April 22, 2024
Glucagon Like Peptide 1 Analogs Market

Glucagon Like Peptide 1 Analogs Market Is Driven By Increasing Prevalence Of Diabetes

The global glucagon like peptide 1 analogs market is fragmented due to rising cases of diabetes that require improved glycemic control. Glucagon-like peptide-1 (GLP-1) analogs work by simulating the effects of naturally produced GLP-1. They lower blood glucose levels by stimulating insulin production and suppressing glucagon secretion in a glucose-dependent manner. GLP-1 analogs are also advantageous in weight loss as they reduce appetite, delay gastric emptying, and enhance satiety.

The global glucagon like peptide 1 analogs market size is estimated to be valued at US$ 13.68 billion in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

One of the key trends in the glucagon like peptide 1 analogs market is the approval of new variants by regulatory authorities. For instance, in December 2022, the USFDA approved Rybelsus, an oral semaglutide developed by Novo Nordisk for chronic weight management. This approval expanded the treatment options for obesity. Another important trend is the rising collaborations between market players for drug development. In October 2022, Novo Nordisk partnered with Dicerna Pharmaceuticals to develop RNAi therapies for treating cardiometabolic diseases by targeting specific genes involved in their pathogenesis. Such partnerships aim to come up with novel drugs that can address the unmet needs in diabetes treatment.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the glucagon like peptide 1 analogs market is moderate as pharmaceutical product development requires significant R&D investment and regulatory approvals.

Bargaining power of buyers: The bargaining power of buyers is moderate as key diabetics patients have limited treatment options due to medical conditions and rely on pharmaceutical companies.

Bargaining power of suppliers: The bargaining power of suppliers is low as raw material suppliers have minimal influence and switching costs are low.

Threat of new substitutes: The threat of new substitutes is low as glucagon like peptide 1 analogs have limitations such as short shelf life and need to be administered via injection leaving limited substitutes.

Competitive rivalry: The competitive rivalry is high due to presence of key global players focusing on new product launches and investments in R&D and marketing.

Key Takeaways

The Global Glucagon Like Peptide 1 Analogs Market Growth  is expected to witness high growth over the forecast period of 2024 to 2031. The global glucagon like peptide 1 analogs market size is estimated to be valued at US$ 13.68 billion in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024-2031.

North America regional analysis comprises North America dominates the market currently due increasing prevalence of type 1 & type 2 diabetes and availability of developed healthcare infrastructure in the region.

Key players operating in the glucagon like peptide 1 analogs market are Alcoa Corporation, Novelis Inc., UACJ Corporation, Norsk Hydro ASA, AMG Advanced Metallurgical Group, Constellium, Aluminum Corporation of China Limited, Rio Tinto Group, Aleris Corporation, Autoneum Holding AG, Dana Limited, ElringKlinger AG, Progress-Werk Oberkirch AG, JINDAL ALUMINIUM LTD., Kaiser Aluminum, Lorin Industries.

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