GLP-1 receptor agonists are injectable drugs that stimulate the release of insulin from pancreatic beta cells in a glucose-dependent manner. They reduce appetite and delay gastric emptying, resulting in reduced food intake and body weight loss. Common GLP-1 receptor agonists include liraglutide, dulaglutide, semaglutide, and exenatide. These drugs are prescribed for the management of type 2 diabetes and obesity. Their efficacy in glycemic control and weight loss makes them an attractive treatment option.
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 17. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The adoption of telemedicine is expected to drive the growth of the GLP-1 receptor agonist market over the forecast period. Telemedicine involves the use of telecommunication technologies to provide medical information and services remotely. It allows healthcare providers to monitor patients and continue treatment from afar. During the COVID-19 pandemic, telemedicine emerged as an effective way to continue care while maintaining social distancing. Many patients with diabetes and obesity opted for virtual visits for medication management and counseling on lifestyle changes. This reduced their risk of exposure to the virus. Continued focus on virtual care models is anticipated to boost the demand for GLP-1 receptor agonist drugs as more patients gain access to specialty providers.
Another factor propelling the market growth is increasing awareness about the benefits of GLP-1 receptor agonists. Various advocacy initiatives by healthcare organizations and the pharmaceutical industry focus on educating people about the superior efficacy of these drugs compared to other diabetes and obesity medications. Their innovative delivery methods like auto-injectors and prefilled pens also make administering the drugs more convenient. This positive messaging around GLP-1 receptor agonists helps drive higher prescription rates
Segment Analysis
The global GLP-1 Receptor Agonist Market is segmented on the basis of product, application, distribution channel and region. By product, the market is divided into exenatide, liraglutide, lixisenatide, albiglutide, dulaglutide and others. Among these, liraglutide dominates the market owing to its efficacy and popularity among patients and doctors for its once-daily dosing. By application, the market is categorized into type 2 diabetes, obesity and others. Type 2 diabetes accounts for the largest share as GLP-1 receptor agonists are the most preferred treatment and first line therapy among GLP-1 drugs. By distribution channel, hospital pharmacies hold a major market share due to high patient footfall and availability of broad products.
PEST Analysis
Political: GLP-1 receptor agonist drugs face stringent regulations for approval. Various governments provide funding and subsidies for research activities. Any changes in drug pricing policies can impact market revenue.
Economic: Rising healthcare expenditure across major countries and growing geriatric population prone to metabolic disorders drives market growth. High treatment cost of GLP-1 drugs can limit market adoption in underdeveloped regions.
Social: Increasing health consciousness, growing patient awareness about benefits of GLP-1 drugs and their efficacy over other antidiabetic medications favor market expansion. Sedentary lifestyle leading to obesity also contributes to market growth.
Technological: Continuous research to develop oral and more effective formulations with better pharmacokinetic properties aids market growth. Advancements in drug delivery systems like long-acting injections also support the GLP-1 receptor agonist market.
Key Takeaways
The Global GLP-1 Receptor Agonist Market Growth is expected to witness high at a CAGR of 17% during the forecast period of 2023 to 2030 to reach a market size of US$ 14319.85 Mn by 2024.
Regional analysis: North America is expected to remain the dominant regional market over the forecast period. This is attributed to the growing obesity epidemic, sedentary lifestyle and increasing healthcare spending in the region. China and India are projected to witness fastest growth in the Asia Pacific region supported by rising awareness, improving access to healthcare facilities and increasing discretionary incomes.
Key players: Key players operating in the GLP-1 Receptor Agonist Market include SunPower Corporation, Vivint Solar, Sunrun, Tesla, LG Electronics, Panasonic Corporation, JinkoSolar, Canadian Solar, ReneSola, Trina Solar, Yingli Green Energy, SMA Solar Technology, Enphase Energy, SolarEdge Technologies, Daqo New Energy Corp, JA Solar, LONGi Green Energy Technology, Array Technologies, First Solar, REC Group. SunPharma enjoys a lion’s share in the global GLP-1 receptor agonist drug market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it