by Semaglutide is a glucagon-like peptide-1 (GLP-1) receptor agonist used for the treatment of type 2 diabetes and obesity. It helps in controlling blood sugar levels and promotes weight loss. Semaglutide is administered through weekly subcutaneous injections and has proven to be an effective treatment option for managing diabetes and reducing obesity.
The global Semaglutide Market is estimated to be valued at US$ 15.8 Bn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The increasing prevalence of diabetes and obesity remains a key growth driver for the global Semaglutide Market. According to the International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 worldwide and the number is expected to rise to 783 million by 2045. Furthermore, obesity rates have also increased significantly over the past few decades due to sedentary lifestyles and consumption of junk food. Semaglutide aids in weight loss and has demonstrated reduced cardiovascular risks for obese patients with diabetes or prediabetes. Its superior efficacy compared to other GLP-1 receptor agonists in controlling diabetes and promoting weight loss is expanding its uptake, thereby propelling the Semaglutide Market growth.
SWOT Analysis
Strength: Semaglutide is highly effective in weight loss for adults with obesity or overweight with co-morbidities. It offers superior results compared to other drugs in its class.
Weakness: Semaglutide requires subcutaneous injections which some patients may find inconvenient or painful. The high list price also limits its accessibility.
Opportunity: The growing global obesity epidemic and demand for more effective treatment options present a major market opportunity. Rising awareness about the health risks of obesity will further boost demand.
Threats: Patent expiries of competing drugs will increase market competition and pricing pressure. Strict regulatory approvals for new drug candidates also pose a threat.
Key Takeaways
The Global Semaglutide Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The global Semaglutide Market is estimated to be valued at US$ 15.8 Bn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030.
Regionally, North America is anticipated to dominate the market owing to rising obesity rates and favorable reimbursement policies. Europe holds the second largest share and is expected to grow at a steady pace during the forecast period.
Key players operating in the semaglutide market are Haitian International Holdings Limited, Chen Hsong Holdings Ltd., Engel Austria GmbH, Sumitomo Heavy Industries Limited, and Hillenbrand, Inc. These established players are investing heavily in R&D to strengthen their product portfolio and consolidate their market position. They are also pursuing geographic expansion opportunities in developing Asian and Latin American markets with high growth potential.
Some of the major trends observed in the global semaglutide industry include increasing strategic collaborations between drug developers and regional players to expedite market entry. Companies are also focusing on drug delivery innovations like oral formulations to improve patient convenience over injections. With growing prevalence of lifestyle diseases, semaglutide is well-positioned to benefit from the long term demand outlook.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
