by Semaglutide is an injectable glucagon-like peptide-1 (GLP-1) receptor agonist used to manage Type 2 diabetes and obesity. It works by stimulating the release of insulin when blood sugar levels are high and suppressing glucagon secretion when blood sugar levels are low. This helps maintain healthy blood sugar levels. Semaglutide also reduces appetite and leads to lower calorie intake. The growing prevalence of obesity and diabetes globally has increased the demand for semaglutide as an effective treatment option. According to the International Diabetes Federation, around 537 million adults were living with diabetes in 2021, and the number is expected to rise to 783 million by 2045.
The global Semaglutide Market is estimated to be valued at US$ 15.8 billion in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing preference for disease modifying therapeutics over blood glucose lowering drugs is a major trend in the semaglutide market. Semaglutide helps manage diabetes by modifying the underlying disease pathology rather than just lowering blood glucose levels. Due to its superior efficacy and safety profile compared to alternatives, semaglutide has become the standard of care treatment for Type 2 diabetes. Its label expansion for chronic weight management has further increased demand. Manufacturers are investing in R&D to develop new formulations and delivery methods like oral semaglutide to increase patient compliance and market access.
Porter’s Analysis
Threat of new entrants: The semaglutide market requires huge investments in R&D, which creates entry barriers for new players.
Bargaining power of buyers: The presence of several treatment options limits the bargaining power of buyers.
Bargaining power of suppliers: Established drug manufacturers and suppliers hold strong bargaining power over buyers.
Threat of new substitutes: The availability of other GLP-1 analogs poses a moderate threat of substitution.
Competitive rivalry: Competition is intense as major players invest significantly in expanding their product portfolios through approval for new indications.
Key Takeaways
The Global Semaglutide Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The global Semaglutide Market is estimated to be valued at US$ 15.8 billion in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the semaglutide market and is expected to continue its dominance over the forecast period. This can be attributed to growing prevalence of diabetes and presence of sophisticated healthcare infrastructure in the region. Asia Pacific is anticipated to register fastest growth owing to rising healthcare expenditure and growing awareness about diabetes treatment.
Key players: Key players operating in the semaglutide market are Haitian International Holdings Limited (China), Chen Hsong Holdings Ltd. (China), Engel Austria GmbH (Austria), Sumitomo Heavy Industries Limited (Japan), Hillenbrand, Inc. (U.S.). Major players are focused on expanding their presence worldwide through approval of new products in emerging markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
