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The company's latest report states that of the four major APAC countries (China, India, Japan and Australia), China will see the fastest expansion, with a CAGR of 11.1 percent over the forecast period.
This will be driven by an increase in the prevalent population due to urbanization, and by expected drug launches.
Ms Arti Singh, analyst, GBI Research, said, "The increasing diabetic population in India and China is the major reason behind the diabetes treatment market growth in the APAC region as a whole.
"While Metformin is expected to retain its dominant position in the treatment algorithm for type 2 diabetes, the anticipated launch of promising pipeline molecules, including several drugs with novel mechanisms of action, may also contribute to market expansion."
The analyst notes that there is uncertainty in the future type 2 diabetes treatment market, as sulfonylureas are currently the favored combination drugs with metformin, and a number of promising GLP-1 agonists, SGLT inhibitors and DPP-4 inhibitors are in the pipeline.