by GLP-1 receptor agonists are a class of injectable drug used for blood sugar control in type 2 diabetes. They work by stimulating the production of insulin from the pancreas and suppressing glucagon secretion. Some key advantages of GLP-1 receptor agonists are weight loss effects and low risk of hypoglycemia. With rising prevalence of diabetes globally, there is increasing reliance on GLP-1 receptor agonists for effective diabetes management.
The global GLP-1 Receptor Agonist Market is estimated to be valued at US$ 15 billion in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing demand for once-weekly GLP-1 receptor agonists.
The demand for once-weekly GLP-1 receptor agonists is increasing owing to their convenience over daily injections. Long-acting formulations have better patient adherence. Market players are focusing on developing novel formulations with prolonged release of drug to reduce injection frequency and drive convenience. This trend is expected to boost the growth of GLP-1 receptor agonist market during the forecast period.
SWOT Analysis
Strength: GLP-1 receptor agonists have demonstrated high efficacy in lowering blood glucose levels through both weight loss and increased insulin secretion. They also carry a low risk for hypoglycemia.
Weakness: GLP-1 receptor agonists are administered through injections which some patients dislike. Their high costs also limit wide adoption.
Opportunity: Rising prevalence of diabetes worldwide offers huge scope for GLP-1 receptor agonist drugs. Technological advancements can help develop more patient-friendly delivery methods like patches.
Threats: Stiff competition from other antidiabetic drug classes. Side effects like nausea can affect patient compliance initially.
Key Takeaways
The Global GLP-1 Receptor Agonist Market Size is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis: North America currently dominates the market owing to high awareness levels and focused R&D efforts of players. However, Asia Pacific is expected to emerge as the fastest growing region on back of rising diabetes incidence coupled with improving access to healthcare in many countries.
Key players operating in the GLP-1 receptor agonist market are Novo Nordisk A/S, Eli Lilly and Company, AstraZeneca, Sanofi, Boehringer Ingelheim, Merck & Co., Inc. Novo Nordisk leads the market with its blockbuster
product Victoza (liraglutide). Lilly’s Trulicity (dulaglutide) and AstraZeneca’s Bydureon (exenatide) also enjoy high sales. Emerging players are focusing on developing better delivery mechanisms to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
