by GLP-1 receptor agonists are injectable drugs that treat type 2 diabetes by stimulating the production and release of insulin from pancreatic beta cells. They also slow the emptying of the stomach and reduce appetite which helps in weight management.
The global GLP-1 receptor agonist market is estimated to be valued at US$ 14319.85 Mn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing prevalence of diabetes across the globe is one of the major factors driving the growth of the GLP-1 receptor agonist market. Diabetes causes increase in blood sugar levels, which can over time lead to serious damage to various organs including the heart, blood vessels, nerves, eyes, and kidneys if not managed effectively. According to the International Diabetes Federation, around 537 million adults (20-79 years) were living with diabetes globally in 2021 which is projected to rise to 643 million by 2030 and 783 million by 2045. Moreover, approvals of new products in the market and rising awareness about diabetes treatment are also fueling the demand for GLP-1 receptor agonists.
SWOT Analysis
Strength: GLP-1 receptor agonists are highly effective in lowering blood glucose levels and promoting weight loss in patients with type 2 diabetes. They work by mimicking the effects of endogenous GLP-1.
Weakness: GLP-1 receptor agonists need to be administered via injections which some patients may find inconvenient. They can also cause side effects like nausea initially.
Opportunity: Increasing prevalence of type 2 diabetes worldwide due to rising obesity and sedentary lifestyles presents a major market opportunity. Launch of once-weekly GLP-1 receptor agonists have further improved patient compliance.
Threats: Patent expiries of some major drugs will increase competition from cheaper generics which can affect sales of innovator brands. Stringent regulatory pathways for approval also pose difficulties.
Key Takeaways
The Global GLP-1 Receptor Agonist Market Size is expected to witness high growth at a CAGR of 21% during the forecast period of 2023 to 2030.
Regional analysis Europe dominates currently due to large patient population and higher healthcare spending. However, Asia Pacific region is expected to grow at the fastest rate due to rising incidence of diabetes in China and India.
Key players operating in the GLP-1 receptor agonist market are Auto Power, Volmac Engg. (P) Limited, Club Car, LLC, Carrieall Car Private Limited, Speedways Electric, GDrive Golf Carts, Maini Material Movement Pvt. Ltd., Nebula Automotive Pvt. Ltd., Prevalence Ltd., and Yamaha Golf-Car Company. Among these Novo Nordisk, Eli Lilly and AstraZeneca have leading market share with their products Victoza, Trulicity and Ozempic respectively. Higher efficacy and tolerability of once-weekly dosing of medicines like semaglutide will further aid their growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
