GLP-1 receptor agonists are injectable drugs that mimic the effects of gastrointestinal hormone glucagon-like peptide-1 (GLP-1) by stimulating the body's mechanism for glucose regulation and improving glycemic control in patients with type 2 diabetes. GLP-1 receptor agonists have benefits such as reduced appetite, declining body weight, and low risk of hypoglycemia.
The global GLP-1 Receptor Agonist Market is estimated to be valued at US$ 14319.85 Mn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: The growing prevalence of diabetes presents a major market opportunity for GLP-1 receptor agonists. According to the International Diabetes Federation, approximately 537 million adults were living with diabetes worldwide in 2021, with type 2 diabetes accounting for around 90% of all diabetes cases. Moreover, diabetes related healthcare expenditures are projected to reach $978 billion by 2030. Therefore, the huge diabetes patient pool along with the rising healthcare spending on diabetes presents a massive market opportunity for GLP-1 receptor agonists as an effective treatment option for blood glucose control in type 2 diabetes. GLP-1 receptor agonists can help reduce overall diabetes management costs through better glycemic control and subsequent reduction in diabetes related complications. Porter's Analysis Threat of new entrants: Low economies of scale in R&D and manufacturing pose barriers for new entrants in this market. Regulatory barriers further increase entry barriers. Bargaining power of buyers: Large presence of key players limits choice for buyers but growing treatment options increase their bargaining power. Bargaining power of suppliers: Established distribution channels and focal areas of key players reduce suppliers' bargaining power. Threat of new substitutes: Alternate treatment options pose threat but limited substitutes for GLP-1 class drugs currently. Competitive rivalry: Large players focus on pipeline to maintain market share while small players target niche areas. SWOT Analysis Strength: High efficacy and tolerability of GLP-1 class drugs. Growing diagnosed patient base worldwide. Weakness: High development costs. Requirements for temperature controlled supply chain and storage. Opportunity: Expanding into emerging markets. New development of once-weekly formulations. Threats: Patent expiries of blockbuster drugs. Reimbursement and pricing pressures in regions. Key Takeaways The Global GLP-1 Receptor Agonist Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global GLP-1 receptor agonist Market is estimated to be valued at US$ 14319.85 Mn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030. North America currently dominates the market owing to high diagnosis rates and rapid uptake of newer drug therapies. Growing awareness regarding benefits of GLP-1 class drugs and economic development is expected to boost the Asia Pacific market at a rapid pace. Europe is the second largest market supported by favorable reimbursement policies for diabetes care. Asia Pacific is expected to grow at the fastest pace during the forecast years owing to rising medical standards in large economically growing nations, such as China and India. Key players operating in the GLP-1 Receptor Agonist market are Auto Power, Volmac Engg. (P) Limited, Club Car, LLC, Carrieall Car Private Limited, Speedways Electric, GDrive Golf Carts, Maini Material Movement Pvt. Ltd., Nebula Automotive Pvt. Ltd., Prevalence Ltd., and Yamaha Golf-Car Company. Large pharmaceutical players are focused on developing newer formulations and indications to maintain market shares while small players target specific niche areas. Get more insights on this topic: https://www.rapidwebwire.com/glp-1-receptor-agonist-market-insights-analysis/
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