The Semaglutide Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Obesity And Diabetes

Purvaja Jadhao

posted on 10 months ago — updated on 1 second ago

77
views

The semaglutide market is estimated to be valued at US$ 15.80 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

The Semaglutide Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Obesity And Diabetes

Market Overview:
The semaglutide market comprises products used for the treatment of obesity and type 2 diabetes. Semaglutide is an injectable glucagon-like peptide-1 (GLP-1) receptor agonist. It mimics the effects of the naturally occurring hormone GLP-1, which is released after eating and helps regulate blood sugar levels and appetite.

Market Dynamics:
The key drivers fueling growth of the semaglutide market are rising prevalence of obesity and diabetes globally. According to the World Health Organization (WHO), in 2016, the worldwide prevalence of obesity nearly tripled between 1975 and 2016. Additionally, the International Diabetes Federation reports that nearly 537 million adults were living with diabetes in 2021 globally, and this number is projected to reach 643 million by 2030 and 783 million by 2045. Semaglutide acts as an effective treatment for weight management in obese and overweight adults, as well as glycemic control in type 2 diabetes patients. Another driver is its favorable safety and efficacy profile demonstrated in clinical trials.

SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)

Strength:
- Semaglutide effectively reduces body weight and maintains weight loss. Clinical trials have shown semaglutide helps reduce body weight by 8-15%.
- It lowers blood sugar levels in diabetic patients better than other drugs. Studies show it reduces HbA1c levels by 1-1.5% in type 2 diabetic patients.
- Once weekly dosing provides better patient compliance compared to other antidiabetic drugs requiring daily administration.

Weakness:
- Higher costs compared to generic antidiabetic drugs limits its accessibility and affordability.
- Initial side effects like nausea may reduce patient adherence in the beginning.

Opportunity:
- Rising global prevalence of obesity and diabetes present a large market potential. Over 400 million people have diabetes worldwide.
- Increasing awareness about benefits of managing weight and sugar levels will drive its demand.

Threats:
- Patent expiry of existing brands may lead to market entrance of cheaper biosimilars eroding profits of leading players.
- Stringent regulatory pathways for approval of new therapies increases costs and uncertainty.

Key Takeaways

The global Semaglutide Market Demand is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing prevalence of obesity and diabetes worldwide. As per estimates, over 50% of Americans will be either overweight or obese by 2030.

Regional analysis:
North America is expected to dominate the global semaglutide market during the forecast period. This is attributed to growing prevalence of diabetes and rising rate of obesity in the US. Europe is also among the prominent and lucrative regions owing to rising government efforts to curb obesity.

Key players:
Key players operating in the semaglutide market are Novo Nordisk A/S, HEC Pharma Co., Shenzhen JYMed Technology Co. Ltd., and Bachem Holding AG. Novo Nordisk leads the market with its blockbuster drug Ozempic being at the forefront of diabetes and obesity management globally.