Semaglutide is an analog of the human glucagon-like peptide-1 (GLP-1) hormone used for the treatment of Type 2 diabetes and obesity. It works by increasing insulin secretion, decreasing glucagon secretion, and reducing appetite. Some key uses of semaglutide include treatment of Type 2 diabetes, weight loss management, and obesity. It is administered through subcutaneous injections once weekly.
The global semaglutide market is estimated to be valued at US$ 15.8 Bn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Increasing obesity rate and adoption of digital health platforms are the major drivers expected to flourish the global semaglutide market over the forecast period. Obesity has doubled globally since 1980 with over 650 million adults and around 120 million children being obese worldwide according to the World Health Organization. Rapid urbanization and sedentary lifestyle changes have significantly contributed to rising obesity levels. Moreover, semaglutide is effective in weight management and has high demand for obesity treatment. Growing penetration of digital health platforms is also propelling the semaglutide market growth. Remote patient monitoring solutions and mobile applications enable secure online access to prescription and ordering of semaglutide thus augmenting its adoption rate. However, stringent regulatory approvals and high costs associated with semaglutide production restrict the market growth.
The global semaglutide market is dominated by the oral segment, which accounts for over 60% share. Oral semaglutide offers significant advantages over injection including ease of use and improved patient compliance. It has a large predictable pharmacokinetic effect and enables simplified dosing as compared to injections. This makes it a highly preferred option among both healthcare experts and patients.
Political: Regulations around drug approval and pricing vary across regions and countries. Favorable regulatory norms help expand market access and growth.
Economic: Rising prevalence of diabetes and obesity in emerging markets drives the need for innovative treatment options. However, pricing pressures exist in some regions.
Social: Growing health awareness and focus on preventive healthcare are positive trends. However, social stigma still exists around certain conditions like diabetes.
Technological: Advances in drug delivery systems help enhance efficacy, safety and patient convenience of new therapies. Digital solutions also aid in remote monitoring and management.
The Global Semaglutide Market Share is expected to witness high growth over the forecast period supported by the drug’s clinical profile and ongoing approvals for new indications. The oral formulation is revolutionizing diabetes management with its efficacy and convenience advantages. The global semaglutide market is estimated to be valued at US$ 15.8 Bn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates due to established healthcare systems and early adoption of novel therapies. However, Asia Pacific is emerging as a high growth market due to the rising disease burden and increasing access to innovative drugs in major countries.
Key players: Key players operating in the semaglutide market are Haitian International Holdings Limited, Chen Hsong Holdings Ltd., Engel Austria GmbH, Sumitomo Heavy Industries Limited and Hillenbrand, Inc. Novo Nordisk leads with its GLP-1 analog Ozempic being the top grossing diabetes drug.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it