by The Semaglutide Market is estimated to be valued at US$ 2.17 Bn in 2022 and is expected to exhibit a CAGR of 8.71% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Semaglutide is an analog of human glucagon-like peptide-1 (GLP-1) used for the treatment of type 2 diabetes and obesity. It mimics the effects of native GLP-1 promoting the release of insulin and reducing glucagon secretion in a glucose-dependent manner. Available in oral formulations and injections, it aids in weight loss and glycemic control.
Market Dynamics:
The growth of the semaglutide market is driven by rising prevalence of diabetes and obesity. Around 463 million adults currently have diabetes globally and over 1.9 billion adults are overweight of which 650 million are obese. Semaglutide with its multi-targeted properties effectively manages weight and blood sugar levels with once weekly injections. In clinical trials, treatment with semaglutide led to sustained weight loss and significantly reduced HbA1c and fasting plasma glucose levels in patients with type 2 diabetes. Its long acting profile provides superior glycemic control and weight reduction outcomes compared to other GLP-1RAs.
Market Key Trends:
The global semaglutide market is witnessing high demand for once-weekly formulations of semaglutide. Manufacturers are focusing on developing novel formulations such as pills and patches of semaglutide to overcome limitations such as needle phobia in patients. For instance, in 2021, Novo Nordisk received FDA approval for its once-weekly semaglutide 2.0 mg pill (Rybelsus) to treat type 2 diabetes. This oral formulation allows convenient administration and better compliance.
SWOT Analysis:
Strength: High efficacy and better glycemic control of semaglutide compared to other GLP-1 receptor agonists.
Weakness: Expensive treatment cost compared to other diabetes drugs. Distribution challenges and complexity associated with injectable formulations.
Opportunity: Large underpenetrated market for diabetes treatment worldwide. Launch of novel oral and non-injectable formulations can drive further growth.
Threats: Patent expiration of branded drugs allowing market entry of cheaper generic versions. Stringent regulations for approval of new drug formulations.
Key Takeaways:
The global Semaglutide Market Growth size was valued at US$ 2.17 Billion in 2022. The market is expected to reach US$ 4.03 Billion by 2030, expanding at a high CAGR of 8.71% during the forecast period. The growth is attributed to rising global prevalence of type 2 diabetes and obesity.
Regional analysis: North America currently dominates the global semaglutide market owing to high awareness about innovative treatment options and favorable reimbursement policies in the region. However, Asia Pacific is expected to witness fastest growth during the forecast period with increasing diabetic patient pool in major countries like China and India.
Key players: Key players operating in the semaglutide market are Novo Nordisk, GlaxoSmithKline, Eli Lilly, AstraZeneca and Johnson & Johnson. Novo Nordisk led the market with its branded semaglutide product Ozempic and holds majority market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
