The Glucagon Like Peptide 1 Analogs Market is Estimated to Witness High Growth Owing to Increasing Prevalence of Diabetes
The glucagon like peptide 1 (GLP-1) analogs market is expected to gain prominence due to increasing adoption of GLP-1 analogs for treatment of type 2 diabetes. GLP-1 analogs are powerful antidiabetic agents that enhance glucose-dependent insulin secretion and inhibit glucagon secretion. They are effective in controlling blood glucose levels with low risk of hypoglycemia.
The global GLP-1 analogs market is estimated to be valued at US$ 18 billion in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period between 2024 to 2030.
Key Takeaways
Key players: Key players operating in the GLP-1 analogs market include Alcoa Corporation, Novelis Inc., UACJ Corporation, Norsk Hydro ASA, AMG Advanced Metallurgical Group, Constellium, Aluminum Corporation of China Limited, Rio Tinto Group, Aleris Corporation, Autoneum Holding AG, Dana Limited, ElringKlinger AG, Progress-Werk Oberkirch AG, JINDAL ALUMINIUM LTD., Kaiser Aluminum.
Key opportunities:
Rising prevalence of obesity and diabetes worldwide presents lucrative growth opportunities for players in the GLP-1 analogs market. Constant innovation in drug delivery systems will further boost the demand.
Global expansion:
Leading manufacturers are expanding their global footprint through acquisitions and partnerships with regional players. Increasing access to novel antidiabetic therapies in emerging nations will accelerate the market expansion over the forecast period.
Market drivers:
High efficiency and minimal side effects of Glucagon Like Peptide 1 Analogs Market Trend analogs as compared to other diabetes drugs is a major market driver. Growing obese population prone to insulin resistance and diabetes augurs well for the GLP-1 analogs market.
The increasing prevalence of diabetes due to obesity and sedentary lifestyle habits has become a major health concern worldwide. This rising diabetes burden explains the high growth projected for the GLP-1 analogs market to attain a sizable valuation by 2024.
PEST Analysis
Political: The pharmaceutical industry is regulated heavily by government regulations on drug pricing and approval procedures. Any changes in the governmental regulations regarding drug approval and pricing will impact the GLP-1 market.
Economic: Since GLP-1 drugs are used for treating chronic diseases, their demand is directly affected by economic conditions of regions and nations. A downturn will negatively impact the healthcare spending and GLP-1 prescriptions.
Social: There is an increasing awareness regarding diabetes and obesity in developed markets due to rising health consciousness. This drives the demand for effective therapies like GLP-1 drugs in these regions.
Technological: Advancements in drug delivery systems and identification of new GLP-1 analogs continues to expand treatment options and drive the market growth. Continuous research is being done to develop newer formulations with improved efficacy and safety profile.
In terms of value, North America holds the largest share in the GLP-1 market owing to early adoption of innovative therapies and presence of major pharmaceutical players. The US accounts for the majority share in the North American region due to its large diabetic population and favorable reimbursement framework.
Asia Pacific region is projected to witness the highest growth during the forecast period due to rising diabetes prevalence, improving access to healthcare facilities and growing medical tourism industry. Increase in healthcare spending by governments of emerging countries like China and India is contributing significantly to the regional market growth.
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Glucagon Like Peptide 1 Analogs Market
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