GLP-1 receptor agonists are a group of injectable medications used to treat type 2 diabetes. They mimic the effects of a hormone called glucagon-like peptide-1 (GLP-1), which helps the body respond properly to rising blood sugar after eating. GLP-1 receptor agonists help control blood sugar levels by stimulating the pancreas to release more insulin when blood glucose levels are high. They also slow stomach emptying and reduce appetite, which can help with weight loss. In addition to improved glycemic control, these medications offer additional benefits like weight loss and lower risk of hypoglycemia compared to other diabetes therapies. 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 17.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the GLP-1 receptor agonist market is the rising prevalence of type 2 diabetes globally. According to the International Diabetes Federation, in 2021, approximately 537 million adults were living with diabetes worldwide, and the number is projected to rise to 643 million by 2030 and 783 million by 2045. The rise in cases of obesity and sedentary lifestyles are contributing to the increasing prevalence of diabetes, which is fueling the demand for effective treatment options like GLP-1 receptor agonists. In addition, innovations leading to new product launches, approval of drugs for additional indications, and availability of novel drug delivery devices are anticipated to open lucrative growth opportunities for market players over the forecast period.
Threat of new entrants: The GLP-1 Receptor Agonist Market has moderate threat of new entrants due to the need for extensive R&D and clinical trials.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of generics and brands in the market.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the presence of many raw material suppliers in the market.
Threat of new substitutes: There is low threat of substitutes due to limited alternative treatment options available.
Competitive rivalry: The market has intense competition between key players.
The Global GLP-1 Receptor Agonist Market Demand is expected to witness high growth.
Regional analysis: Asia Pacific is expected to grow at the fastest CAGR during the forecast period due to increasing healthcare expenditure, growing awareness regarding diabetes treatment, and improving access to healthcare. Furthermore, rapidly growing economies of China and India provide huge growth opportunities.
Key players operating in the GLP-1 Receptor Agonist Market are SunPower Corporation, Vivint Solar, Sunrun, Tesla, LG Electronics, Panasonic Corporation, JinkoSolar, Canadian Solar, ReneSola, Trina Solar, Yingli Green Energy, SMA Solar Technology, Enphase Energy, SolarEdge Technologies, Daqo New Energy Corp, JA Solar, LONGi Green Energy Technology, Array Technologies, First Solar, and REC Group.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it