J.P. Morgan projects $22 billion GLP-1 market in China, India and Brazil by 2035

A note from J.P. Morgan analysts headed by Yang Huang projects that GLP-1 medicines could generate $22 billion in revenue across China, India and Brazil by 2035, expanding at roughly 15% per year. The forecast rests on the sizable diabetes prevalence—more than 25% of global cases in China and 15% in India—and growing obesity rates, with China's overweight population potentially exceeding 65% by 2030.

Despite this, GLP-1 uptake is still minimal, under 0.1% in China and under 0.2% in India, compared with 4-5% in the United States. Brazil, currently the biggest of the three markets, is expected to reach $8 billion, while China could hit $13.7 billion, overtaking Brazil by 2027. J.P. Morgan highlights Innovent, Divi's Laboratories, Torrent Pharmaceuticals and Brazil's RD Saude as key stocks to benefit from this trend.