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Liraglutide And Semaglutide Global Market Analysis, Trends, Growth, Research And Forecast 2033
Liraglutide And Semaglutide Global Market Analysis
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According to The Business Research Company's, The liraglutide and semaglutide market size has grown rapidly in recent years. It will grow from $13.65 billion in 2023 to $15.19 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to the increasing prevalence of diabetes, growing incidence of obesity-related diseases, growth in the number of clinical trials, growing investment in diabetes research and development, and rising demand for convenient treatment options.
The liraglutide and semaglutide market size is expected to see rapid growth in the next few years. It will grow to $23.54 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to rising adoption of GLP-1 receptor agonists, increasing healthcare expenditure, expansion of pharmaceutical company product portfolios, rising disposable incomes, rising geriatric population susceptible to diabetes. Major trends in the forecast period include the integration of digital health platforms, implementation of personalized dosing strategies, advancements in drug delivery technologies, development of biosimilar versions, and integration of artificial intelligence in treatment decision-making.
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Market Drivers and Trends:
The rising number of diabetic patients is expected to propel the growth of the liraglutide and semaglutide markets going forward. Diabetes is a chronic condition characterized by elevated blood sugar levels due to insulin resistance and insufficient insulin production in the body. The rising number of diabetic patients is due to sedentary lifestyles, poor dietary habits, and genetic predispositions. Liraglutide and semaglutide are essential in treating diabetic patients by offering effective management of blood glucose levels and reducing the risk of complications associated with diabetes. For instance, in July 2021, according to a report by the International Diabetes Federation, a Belgium-based national diabetes association, the total number of people living with diabetes is expected to increase to 643 million by 2030 and 783 million by 2045. Therefore, the rising number of diabetic patients drives the liraglutide and semaglutide markets.
Major companies operating in the liraglutide and semaglutide markets are developing anti-diabetic biosimilar drugs to enhance glucose control and reduce cardiovascular risks in diabetic patients. Anti-diabetic biosimilars are cost-effective, near-identical copies of original diabetes biologics intended to deliver the same health benefits as the original drugs. For instance, in January 2024, Glenmark Pharmaceuticals Ltd., an India-based pharmaceutical company, launched a biosimilar of the popular anti-diabetic drug, Liraglutide, for the first time in India. It is a biosimilar of Liraglutide, an anti-diabetic drug to improve glycemic control among adults with type 2 diabetes mellitus. This launch reduces daily therapy costs, significantly expanding access for more patients nationwide. Priced at approximately INR 100 for a standard 1.2 mg dose per day, this substantially reduces therapy costs by about 70% and requires a prescription for purchase.
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Major Key Players of the Market:
Pfizer Inc., Merck & Co. Inc., Bristol-Myers Squibb, AstraZeneca, Eli Lilly and Company, Boehringer Ingelheim International GmbH, Novo Nordisk A/S, Teva Pharmaceutical Industries Ltd., Otsuka Holdings Co. Ltd., Sun Pharmaceutical Industries Ltd., Sumitomo Pharma Co. Ltd., Shionogi & Co. Ltd., Cadila Pharmaceuticals, Kyowa Kirin Co. Ltd., Dr. Reddy's Laboratories Ltd., Biocon, Glenmark Pharmaceuticals Ltd., Bachem, Zealand Pharma, Shenzhen JYMed Technology Co. Ltd., Incepta Pharmaceuticals Ltd.
Liraglutide And Semaglutide Market 2024 Key Insights:
• The liraglutide and semaglutide market size is expected to see rapid growth in the next few years. It will grow to $23.54 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%.
• Impact Of Rising Diabetic Patients On Liraglutide And Semaglutide Market
• Advancements In Anti Diabetic Drug Development
• North America was the largest region in the liraglutide and semaglutide market in 2023
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