Semaglutide Market is Estimated To Witness High Growth Owing To Rising Adoption of Mobile Devices
 |
| Semaglutide Market |
The Semaglutide market is estimated to be valued at US$ 2.17 Billion 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 injectable glucagon-like peptide-1 (GLP-1) receptor agonist used for the treatment of type 2 diabetes and obesity. It works by stimulating the release of insulin from pancreatic beta cells. It is also used along with diet and exercise to improve blood sugar control in adults with type 2 diabetes and to reduce body weight in adults who are obese or overweight with weight-related medical problems. Compared to other diabetes drugs, semaglutide provides superior glycemic control and higher rate of weight loss.
Market key trends:
The increasing incidence rate of obesity and diabetes across the world is driving the demand for semaglutide for weight management and glycemic control. According to the International Diabetes Federation, by 2030, around 643 million adults aged 20-79 years will suffer from diabetes. Obesity rates are also rising globally due to unhealthy lifestyle habits such as physical inactivity and consumption of junk food. Semaglutide offers more effective treatment options for obesity and diabetes compared to other drugs, which is supporting its higher adoption. The ongoing research and clinical trials for developing new formulations of semaglutide for other indications such as non-alcoholic steatohepatitis (NASH) is further expected to boost the market growth over the forecast period.
Porter’s Analysis:
Threat of new entrants: High R&D costs for producing drugs and stringent regulations for market entry pose high barriers for new companies.
Bargaining power of buyers: Buyers have low bargaining power as there are few available substitutes for semaglutide.
Bargaining power of suppliers: Suppliers have high bargaining power due to their specialized skills and technologies required for manufacturing active pharmaceutical ingredients.
Threat of new substitutes: Moderate as new drugs can capture market share but semaglutide offers advantages over existing anti-diabetic drugs.
Competitive rivalry: High as Novo Nordisk faces competition from other players.
SWOT Analysis:
Strengths: Established brand name and strong pipeline of drugs. Weaknesses: Heavy reliance on diabetes drugs for revenue.
Opportunities: Growth in semaglutide market due to rising diabetes prevalence and new therapeutic applications.
Threats: Price controls and healthcare reforms can reduce profits. Patent expiration of blockbuster drugs is also a threat.
Key Takeaways:
The global Semaglutide Market Growth is expected to witness high growth, exhibiting CAGR of 8.71% over the forecast period, due to increasing prevalence of obesity and diabetes. According to WHO, the number of adults with diabetes has increased from 108 million in 1980 to 422 million in 2022. Semaglutide offers promising alternative for glycemic control and leads to significant weight loss in patients.
Regionally, North America dominated the semaglutide market in 2021 with over 40% share, due to growing obesity rates and favorable reimbursement policies. However, Asia Pacific is expected to witness the highest CAGR during the forecast period owing to rising healthcare expenditure, growing diabetes patient pool, and increasing awareness about new treatment options .
Key players operating in the semaglutide market are Novo Nordisk. Novo Nordisk leads with over 95% market share through its blockbuster drug Ozempic. It is focusing on new drug delivery technologies and geographic expansions to maintain its leadership.
Comments
Post a Comment