The GLP-1 receptor agonist drugs act on receptors in the pancreas and intestines mimicking the effects of glucagon-like peptide-1 (GLP-1), a naturally occurring hormone. This results in increased insulin production, decreased glucagon secretion and slowed gastric emptying which helps in managing blood sugar levels in diabetic patients. These drugs are highly effective for patients with type 2 diabetes and have advantages like weight loss and low risk of hypoglycemia. With the increasing rate of diabetes worldwide, the need for effective drugs for its management has heightened significantly.
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 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the market is the launch of newer drugs with superior efficacy and convenient dosage forms. For instance, in 2023, Novo Nordisk launched Rybelsus which is the first and only weekly oral GLP-1 receptor agonist for type 2 diabetes. Its once-weekly dosing provides more flexibility compared to daily injections. Similarly, Boehringer Ingelheim also launched a once-weekly injectable GLP-1 agonist for type 2 diabetes called Jardiance in 2023 which offers an alternative to patients looking for less frequent dosing than existing daily formulations. Product line extensions and new approvals of such drugs are expected to boost the growth of GLP-1 receptor agonist market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as the GLP-1 receptor agonist market requires high R&D investment and regulatory approvals.
Bargaining power of buyers: The bargaining power of buyers is moderate as the industry has few large pharmaceutical companies with diversified drug portfolios.
Bargaining power of suppliers: The bargaining power of suppliers is low since raw material suppliers have limited control over pricing.
Threat of new substitutes: The threat of new substitutes is moderate as new drugs are continuously researched and developed for diabetes treatment.
Competitive rivalry: The competitive rivalry is high among the key players to gain higher market share.
Key Takeaways
The Global GLP-1 Receptor Agonist Market Size is expected to witness high growth at a CAGR of 21% during the forecast period of 2023 to 2030. The market size for 2023 is estimated to be US$ 14319.85 Mn.
Regional analysis: North America region currently dominates the GLP-1 receptor agonist market due to high awareness about diabetes drugs and rising obesity rate. However, Asia Pacific region is projected to grow at the fastest pace during the forecast period.
Key players: Key players operating in the GLP-1 Receptor Agonist Market are Auto Power, Volmac Engg. (P) Limited, Club Car, LLC, Carrieall Car Private Limited, Speedways Electric, GDrive Golf Carts, Maini Material Movement Pvt. Ltd., Nebula Automotive Pvt. Ltd., Prevalence Ltd., and Yamaha Golf-Car Company. These players are focusing on new product launches and geographical expansion to increase their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it