GLP-1 Receptor Agonist Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Diabetes

The GLP-1 Receptor Agonist market is estimated to be valued at US$ 14319.85 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:

GLP-1 receptor agonists are injectable drugs used for the treatment of type 2 diabetes. They work by mimicking the effects of the naturally occurring incretin hormone glucagon-like peptide-1 (GLP-1). GLP-1 receptor agonists help control blood sugar levels by multiple mechanisms including stimulating insulin secretion, suppressing glucagon secretion, slowing gastric emptying, and increasing satiety. The major products in this market include liraglutide (Saxenda, Victoza), semaglutide (Ozempic, Rybelsus), dulaglutide (Trulicity), albiglutide (Tanzeum), lixisenatide (Adlyxin), and exenatide (Byetta, Bydureon).

Market Dynamics:
The growth of the GLP-1 receptor agonist market is driven by the rising prevalence of diabetes worldwide. According to the International Diabetes Federation, approximately 537 million adults (20-79 years) were living with diabetes in 2021 which is projected to rise to 643 million by 2030 and 783 million by 2045. Furthermore, GLP-1 receptor agonists are associated with superior glycemic control and weight loss benefits as compared to other diabetes drugs like DPP-4 inhibitors or sulfonylureas which is increasing their adoption rate among physicians and patients. In addition, ongoing pipeline developments and approvals of once-weekly GLP-1 receptor agonist formulations providing greater compliance are expected to propel market growth during the forecast period. However, high costs associated and fear of injection may hinder market growth over the forecast period.

SWOT Analysis
Strength: GLP-1 receptor agonists are effective in managing type 2 diabetes and have fewer risks of hypoglycemia and weight gain compared to other anti-diabetic drugs. They stimulate insulin secretion and suppress glucagon secretion in a glucose-dependent manner. Some GLP-1 receptor agonists are approved for chronic weight management in addition to treating diabetes.

Weakness: GLP-1 receptor agonists need to be administered via injections which some patients may find inconvenient. The injections can also cause pain, bruising and swelling at the injection site in some cases.

Opportunity: Rising prevalence of obesity and diabetes globally due to sedentary lifestyles and unhealthy diets presents an opportunity for the growth of GLP-1 receptor agonist market. Additionally, the development of longer acting formulations requiring less frequent dosing can further increase treatment compliance.

Threats: Entry of cheaper generics once blockbuster drugs lose patent protection poses pricing pressure on innovator companies. Strict regulations for drug approvals can delay market entry of new products.

Key Takeaways
The Global GLP-1 Receptor Agonist Market Size is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing incidence of type 2 diabetes and obesity globally. According to the International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 worldwide.

Regional analysis: North America currently dominates the global market due to large patient population and faster uptake of novel therapies. However, Asia Pacific is expected to grow at the fastest pace during the forecast period owing to improving access to healthcare services, rising awareness about diabetes treatment and increasing demand for quality care in developing countries such as China and India.

Key players: Key players operating in the GLP-1 receptor agonist market are Eli Lilly and Company, GlaxoSmithKline plc, Novo Nordisk A/S, PegBio Co., Ltd., AstraZeneca, Intarcia Therapeutics, Inc., Amylin Pharmaceuticals, Inc., Sanofi, Hanmi Pharm. Co., Ltd., Pfizer Inc., Amgen Inc., Innovent Biologics, Jiangsu Hengrui Medicine Co., Sun Pharmaceuticals Industries Ltd., and 9 Meters Biopharma, Inc.

 

Read more: https://www.rapidwebwire.com/glp-1-receptor-agonist-market-size-analysis/

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