GLP-1 boom in China, India, Brazil could create $22bn market by 2035, J.P. Morgan says

A weight-loss drug market spanning China, India and Brazil could expand to $22 billion by 2035 from $6.6 billion today, according to J.P. Morgan estimates reported by Business Recorder. The analysts project annual growth of 15%, citing improved affordability and wider access to GLP-1 medicines.

Use of these treatments remains limited in all three countries, with penetration below 0.1% in China and under 0.2% in India. J.P. Morgan expects China to pass Brazil by 2027, reaching a $13.7 billion market by 2035, compared with $8 billion in Brazil; India faces affordability and cultural barriers. The brokerage also named Innovent, Divi’s Laboratories, Torrent Pharmaceuticals and Brazil’s RD Saude among stocks tied to the theme.