Market Overview:
Glucagon like peptide 1 (GLP-1) analogs are injectable drugs prescribed for the treatment of type 2 diabetes. They work by stimulating the release of insulin from beta cells of pancreas and suppressing glucagon secretion. GLP-1 analogs help in improving glycemic control and reducing weight in patients with type 2 diabetes. Some of the key advantages of GLP-1 analogs include lesser risk of hypoglycemia, weight loss effect and cardiovascular protective effects. With rising prevalence of diabetes worldwide, GLP-1 analogs have emerged as an effective treatment option for managing blood sugar levels and weight in diabetic patients.
The global Glucagon Like Peptide 1 Analogs Market is estimated to be valued at US$ 11.87 Bn in 2023 and is expected to exhibit a CAGR of 1.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing prevalence of obesity and sedentary lifestyles has contributed significantly to the increase in diabetes cases globally. According to International Diabetes Federation, around 537 million adults were living with diabetes in 2021 worldwide and the number is projected to rise to 783 million by 2045. Rise in diabetic population has boosted the demand for effective glucose lowering drugs like GLP-1 analogs. Approval and launch of newer GLP-1 analogs with improved efficacy and safety profiles is another key trend in the market. For instance, in 2021, FDA approved tirzepatide, a dual GIP and GLP-1 receptor agonist for treatment of type 2 diabetes. Its superior glucose lowering and weight reduction effects over existing GLP-1 analogs is expected to drive its adoption. Also, manufacturers are focusing on development of once-weekly dosing GLP-1 analogs to improve patient compliance over existing daily dosing products. This is anticipated to spur revenue generation opportunities for players in the glucagon like peptide 1 analogs market during the forecast period.
Porter’s Analysis
Threat of new entrants: Low. High capital requirements and stringent regulations set barriers that deter new companies from entering this market.
Bargaining power of buyers: High. The presence of many established pharmaceutical companies increases competition and provides buyers with more options.
Bargaining power of suppliers: Moderate. Suppliers have some bargaining power due to differentiation in manufacturing capacity and quality control measures but demand for their products is steady.
Threat of new substitutes: Low. Currently there are no cost-effective substitutes for GLP-1 analogs in management of type 2 diabetes.
Competitive rivalry: High. Major companies compete intensely on factors like pricing, marketing strategies and product innovations to gain more market share.
Key Takeaways
The Global Glucagon Like Peptide 1 Analogs Market Size is expected to witness high growth, exhibiting a CAGR of 1.1% over the forecast period, due to increasing prevalence of diabetes. The market size for 2023 is US$ 11.87 Bn.
North America currently dominates the market due to high awareness, advanced healthcare infrastructure and favorable reimbursement policies. However, Asia Pacific is projected to experience the fastest growth owing to growing geriatric population, increasing obesity and rising healthcare expenditure in the region.
Key players operating in the Glucagon Like Peptide 1 Analogs Market include AstraZeneca, Eli Lilly and Company, Sanofi, Novo Nordisk A/S, Pfizer Inc. Major companies focus on new product launches and acquisitions to strengthen their market position. For instance, Eli Lilly launched Trulicity in 2018, becoming the first once-weekly GLP-1 drug.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
