Semaglutide is a glucagon-like peptide-1 (GLP-1) receptor agonist used for the treatment of type 2 diabetes and obesity. It acts as an analog of the human glucagon-like peptide-1 hormone, which is involved in regulating blood sugar levels and food intake. Semaglutide acts by stimulating the release of insulin from pancreatic beta cells and suppressing glucagon secretion from pancreatic alpha cells in a glucose-dependent manner. It is administered through once-weekly subcutaneous injections.
The global semaglutide market is estimated to be valued at US$ 15.8 Bn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The launch of new drugs in the semaglutide market is estimated to drive its growth over the forecast period. For instance, in 2021, Novo Nordisk launched a once-weekly semaglutide 2.0 mg and 1.0 mg injections under the brand name Wegovy for chronic weight management. Wegovy was approved by the FDA for chronic weight management in adults with obesity or who are overweight with at least one weight-related comorbidity. This approval expanded the use of semaglutide from type 2 diabetes to obesity management. Furthermore, in 2022, Novo Nordisk received FDA approval for Rybelsus, a once-daily oral semaglutide pill for type 2 diabetes treatment. The oral formulation of semaglutide offers an alternative to patients who prefer oral medications over injections. The launch of new oral and high dosage injected semaglutide drugs are expected to drive the market growth over the forecast period.
SWOT Analysis
Strength: Semaglutide is an effective treatment option for type 2 diabetes and obesity. It helps in reducing blood sugar levels and promoting weight loss significantly in three months. It is administered through subcutaneous injection weekly or monthly which provides long lasting effects.
Weakness: Semaglutide injections have some side effects like nausea, vomiting, and diarrhea which can lead to poor patient compliance in initial weeks of treatment. The cost of semaglutide therapy is also high which limits its use in low income patients.
Opportunity: Growing prevalence of diabetes and obesity globally increases the patient pool for semaglutide. Its proven efficacy in diabetes and weight management can help gain increased market share. Approval for new indications like heart failure widens the treatment opportunities.
Threats: Patent expiry of existing GLP-1 analogs increases competition from biosimilars reducing prices and profits. Strict regulatory requirements and lengthy approval process limits number of players in the market. Reimbursement policies also impact the adoption and access to semaglutide therapy.
Key Takeaways
The Global Semaglutide Market Scope is expected to witness high growth over the forecast period owing to 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 4.0% over the forecast period 2023 to 2030.
Regional analysis: The North American region holds the largest share in the global semaglutide market majorly due to supportive reimbursement policies, presence of reimbursement coverage for diabetes management drugs, and established healthcare infrastructure in the region. Asia Pacific is anticipated to grow at the fastest pace during the forecast period with growing diabetic & obese population in developing economies including India and China along with improving access to novel treatment options.
Key players: Key players operating in the semaglutide market are F. Hoffmann-La Roche AG, Boehringer Ingelheim, Bayer AG, Pfizer Inc., Biogen, Daiichi Sankyo, Bristol-Myers Squibb, Johnson & Johnson, AstraZeneca, SanBio and Athersys Inc. Companies are focused on new drug development, approvals for expanded indications and geographical expansions to strengthen their market position.
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