Semaglutide is a glucagon-like peptide-1 (GLP-1) analog used for the treatment of type 2 diabetes and weight management. It mimics the effects of endogenous GLP-1 hormone and helps in blood glucose control along with promoting satiety and weight loss. The global rise in obesity has increased the demand for effective weight management drugs and therapies. Semaglutide offers promising results in terms of weight reduction and preventing weight regain in patients with obesity.
The global semaglutide market is estimated to be valued at US$ 15.8 Bn in 2024 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 key trends:
One of the key trends in the semaglutide market is the growing preference for novel long-acting drugs over conventional therapies for obesity. Semaglutide offers the advantage of once weekly dosing which helps improve patient compliance to treatment and medication adherence as compared to other anti-obesity drugs. Moreover, ongoing clinical trials of semaglutide for new therapeutic indications will help expand its approved label and drive future growth opportunities. Successful trials in cardiovascular risk reduction, non-alcoholic steatohepatitis and Alzheimer’s disease can substantiate its therapeutic value in several non-diabetes conditions. This will assist semaglutide gain wider market acceptance and penetration across different patient segments globally.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the semaglutide market is moderate as heavy investments are required for R&D and bringing a new drug to market.
Bargaining power of buyers: The bargaining power of buyers is moderate as buying decisions are made by healthcare providers and patients do not have much influence over treatment decisions.
Bargaining power of suppliers: The bargaining power of suppliers is low as key suppliers such as pharmaceutical companies have established supply chains and supplier relationships.
Threat of new substitutes: The threat of new substitutes is low as newer substitutes take significant time and cost for development and approval.
Competitive rivalry: The competitive rivalry in the semaglutide market is high due to the presence of key players focusing on new product launches and approvals.
Key Takeaways
The Global Semaglutide Market Growth is expected to witness high over the forecast period of 2023 to 2030. The global semaglutide market is estimated to be valued at US$ 15.8 Bn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030.
North America is expected to dominate the market during the forecast period owing to favorable government policies for the reimbursement of semaglutide drugs and increasing prevalence of diabetes in the region.
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. Key players are focusing on new product launches, approvals and geographical expansions to increase their market presence. For instance, in May 2022, Novo Nordisk received approval from European Commission for Rybelsus for the treatment of type 2 diabetes.
*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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