April 24, 2024

GLP-1 Receptor Agonist Market is Estimated to Witness High Growth Owing to Advancements in Drug Discovery and Delivery Technologies

These drugs help in reducing blood sugar levels, managing appetite and weight with minimal risk of hypoglycemia. The market comprises drugs for diabetes like Bydureon, Victoza, Ozempic, and Rybelsus which provide glycemic control, weight loss benefits and are well tolerated.

The global GLP-1 receptor agonist market is estimated to be valued at US$ 16,496.47 billion in 2024 and is expected to exhibit a CAGR of 17.0% over the forecast period of 2024-2031.

Key Takeaways
Key players operating in the GLP-1 Receptor Agonist Market Size 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, REC Group.

Key opportunities in the market include rise in diabetic population worldwide, drugs with longer duration of action and improved drug delivery technologies. Advancements in microneedle patches, oral drug delivery devices and new long acting formulations are expected to drive market growth.

Technological advancements like development of oral and non-injectable formulations including Rybelsus and Icosapent Ethyl will further boost market uptake. New formulations with more efficacy, safety and adherence benefits will accelerate market growth over the forecast period.

Market drivers
The increasing prevalence of diabetes globally is the key driver for the GLP-1 receptor agonist market. As per IDF Diabetes Atlas 2019, around 463 million adults (20-79 years) are living with diabetes and by 2045 this is estimated to rise to 700 million. Additionally, rising obese and overweight population also drives the adoption of GLP-1 receptor agonists for weight management. Advancements in drug delivery technologies enabling once weekly and monthly dosage formulations compared to daily injections previously will further support market gains.

Challenges in GLP-1 Receptor Agonist market:
The GLP-1 receptor agonist market is facing challenges due to increasing prevalence of diabetes around the world. One of the major challenges is patent expiry of drugs like Victoza which is inhibiting market growth. However, approval and launch of new pipeline drugs is helping address this challenge to some extent. High treatment costs is another key challenge as GLP-1 drugs are quite expensive. Adherence to treatment protocols is problematic due to side effects like nausea associated with these drugs. Poor health coverage in developing nations also restricts market growth. Overall demand is strong driven by aging population and sedentary lifestyles leading to diabetes. But supply side constraints need to be addressed for sustained growth in long run.

SWOT Analysis
Strength: Effective in promoting weight loss and controlling blood sugar levels for type 2 diabetes patients. Well established efficacy and safety profile benefits existing drugs in the market.

Weakness: High costs of treatment act as barrier. Side effects like nausea prevalent on short term use restricting patient adherence.

Opportunity: Rising diabetes prevalence worldwide presents large addressable patient population. New pipeline molecules and formulations in development catering to unmet needs.

Threats: Entry of generics poses pricing pressure on innovator drugs after patent expiry. Regulatory hurdles and delays in approval process can impact revenue potential of new drugs.

In terms of value, North America is currently the largest geographical region for the GLP-1 receptor agonist market owing to growing diabetes prevalence and availability of advanced treatment options. Asia Pacific region is poised to experience fastest growth over the forecast period due to rising healthcare investment, expanding patient pool and launch of low cost biosimilars in the region.

Among various countries, the United States dominates the GLP-1 receptor agonist market currently in terms of revenue share given established reimbursement systems and large diabetes population. However, China and India market iswitnessing rapid surge and will outpacetotal global market growth rate during 2024-2031 timeframe due to economic development, growing medical tourism and strengthening diagnostics-treatment infrastructure in these nations.

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