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/

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