Semaglutide is a glucagon-like peptide-1 (GLP-1) receptor agonist used for the treatment of type 2 diabetes and obesity. It is marketed under the brand names Ozempic and Rybelsus. Semaglutide helps control blood sugar levels by stimulating the release of insulin from the pancreas. Unlike other GLP-1 receptor agonists which need to be taken daily, semaglutide offers a convenient once-weekly subcutaneous injection. This sustained release property has made it a popular treatment option for patients seeking an alternative to daily medication routines.
The global semaglutide market is estimated to be valued at US$ 15.8 billion in 2023 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. North America currently dominates the market due to growing prevalence of diabetes in the region and rising healthcare expenditure. However, Asia Pacific is likely to witness highest growth during the forecast period driven by rapid urbanization, lifestyle changes and growing obese population in countries like China and India.
Market Dynamics
The once-weekly dosage form of semaglutide offers superior patient compliance as compared to other GLP-1 receptor agonists requiring daily injections. This is a key factor driving its demand across clinics and hospitals. Additionally, its superior efficacy proven by clinical trials in achieving weight and glycemic control has increased physician prescription rates over other anti-diabetic drug classes. For instance, clinical studies demonstrated semaglutide reduced HbA1c levels by 1.4% to 1.6% on average when used as an adjunct to diet and exercise in adults with type 2 diabetes. Such robust clinical data positions it as a preferred treatment choice for better management of the disease.
Another major driver fueling the semaglutide market expansion is its recent approval for chronic weight management. In 2021, the US FDA approved Ozempic for chronic weight management in addition to its existing indication for type 2 diabetes. This has expanded its consumer base to include non-diabetic obese individuals looking for effective and safe weight loss therapies. The once-weekly regimen also improves treatment compliance for long-term weight control compared to other alternatives requiring daily dosing.
Segment Analysis
The semaglutide market is dominated by oral semaglutide segment which accounts for around 65% share of the total market. Oral semaglutide offers more convenience of administration compared to injectable semaglutide. It has a solid efficacy and safety profile for type 2 diabetes and obesity management. This makes oral semaglutide a preferred choice over injectable semaglutide thereby dominating the market.
PEST Analysis
Political: Government efforts to spread awareness about lifestyle diseases like diabetes and obesity help boost semaglutide adoption. Stringent regulations on drug safety drive innovation.
Economic: Rising healthcare spending due to growing disease burden and increasing income levels support market growth. However, price controls impact revenues.
Social: Growing obesity and diabetes prevalence driven by poor lifestyle choices increases patient pool. However, social stigma on obesity management drugs acts as a restraint.
Technological: Advancements in long-acting GLP-1 analog formulations help enhance efficacy and convenience. Digital tools aid medication adherence.
Key Takeaways
The Global Semaglutide Market Size is expected to witness high growth at a CAGR of 4.0% during the forecast period of 2023 to 2030. The market size is anticipated to reach US$ 15.8 Bn by 2024 from US$ 13.5 Bn in 2023.
Regional analysis comprises North America dominates with over 45% market share owing to high disease awareness, fast regulatory approvals and strong reimbursements. Asia Pacific is anticipated to grow at the fastest pace over 5% CAGR driven by rising obesity prevalence in nations like India and China.
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 like Novo Nordisk and Lilly are focussed on expanding their product portfolio through partnerships and acquisitions. Novo Nordisk markets oral semaglutide under the brand name Wegovy for weight management. Lilly markets oral semaglutide under the brand name Mounjaro for type 2 diabetes and obesity treatment.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
