Rising Patient Pool Is Expected To Drive The Semaglutide Market Growth
Semaglutide is a glucagon-like peptide-1 (GLP-1) receptor agonist that is used to treat type 2 diabetes and obesity. It works by stimulating the release of insulin from the pancreas, suppressing glucagon secretion from the pancreas which helps to control blood sugar levels. It also slows down emptying of the stomach and increases feelings of fullness to help in weight loss. Semaglutide is available under the brand names Ozempic and Rybelsus. Ozempic is available as an injection to be administered once weekly, whereas Rybelsus is available as oral tablets.
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 Dynamics:
The rising global prevalence of type 2 diabetes and obesity is a key factor driving the growth of the semaglutide market. As per International Diabetes Federation estimates, around 537 million adults were living with diabetes in 2021 worldwide and the number is expected to rise to 643 million by 2030 and 783 million by 2045. Growing sedentary lifestyle along with unhealthy eating habits has contributed significantly to the rise in diabetes and obesity cases. Moreover, the increasing demand for effective treatment alternatives for better disease management is also expected to boost the adoption of semaglutide during the forecast period. Semaglutide has demonstrated superior efficacy in glycemic control as well as weight loss compared to other glucagon-like peptide-1 receptor agonists. The positive clinical evidence and approval of semaglutide for additional therapeutic indications will further support market expansion through the forecast period.
SWOT Analysis
Strength: Semaglutide is an effective drug for treating obesity and type 2 diabetes. It helps control appetite and lower body weight through its glucagon-like peptide-1 agonist mechanism of action. Clinical trials have shown semaglutide led to significant weight loss of 15% or more in some participants over 68 weeks of treatment. The once-weekly dosing of semaglutide is more convenient than other diabetes medications requiring daily dosing.
Weakness: Semaglutide treatment can cause side effects like nausea, vomiting, diarrhea and abdominal pain which often lead to discontinuation of the drug. The injections also require patients to have training on proper administration technique which may negatively impact compliance. Being relatively new, long term safety data on semaglutide is still limited.
Opportunity: Obesity and diabetes are growing health problems worldwide presenting a large treatable patient population for semaglutide. The drug offers an alternative treatment option for patients not achieving adequate glycemic control or weight loss on other oral antidiabetic medications. Its favorable safety and efficacy profile can help increase therapy adherence over time.
Threats: Patent expiry of semaglutide between 2023-2030 in major markets opens door for cheaper generic and biosimilar competition eroding brand value. Rising healthcare costs are prompting payers to prefer lower cost alternatives which can impact revenue potential. Safety concerns emerging from post marketing use may also affect future demand.
Key Takeaways
The Global Semaglutide Market Share is expected to witness high growth over the forecast period supported by the rising diabetes and obesity burden globally. 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.
Geographically North America currently dominates the market owing to high adoption rates of GLP-1 analogs and favorable reimbursement policies. However Asia Pacific is expected to offer lucrative opportunities with China, India, Japan being key emerging markets experiencing increasing prevalence of lifestyle diseases. Governments are working to improve access to newer treatment options to tackle the growing healthcare challenge. Japan also has a significant market owing to its leading position for diabetes treatment in Asia.
Key players: Key players operating in the semaglutide market are Novo Nordisk (Denmark), Eli Lilly (US) and others. Novo Nordisk has a first mover advantage with its brands Ozempic and Rybelsus being top selling GLP-1 analogs globally. Eli Lilly's potential market entry with tirzepatide could capture additional share but faces patent related exclusivity for Novo Nordisk's products until 2030.
Explore more information on this topic, Please visit @ https://www.rapidwebwire.com/growing-semaglutide-market-trend
English
Arabic
Français
Español
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian