GLP-1 segment is fastest growing segment fueling the growth of Semaglutide Market
Market Overview:
Semaglutide is a glucagon-like peptide-1 receptor agonist (GLP-1 RA) used to control high blood sugar in patients with type 2 diabetes. It helps control blood sugar levels by stimulating the body's natural ability to produce more insulin when blood sugar is high and reducing the amount of sugar produced by the liver. As diabetes cases continue to rise globally, demand for effective treatments like semaglutide is increasing rapidly.
Market key trends:
One of the major trends driving the growth of the semaglutide market is the approvals and launches of new drug formulations and dosage strengths. In December 2021, Novo Nordisk received FDA approval for Rybelsus oral semaglutide 3 mg and 7 mg tablets for chronic weight management. Approvals of such new formulations with higher dosage strengths allow for better glycemic and weight control in diabetic patients. This is expected to significantly boost the uptake of semaglutide drugs worldwide over the forecast period.
Segment Analysis
The global semaglutide market is segmented by application into type 2 diabetes and obesity. The type 2 diabetes segment dominates the market and accounts for around 70% share. The segment is dominating owing to the increasing prevalence of diabetes worldwide and the proven efficacy of semaglutide in the management of type 2 diabetes.
Key Takeaways
The global Semaglutide Market Demand is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing prevalence of obesity and diabetes.
Regional analysis
North America is expected to hold a significant share in the global semaglutide market due to growing adoption of innovative diabetes drugs and presence of major market players in the region. Asia Pacific region is likely to exhibit fastest growth owing to rising economy, increasing healthcare expenditure and growing awareness about diabetes treatment in the region.
Key players
Key players operating in the semaglutide market are Novo Nordisk A/S, HEC Pharma Co., Shenzhen JYMed Technology Co. Ltd., and Bachem Holding AG. Novo Nordisk A/S dominates the market with over 60% share owing to its established brand name and high sales of Ozempic and Rybelsus, containing semaglutide as the active pharmaceutical ingredient.
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