Semaglutide Market is Estimated To Witness High Growth Owing To Trends of Increasing Obesity Prevalence

Semaglutide Market




Market Overview:

Semaglutide is a GLP-1 receptor agonist used for glycemic control in adults with type 2 diabetes and for chronic weight management in adults with obesity or overweight and at least one weight-related comorbidity. Semaglutide helps in reducing appetite, decreasing food consumption and slowing down digestion. It plays a vital role in controlling blood sugar levels and managing obesity by inducing weight loss.

Market key trends:
The global semaglutide market is primarily driven by the increasing prevalence of obesity worldwide. As per the data provided by the World Health Organization (WHO), around 13% of the world's adult population was obese in 2016. Moreover, approximately 650 million adults were obese in 2016 globally. This has increased the demand for effective drugs for weight management and glycemic control such as semaglutide. Furthermore, increasing approval of semaglutide for new therapeutic indications by regulating authorities around the world is also estimated to boost the market growth over the forecast period. For instance, in November 2021, semaglutide (Ozempic) received approval from the U.S. FDA for chronic weight management.

Porter’s Analysis
Threat of new entrants: The Semaglutide Market Demand has moderate threat from new entrants due to high capital requirement for R&D and manufacturing of products.
Bargaining power of buyers: The bargaining power of buyers is moderate owing to availability of substitute products. However, patented drugs have some advantage.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power in semaglutide market as there exist large number of suppliers.
Threat of new substitutes: Threat from new substitutes is moderate as researchers are continuously making efforts to develop improved substitutes.
Competitive rivalry: High due to presence of many global and local players.

SWOT Analysis
Strength: Semaglutide is well-established drug with proven efficacy and safety. growing prevalence of diabetes and obesity worldwide.
Weakness: Requirement of injections and high cost of treatment. Need for continuous monitoring of glucose level.
Opportunity: Increase in healthcare expenditure in developing nations. Unmet needs in emerging markets.
Threats: Patent expiration of blockbuster drugs. Stringent regulatory requirements.

Key Takeaways
The global semaglutide market is expected to witness high growth at a CAGR of 11% over the forecast period due to increasing prevalence of diabetes and obesity. By 2030, the market size is projected to reach US$ 35 Bn.

Regionally, North America is anticipated to dominate the global market throughout the forecast period. This is attributed to growing obesity rates, availability of advanced healthcare facilities and presence of key market players in the region. Europe is also among the prominent markets and is likely to exhibit growth at a CAGR of over 10% during 2023-2030.

Key players operating in the semaglutide market are Novo Nordisk A/S, HEC Pharma Co., Shenzhen JYMed Technology Co. Ltd., Bachem Holding AG. Players adopt strategies such as partnerships, mergers, acquisitions and new product launches to increase their revenue share and geographical presence in the market.

Read More:

https://www.dailyprbulletin.com/rapid-increase-in-diabetic-population-to-boost-growth-of-semaglutide/

Comments

Post a Comment

Popular posts from this blog

The Notchback Market is Estimated To Witness High Growth Owing To Rising Demand From Emerging Economies

Image
  Notchback Market Market Overview: A notchback is a body style of cars characterized by a gently sloped rear window and greenhouse. Notchbacks provide practical interior space with good cargo capacity. They offer balanced interior volume for passengers and cargo along with sleek and stylish exterior design. The body style has advantages like no C-pillar which enhances visibility compared to sedans. Market key trends: The growth of the notchback market is attributed to rising demand from emerging economies like China, India and Brazil. These nations have growing middle-class population and increasing disposable income which is driving vehicle ownership. Moreover, notchback body style is quite popular in these developing markets due to its spacious cabin combined with stylish looks at affordable prices. Leading automakers are launching various notchback models to cater to the surging demand from developing countries, which is fueling the growth of the notchback market size during ...
Read more

Commercial Drones Market is Poised to Register Notable Growth Owing to Expanding Usage Across Varied Industries

Image
  Commercial Drones Market  The commercial drones market has been gaining significant traction over the recent years primarily driven by expanding deployment across various industries including agriculture, infrastructure, disaster management, and transportation among others. Commercial drones offer several advantages including cost-effectiveness, flexibility, precision and real-time monitoring capabilities. Meanwhile, growing popularity of drone delivery services across e-commerce as well as healthcare sectors has further catalyzed the market growth. Drones help in reducing operational costs while effectively meeting the target delivery timelines. Additionally, continuous technological advancements have resulted in miniaturization and development of drones with increased payload capacity and battery life. The Global commercial drones market is estimated to be valued at US$ 22.29 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031. Key T...
Read more

The increasing demand for adhesives and sealants is anticipated to open up the new avenue for Petroleum Resins Market

Image
Petroleum Resins Market  Market Overview: Petroleum resins are amorphous thermoplastic polymers made from petroleum-based feedstock materials, through either thermal or catalytic polymerization. They are mainly used for applications such as adhesives, inks, paints, rubber compounding, and others. Different types of petroleum resins include C5 resins, C9 resins, hydrogenated hydrocarbons (HHCs), and modified and specialized petroleum resins. Among applications, adhesives and sealants hold the largest share in the petroleum resins market owing to increasing use of petroleum resins in hot melt and pressure sensitive adhesives. Market Dynamics: The increasing demand for adhesives from packaging and construction industries is a major driver for the petroleum resins market. According to statsista, the global adhesive market was valued at over US$ 53.3 billion in 2020 and is projected to reach around US$ 78 billion by 2027, growing at a CAGR of over 5.7% during the forecast period. Pe...
Read more