinese insulin market.
Talking in terms of latest
developments, multinational Sanfoi has announced plans of setting up joint
venture with Zhejiang Hisun Pharmaceutical Co. Ltd. for developing insulin and
other diabetes related treatments. Other international giants like Eli Lilly
and Novo Nordisk have also announced plans for developing close ties with
government’s healthcare workers for educating about diabetes. In terms of a
long term perspective, the government has also collaborated with several of
these leading insulin companies for spreading awareness via campaigns and free
diagnostic services.
THE
FUTURE FOR CHINESE INSULIN MARKET LOOKS POSITIVE
The government has awakened and taking
rational steps to provide better access to medical treatment. Not only is it
increasing awareness in the rural areas, but it is also urging both
multinational and domestic producers to focus on the production of insulin
which is the first step in meeting the needs of a largely diabetic population. Medical
insurance, drug supply security, medical-service provision and public health
services are some of the initiatives undertaken by the government. The drug
manufacturing firms are also carrying out extensive R&D within China to
understand the local trends and supplying corresponding solutions to meet
future demand.
To
know more about what is happening in the China’s Insulin Market, click on the
link
https://www.kenresearch.com/healthcare/pharmaceuticals/china-insulin-market-research-report/574-91.html
https://www.kenresearch.com/healthcare/pharmaceuticals/china-insulin-market-research-report/574-91.html
Contact:
Ken Research
Ankur Gupta, Head Marketing &
Communications
+91-124-4230204
