July 14, 2024
Semaglutide Market

The rapid advancements in pharmaceutical industry is anticipated to openup the new avanue for Semaglutide Market

Market Overview:
Semaglutide is an anti-diabetic drug belonging to the class of glucagon-like peptide-1 receptor agonists (GLP-1 RAs). It is used for the treatment of type 2 diabetes and helps control blood sugar levels along with weight loss. It is administered through subcutaneous injection once weekly. Semaglutide mimics the effects of natural GLP-1 hormone and regulates blood sugar levels by stimulating the release of insulin from the pancreas and reducing the release of glucagon.

Market Dynamics:
Rising prevalence of diabetes globally is a major driver fueling growth of the semaglutide market. According to the International Diabetes Federation, in 2021 around 537 million adults (20-79 years) were living with diabetes and by 2045 this figure is projected to rise to 643 million. Additionally, growing obesity rates have led to a surge in demand for anti-obesity drugs like semaglutide as it helps in significant weight loss along with glycemic control. For instance, clinical trials have shown individuals treated with semaglutide lost an average of 15% of their body weight. Further, approval and launch of semaglutide for new therapeutic indications will further propel the market growth over the forecast period.
Segment Analysis
The global Semaglutide Market Demand is dominated by the once-weekly segment which currently holds a market share of over 65%. This sub-segment witnessed higher acceptance rates among physicians and patients due to the convenience it offers in terms of dosage frequency compared to other options. The popularity of once-weekly dosing is attributed to improved treatment adherence and efficacy.

PEST Analysis
Political: The market is positively influenced by supportive government policies and regulatory approvals for novel drug formulations.
Economic: Rising prevalence of lifestyle diseases coupled with increasing healthcare spending capabilities is fueling market growth.
Social: Growing awareness about lifestyle-related disorders and their treatment options is driving individuals to opt for innovative drug therapies.
Technological: Advancements in drug delivery mechanisms and newer formulations with added benefits have helped expand the target patient pool.

Key Takeaways

The global semaglutide market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing prevalence of type 2 diabetes and obesity globally. As per estimates, over 460 million people suffered from diabetes worldwide in 2019.

Regionally, North America captured over 40% of the global market share in 2023 due to supportive reimbursement schemes and established healthcare infrastructure in the region. Asia Pacific is poised to be the fastest growing market during the analysis period driven by rising diabetes population, growing medical tourism, and increasing focus of international players.

Key players operating in the semaglutide market are Novo Nordisk A/S, HEC Pharma Co., Shenzhen JYMed Technology Co. Ltd., and Bachem Holding AG. Novo Nordisk dominates with over 60% market share owing to its well-established product portfolio and vast distribution network across major markets. Other players are focusing on new drug delivery formulations and geographical expansions to consolidate their position.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it