The global semaglutide market is anticipated to grow at a significant CAGR during the forecast period (2024-2031). The major factor that is anticipated to drive the growth of the market includes the rise in the incidences of diabetes and obesity across the globe, which is expected to fuel the demand for Semaglutide during the forecast period, as it supports to control blood sugar levels and improves insulin sensitivity. Semaglutide is a glucagon-like peptide (GLP)-one agonist injected into the body. It works by increasing insulin production in response to elevated blood glucose levels while suppressing the excess secretion of glucagon from pancreas alpha cells which also reduces appetite and cravings for food.
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The prolific rise in demand for novel therapies and innovative treatment options, owing to the increasing prevalence of TZDs has boosted the prospects of the Semaglutide market substantially. In addition, factors such as a strong product pipeline, favorable reimbursement policies throughout developed economies have also acted as a key driving factor that further adds momentum to the successful launch of these products across different geographies including North America and Europe regions. Moreover, growing awareness regarding therapeutic benefits offered by new generation GLP-I agonists has been an added advantage for manufacturers operating in this space.
In June 2021, Novo Nordisk A/S declared that the FDA has approved its diabetes medicine, semaglutide as a weekly 2.4 mg injection for weight management in people living with obesity. The GLP-1 product will be marketed by the brand name of Wegovy for chronic weight management in adults with obesity (initial BMI=30 kg/m2) or overweight (initial BMI=27 kg/m2) with at least one weight-related comorbidity, such as high blood pressure, type II diabetes, or high cholesterol.
The approval was based on data from the phase IIIa STEP study, which enrolled around 4,500 adults with overweight or obesity. Data from the study showed that people with obesity and without type II diabetes experienced an average weight loss of 17-18% sustained over 68 weeks. Semaglutide is presently approved by the trade name of Ozempic as a once-daily pre-filled pen to improve glycemic control in type II diabetes patients. It was also approved as an oral tablet by the brand name of Rybelsus in September 2019 in the United States and is now launched in 15 countries.
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Market Coverage
- Segment Covered
- Regions Covered- Globally
Competitive Landscape: Novo Nordisk A/S
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Semaglutide Market Report Segmentation
By Route of Administration
- Oral
- Injection
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
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