Market Overview:
Glucagon like peptide 1 (GLP-1) analogs are injectable medications used to control blood sugar levels in patients with type 2 diabetes. They work by stimulating the production of insulin from the pancreas and suppressing glucagon secretion. GLP-1 analogs help lower blood sugar levels in patients with type 2 diabetes. They offer various advantages over other anti-diabetic drugs such as weight loss, low risk of hypoglycemia, and protective effects on pancreatic beta cells. With rising prevalence of diabetes globally, the demand for safer and effective treatment options is also increasing. The Glucagon Like Peptide 1 Analogs Market is estimated to be valued at US$ 11.87 Bn in 2023 and is expected to exhibit a CAGR of 1.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: One of the key trends fueling the growth of GLP-1 analogs market is rising prevalence of obesity and type 2 diabetes. According to International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021, and the number is projected to rise to 643 million by 2030 and 783 million by 2045. Obesity is a major risk factor for developing type 2 diabetes. The growing obesity rates especially in developing countries increases the risk of diabetes diagnosis. Moreover, factors such as sedentary lifestyle, unhealthy diets, and lack of physical activity are contributing to the increasing prevalence of diabetes. With limited treatment options and no cure for diabetes currently available, the demand for safe and effective medications like GLP-1 analogs remains high. Porter’s Analysis Threat of new entrants: The high costs involved in R&D for production and maintaining strict regulatory approvals acts as a entry barrier for new players. Bargaining power of buyers: The buyers have moderate bargaining power due to availability of alternative treatment options for diabetes. However, patented drugs give competitive advantage to existing players. Bargaining power of suppliers: The suppliers have low bargaining power due to availability of substitute raw materials and difficulty in forward integration for manufacturers. Threat of new substitutes: Potential threat from newer oral antidiabetic drugs and biosimilars limits the pricing power of existing GLP-1 analogs drugs. Competitive rivalry: Intense competition between major pharmaceutical companies to gain higher market share. SWOT Analysis Strength: Wide range of efficacious and innovative GLP-1 analogs drugs with diverse mechanisms of action. Growing adoption of GLP-1 drugs for obesity treatment indication. Weakness: High treatment costs and requirement of injectable route of administration limits patient compliance. Risk of gastrointestinal side effects associated with some drugs. Opportunity: Rising global diabetic population coupled with growing healthcare expenditure in emerging nations. New patent expiries of blockbuster drugs allows scope for biosimilars. Threats: Threat from alternative oral antidiabetic drugs. Stringent regulations for drug approvals. Key Takeaways The Global Glucagon Like Peptide 1 Analogs Market Size is expected to witness high growth at a CAGR of 1.1% over the forecast period, due to increasing prevalence of diabetes worldwide. With growing obese population, GLP-1 drugs are increasingly being used for treatment of obesity as well. Regionally, North America dominates the global market currently owing to high adoption of innovator drugs and growing healthcare spending in the US. However, Asia Pacific region is expected to witness fastest growth during the forecast period supported by expansion of healthcare infrastructure and increasing disease awareness in densely populated countries like India and China. Key players operating in the Glucagon Like Peptide 1 Analogs market are AstraZeneca, Eli Lilly and Company, Sanofi, Novo Nordisk A/S, Pfizer Inc. are the major companies. These companies are focusing on new drug approvals and launching affordable biosimilars drugs to strengthen their market position. Get more insights on this topic: https://www.rapidwebwire.com/glucagon-like-peptide-1-analogs-market-analysis-forecast/
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