Glucagon Like Peptide 1 Analogs Market Estimated to Witness Strong Growth Fueled by Increasing Prevalence of Diabetes
Glucagon Like Peptide 1 Analogs Market Estimated to Witness Strong Growth Fueled by Increasing Prevalence of Diabetes
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Glucagon like peptide 1 (GLP-1) analogs are injectable drugs that help control blood sugar levels in patients with type 2 diabetes. GLP-1 analogs work by stimulating the release of insulin from the pancreas and suppressing the release of glucagon which helps lower blood glucose levels. They also help slow the emptying of the stomach and promote satiety, helping patients lose weight as obesity is a leading risk factor for diabetes. As the prevalence of diabetes continues to rise globally due to unhealthy lifestyle habits and increasing levels of obesity, the demand for effective diabetes management therapies like GLP-1 analogs is growing substantially.
The Global Glucagon Like Peptide 1 Analogs Market is estimated to be valued at US$ 12.5 Billion in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Glucagon Like Peptide 1 Analogs are Eli Lilly, Novo Nordisk, Sanofi, AstraZeneca, GSK.
The key opportunities in the market include expanding approvals for new indications of existing drugs, focus on emerging markets with high diabetes burden, favorable reimbursement policies and increasing awareness.
Globally, the Glucagon like peptide 1 (GLP-1) analogs market Size is expected to witness highest growth in Asia Pacific region owing to rising economic abilities, lifestyle changes, growing medical tourism and increased focus of international players.
Market drivers
One of the key driver for the growth of GLP-1 analogs market is the rapidly rising prevalence of diabetes globally. As per International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 which is expected to rise to 643 million by 2030 and 784 million by 2045. Higher diabetics population will significantly drive the demand for therapeutics to better manage blood sugar levels. Another major factor is the growing awareness and preference for innovative drugs with additional benefits like weight loss over conventional options, making GLP-1 analogs drugs popular choices for diabetes treatment.
PEST Analysis
Political: Explain in one sentence the impact of regulations on the market.
Economic: Explain in one sentence the impact of economic conditions on purchasing power of customers in the market.
Social: Explain in one sentence the impact of changing health awareness and lifestyle diseases on the market.
Technological: Explain in two sentences new product developments and innovations in drug delivery mechanisms that can impact the Glucagon like peptide 1 (GLP-1) analogs market Opportunity.
The market in terms of value is highly concentrated in North America. The region accounts for the largest share owing to factors such as high awareness regarding diabetes management, favorable reimbursement policies for GLP-1 analogs drugs, and presence of major market players.
Asia Pacific region is poised to be the fastest growing market during the forecast period. This is attributed to factors such increasing patient pool of diabetes, rising healthcare expenditure, growing adoption of expensive drugs for effective diabetes management, and presence of generic drug manufacturers. However, lack of proper healthcare infrastructure and low awareness in developing nations continue to hamper the market growth.
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