Glucagon like peptide 1 analogs are injectable drugs used for the treatment of type 2 diabetes. They work by stimulating the release of insulin from pancreatic beta cells and suppressing the release of glucagon from alpha cells of the pancreas. This helps in controlling blood sugar levels. The global Glucagon Like Peptide 1 Analogs Market is estimated to be valued at US$ 11.87 billion in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key drivers of the Glucagon Like Peptide 1 Analogs Market is the rising prevalence of type 2 diabetes across the globe. As per the 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 and 783 million by 2045. Glucagon like peptide 1 analogs are effective in managing blood sugar levels and are associated with lesser side effects compared to other antidiabetic drugs. Hence, their demand is increasing significantly among diabetes patients. Additionally, continued launches of innovative and improved glucagon like peptide 1 analog drugs by major manufacturers in the market will further boost the market growth over the forecast period.
SWOT Analysis
Strength: Glucagon Like Peptide 1 Analogs have a low risk of hypoglycemia when compared to insulin. Their use as injectable medication results in less fluctuation of blood sugar levels.
Weakness: Glucagon Like Peptide 1 Analogs are injectable drugs requiring patients to self-administer which can cause inconvenience and needle phobia in some patients. Their high cost also limits widespread adoption.
Opportunity: Growing prevalence of diabetes worldwide presents a massive potential patient pool for GLP 1 drugs. Launch of newer delivery methods like oral formulations can help overcome existing weaknesses and drive further market growth.
Threats: Intense competition exists from other anti-diabetic drug classes like DPP-4 inhibitors. Patent expiries of major drugs may lead to cheaper generic competition eroding prices and margins of existing big players.
Key Takeaways
The global Glucagon Like Peptide 1 Analogs market demand is expected to witness high growth at a CAGR of 8.1% during the forecast period of 2023 to 2030. The market size for 2023 is estimated to be US$ 11.87 Billion.
Regional analysis: North America currently dominates the market accounting for over 35% share due to higher patient awareness and more established healthcare systems. However, Asia Pacific region is poised to register fastest growth owing to rising diabetic population in major countries like China and India.
Key players: Key players operating in the Glucagon Like Peptide 1 Analogs market are Koru Pharmaceuticals Co. LTD, Fusion Meso, PerseBelle, Toskani Cosmetics, Demoaroma Italy srl, Pluryal, Messoessence, Galderma Laboratories L.P., Revitacare, Mesoestetic, and DERMEDICS International. These market leaders are investing heavily in R&D of new formulations and delivery mechanisms to gain a competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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