April 22, 2024

GLP-1 Receptor Agonist Market is Estimated to Witness High Growth Owing to Rising Prevalence of Diabetes

GLP-1 receptor agonists mimic the effects of a natural hormone known as glucagon-like peptide-1 (GLP-1). This helps regulate blood sugar levels by stimulating insulin production after meals and inhibiting glucagon secretion. The increasing prevalence of diabetes, growing adoption of GLP-1 receptor agonists over other antidiabetic drugs, and launch of newer and improved formulations are key factors driving market growth.

The global GLP-1 receptor agonist market is estimated to be valued at US$ 16,496.47 billion in 2024 and is expected to exhibit a CAGR of 17.0% over the forecast period of 2024-2031.

Key Takeaways

Key players operating in the GLP-1 receptor agonist market are SunPower Corporation, Vivint Solar, Sunrun, Tesla, LG Electronics, Panasonic Corporation, JinkoSolar, Canadian Solar, ReneSola, Trina Solar, Yingli Green Energy, SMA Solar Technology, Enphase Energy, SolarEdge Technologies, Daqo New Energy Corp, JA Solar, LONGi Green Energy Technology, Array Technologies and First Solar. Key players are focusing on expanding their product portfolios and geographical presence through acquisitions and partnerships.

The key opportunities in the market include rising R&D investments by players for development of novel formulations such as oral GLP-1 receptor agonists and long-acting injectables. Growing accessibility of drugs in emerging markets offers lucrative growth potential.

Globally, North America dominated the GLP-1 Receptor Agonist Market Size in 2021 due to the presence of major players and high healthcare expenditure. However, Asia Pacific is expected to exhibit the fastest CAGR during the forecast period owing to the rising geriatric population and increasing diabetic patient pool in the region.

Market Drivers

The primary driver augmenting market growth is the rising prevalence of diabetes globally. According to the International Diabetes Federation, around 537 million adults were living with diabetes in 2021 worldwide and the number is projected to rise to 643 million by 2030 and 783 million by 2045. Other market drivers include increasing awareness regarding benefits of GLP-1 receptor agonists over other therapies, new product approvals, and rising healthcare expenditure in developing nations.

PEST Analysis
Political: The government policies supporting technological advancements in healthcare and drug discovery and approvals drives market growth. Subsidies and favorable regulatory environment encourages investments.

Economic: Rising disposability incomes, growing awareness about diabetes, aging population are the key economic drivers. However, stringent price controls in certain regions can hamper market revenue.

Social: Increasing prevalence of obesity, sedentary lifestyle leading to diabetes are the major social factors. Growing healthcare campaigns creates awareness about treatment options.

Technological: Continuous R&D in drug delivery mechanisms, enhanced formulations is expanding treatment options. Developments in drug discovery boosts success rate and efficiency. Adoption of combination therapies and cost-effective biosimilars further fuel the market.

Geographical regions where market in terms of value is concentrated:
North America holds the major share in the GLP-1 receptor agonist market due to growing diabetic population, rising awareness about treatment options and favorable reimbursement policies in countries like US and Canada. Europe is another lucrative market owing to supportive government initiatives for research.

The fastest growing region for the GLP-1 receptor agonist market:
Asia Pacific region is poised to witness the highest growth during the forecast period primarily due to increasing spending on healthcare infrastructure, rising living standards, growth in medical tourism industry and presence of emerging economies like India and China with huge patient pools.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it