July 24, 2024
Semaglutide Market

The Semaglutide Market Estimated To Witness Strong Growth Due To High Diabetes Incidence And Government Support For Novel Therapies

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 analog of the human glucagon-like peptide-1(GLP-1) hormone used for the treatment of type 2 diabetes and obesity. It works by regulating blood sugar levels in the body through multiple mechanisms such as stimulating insulin release, suppressing glucagon secretion and delaying gastric emptying. Semaglutide is administered through weekly subcutaneous injections and is available under the brand name Ozempic.

Market Dynamics:
Semaglutide market is primarily driven by the rising global prevalence of diabetes. According to International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 worldwide and the number is expected to rise to 643 million by 2030. Moreover, government initiatives to increase access to novel diabetes drugs is also propelling the market growth. For instance, in 2022, the US FDA approved once-weekly semaglutide injection for chronic weight management. The approval allows semaglutide to be used alongside a reduced-calorie diet and increased physical activity for chronic weight management in adults with obesity or overweight with at least one weight-related comorbidity. However, high cost of novel diabetes drugs and requirement of regular injections can hinder the market growth over the forecast period.

Segment Analysis

The global semaglutide market is dominated by the oral segment which accounts for nearly 70% of the market share. Oral semaglutide has gained immense popularity owing to the convenience of oral administration compared to injectable formulations. With oral administration, patients are more likely to comply with medication which leads to better management of chronic conditions like diabetes and obesity.

PEST Analysis

Political: Regulations supporting accessibility of novel drugs for lifestyle diseases by health authorities are boosting the semaglutide market.
Economic: Rising healthcare spending on chronic disease management and economic growth in emerging nations is fueling market growth.
Social: Growing health awareness and focus on preventive healthcare is driving patients to opt for innovative drugs to manage diabetes and obesity.
Technological: Advancements in drug delivery technologies are enabling the development of novel oral formulations of semaglutide.

Key Takeaways

The global Semaglutide Market Growth is expected to witness high growth, exhibiting a CAGR of 8.71% over the forecast period, due to increasing prevalence of diabetes and obesity globally. The market was valued at US$ 2.17 Billion in 2022.

Regional analysis indicates North America holds the dominant share currently due to favorable reimbursement policies and growing adoption of GLP-1 agonists. However, Asia Pacific is projected to record the highest CAGR during the forecast period owing to rising healthcare expenditure and growing patient pool in the region.

Key players operating in the semaglutide market are Novo Nordisk, Eli Lilly and Company. Novo Nordisk leads the market with its popular brand Ozempic that has registered strong growth since its launch due to superior efficacy and patient convenience of oral delivery. Eli Lilly’s semaglutide brand is also gaining traction in the market.

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