May 20, 2024
Semaglutide Market

Semaglutide Market is Estimated to Witness High Growth Owing to Rising Prevalence of Obesity and Type 2 Diabetes

The global semaglutide market is primarily driven by the increasing prevalence of obesity and type 2 diabetes across the world. Semaglutide is a glucagon-like peptide-1 (GLP-1) analog mainly used for the treatment of type 2 diabetes and obesity. It helps in controlling blood sugar levels and promotes weight loss by slowing down food passage in the stomach and increasing the feeling of fullness. Some of the major advantages of semaglutide are its higher efficacy, once-weekly dosing option and suitability for patients with renal impairment. Being one of the promising novel anti-diabetic drugs, semaglutide is increasingly being prescribed by physicians as an alternative to existing therapies.

The Global semaglutide Market is estimated to be valued at US$ 18.21 Mn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Semaglutide Market Size are F. Hoffmann-La Roche AG, Boehringer Ingelheim, Bayer AG, Pfizer Inc., Biogen, Daiichi Sankyo, Bristol-Myers Squibb, Johnson & Johnson, AstraZeneca, SanBio and Athersys Inc. Semaglutide offers novel treatment options with its high efficiency and suitability for various patient groups. This provides immense opportunities for market players to expand their product offerings.

In terms of opportunities, the growing development of combination therapies incorporating semaglutide will further boost its adoption. Several pharmaceutical companies are conducting clinical trials to evaluate the efficacy and safety of semaglutide in combination with other anti-diabetic and anti-obesity drugs. Additionally, increasing focus on Launching affordable biosimilar and generic versions of semaglutide in developing markets will reduce treatment costs and facilitate global expansion of the market.

Globally, the semaglutide market is witnessing significant growth owing to rising research & development activities and increased approval of semaglutide drugs in new indications and geographies. Emerging Asian markets such as India and China provide lucrative growth opportunities due to the rapidly rising burden of obesity and diabetes in these regions. Further penetration of health insurance and supportive government initiatives are also expected to drive the global adoption of semaglutide.

Market drivers

The rising prevalence of obesity and diabetes among younger population segments is a major driver of the Global Semaglutide Market. According to recent statistics, over 340 million people globally have diabetes and around 40% of the world’s population is overweight or obese. Obesity increases the risk of developing serious health conditions in both adults and children. Moreover, growing geriatric population susceptible to chronic metabolic diseases further contributes to the increasing demand for semaglutide drugs. Novel clinical studies evaluating the role of semaglutide in preventing weight regain also indicate its potential as an important long-term medication.

PEST Analysis

Political: Drug pricing regulations have been a major issue for drug makers. Regulations by government and healthcare bodies impact the pricing and approval process.

Economic: Growing healthcare expenditure and rising affordability is driving the market. However, economic slowdowns can impact discretionary healthcare spending.

Social: The prevalence of obesity and diabetes is growing worldwide due to changing lifestyles and diets. This is increasing the patient pool for drugs like semaglutide.

Technological: Advances in drug delivery technologies are helping develop more effective drugs. Companies are investing in R&D to discover new therapeutic applications of semaglutide.

In terms of value, the North American market for semaglutide is currently the largest. Countries like the US and Canada have a high obesity rate and developed healthcare infrastructure supporting the uptake of new drugs.

The Asia Pacific region is projected to witness the fastest growth during the forecast period. Countries like China, India, Japan and South Korea are increasingly adopting new treatments due to growing medical needs, healthcare reforms and improving access. Growing incomes are also supporting discretionary spending on specialty drugs in emerging markets of the region.

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