by 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.
GLP-1 receptor agonists are injectable drugs used for the treatment of type 2 diabetes. They work by activating GLP-1 receptors in the pancreas and small intestine, which helps in the regulation of blood sugar levels. Glucagon-like peptide-1 (GLP-1) receptor agonists mimic the effects of naturally occurring GLP-1 and are commonly prescribed as second-line therapy when metformin alone fails to adequately control blood glucose levels.
Market Dynamics:
The GLP-1 receptor agonist market is primarily driven by the increasing prevalence of diabetes globally. As per International Diabetes Federation (IDF), the number of people living with diabetes reached 537 million adults worldwide in 2021. Type 2 diabetes accounts for over 90% of all diabetes cases. Furthermore, growing awareness regarding the benefits of GLP-1 receptor agonists as an effective anti-diabetic medication is also fueling the market growth. For instance, GLP-1 receptor agonists are associated with weight loss and a lower risk of hypoglycemia compared to other diabetes drugs. However, their high cost restrains the widespread adoption.
Segment Analysis
The GLP-1 receptor agonist market can be segmented into injectable drugs and oral drugs. Currently, the injectable drug segment dominates the market as they have been used effectively for type 2 diabetes treatment. There are two types of injectable drugs – once-weekly dosing and once-daily dosing. Once-weekly injectable drugs are more popular as they offer convenience of administration.
PEST Analysis
Political: Governments across countries are supporting and expediting regulatory approvals for novel drugs for diabetes treatment which is boosting investments in the market.
Economic: Rising disposable income levels have increased healthcare spending. Growing diabetes patient population globally presents lucrative opportunities.
Social: Increasing awareness about benefits of GLP-1 receptor agonists in managing diabetes and obesity is driving the market growth.
Technological: Manufacturers are conducting extensive R&D to develop oral GLP-1 drugs which will drive patient compliance compared to injections.
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 diabetes patient population globally. Asia Pacific is expected to be the fastest growing as well as dominating regional market due to rising awareness, improving healthcare infrastructure and growing disposable incomes in the region.
Regional analysis
Asia Pacific region is expected to witness fastest growth in the GLP1 receptor agonist market during the forecast period. This is attributed to factors such as growing diabetes patient population caused by changing lifestyle and increasing obesity levels. Additionally, improving healthcare infrastructure and growing healthcare spending are supporting market growth.
Key players analysis
Key players operating in the GLP-1 receptor agonist market are Eli Lilly and Company, GlaxoSmithKline plc, Novo Nordisk, PegBio Co., Ltd., AstraZeneca, Intarcia Therapeutics, Inc., Amgen Inc., Innovent Biologics, Jiangsu Hengrui Medicine Co., Sun Pharmaceuticals Industries Ltd., and 9 Meters Biopharma, Inc. Major players are focusing on developing advanced oral drugs through extensive R&D to gain competitive edge.
*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.
