JP Morgan forecasts $22B China-India-Brazil weight-loss market by 2035, benefiting Lilly
Oct 23, 2026, 8:21 AM EDT1 sourcesAI-analyzed
Why it may matterVerify against the original reporting
A larger-than-expected global TAM in key emerging markets could expand Lilly's international revenue potential and support stock multiple, especially if adoption accelerates and reimbursement improves.
AI summary
What happened, with direct paths to the underlying reporting
J.P. Morgan estimates the combined China-India-Brazil weight-loss drug market could reach $22B by 2035 from $6.6B today, signaling a substantial international growth opportunity. If affordability and access improve, Lilly could see meaningful incremental sales from Mounjaro/Zepbound in these large emerging markets over the next several years.
JP Morgan pegs China-India-Brazil obesity TAM at $22B by 2035.
Current TAM cited at $6.6B; growth driven by affordability and access.
Markets covered: China, India, Brazil; forecast horizon 2035.
Implications: potential international sales upside for Lilly's tirzepatide portfolio.
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