by The global 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 a class of glucoregulatory medications used for the treatment of type 2 diabetes. They mimic the effects of GLP-1 hormone by stimulating insulin secretion, suppressing glucagon secretion, slowing gastric emptying and enhancing satiety. These actions lower blood glucose levels without significant weight gain or hypoglycemia risk when compared to other anti-diabetic drugs. GLP-1 receptor agonists provide an effective therapeutic option for the treatment type 2 diabetes by helping maintain glycemic control while promoting modest weight loss.
Market key trends:
The rising prevalence of diabetes mellitus across the globe due to increasing obesity rates and sedentary lifestyles is a key factor driving the GLP-1 receptor agonist market growth. According to the International Diabetes Federation (IDF), around 537 million adults were living with diabetes in 2021, a number projected to rise to 643 million by 2030 and 784 million by 2045. GLP-1 receptor agonists offer improved glycemic control and glycemic variability compared to other oral anti-diabetic drugs, increasing their adoption rate among type 2 diabetic patients. In addition, new product approvals and launches by major pharmaceutical companies and growing awareness regarding the benefits of GLP-1 receptor agonists in managing diabetes will further boost market revenues over the forecast period.
Porter’s Analysis
Threat of new entrants: The GLP-1 receptor agonist market requires high R&D investments and regulatory approvals, posing significant barriers for new players.
Bargaining power of buyers: Large pharmaceutical buyers possess strong bargaining power due to the availability of substitutes. However, the specialty nature of GLP-1 receptor agonists limits their bargaining power.
Bargaining power of suppliers: A few suppliers provide bulk active ingredients required for manufacturing GLP-1 receptor agonists. However, the need for specialized expertise makes it difficult for buyers to switch suppliers.
Threat of new substitutes: Newer drug classes like SGLT2 inhibitors and GIP receptor agonists pose a threat to the GLP-1 receptor agonist market. However, their different mechanisms of action limit the degree of substitution.
Competitive rivalry: The market is highly competitive due to the presence of large multinational companies.
Key Takeaways
The Global GLP-1 Receptor Agonist Market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing prevalence of diabetes and obesity.
Regional analysis
North America dominates the global GLP-1 receptor agonist market due to the high acceptance of novel therapies and growing obesity rates in the US and Canada. However, Asia Pacific is anticipated to exhibit the fastest growth during the forecast period owing to improving healthcare infrastructure and increasing healthcare spending in major Asian countries.
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., Amgen Inc., Innovent Biologics, Jiangsu Hengrui Medicine Co., Sun Pharmaceuticals Industries Ltd., and 9 Meters Biopharma, Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
