Semaglutide Market

Global Semaglutide Market Size (2024 to 2029)

The worldwide semaglutide market size is predicted to be worth USD 142.6 million by 2029 from USD 110.6 million in 2024, growing at a CAGR of 5.2% from 2024 to 2029.

Global Semaglutide Market Drivers:

The growing prevalence of type 2 diabetes is the first major driver propelling the growth of the market during the projected period. Globally, 422 million people suffer from diabetes. Semaglutide, an efficient treatment option for diabetes, is in high demand as diabetes rates continue to rise internationally. Its capacity to help in blood sugar management while contributing to weight loss establishes it as an essential component in fulfilling the demands of the growing diabetic population, which boosts market growth.

The growing government initiative, program, campaign, and launches of the product by the prominent key player for the prevention and control of diabetes further propel the market growth during the projected period. For instance, an initiative called "Cities Changing Diabetes," developed by the global pharmaceutical corporation Novo Nordisk and the Steno Diabetes Centre Copenhagen in London, aims to identify the regions and populations most at risk of developing diabetes worldwide. Philadelphia additionally joined the initiative and became the 25th city worldwide to join the Cities Changing Diabetes program.

The increasing incidences of obesity among children is the additional factor fuelling the growth of the market during the projected period. Effective interventions are becoming more and more essential as rates of obesity among children rise. Semaglutide is a beneficial therapeutic option for adults as well as youths due to its potential to support weight management. This puts it in a position to address the growing issue of obesity in young populations and drive market growth.

The higher prevalence of diabetes mellitus type II, growing awareness about the various treatment options available for diabetic patients, including GLP-I agonists, and increasing research and development activity fuelling the market growth during the projected period. 

Global Semaglutide Market Restraints:

The higher cost associated with Semaglutide than other medications is the major factor hampering the growth of the market during the projected period. Semaglutide high price in comparison to other treatments stands out as the main barrier to the market's expansion throughout the forecasted period. Although the fact that Semaglutide has considerable therapeutic advantages in the treatment of type 2 diabetes and obesity, its high cost frequently prevents both patients and healthcare systems from accessing it. Its widespread adoption and accessibility are constrained by this affordability inequality, which inhibits market growth.

Impact of COVID-19 on the semaglutide market:

The global pandemic crisis has had a steady impact on the Semaglutide market. The strict isolation condition and lockdown led to a sedentary lifestyle, which led to emerging cases of diabetes mellitus, which raised the demand for the appropriate medication for the patients. The pandemic led to disruption in the global supply chain, which affected clinical trials and product launches. The pandemic highlighted the need for a strong healthcare system and pharmaceutical supply chains to ensure the continuous availability of life-saving drugs like Semaglutide in periods of global health crisis. The Semaglutide market share is expected to grow at a higher rate as the world is settling into pre-covid times.

REPORT COVERAGE:

This research report on the global semaglutide market has been segmented and sub-segmented based on the route of administration, end-user and region.

Global Semaglutide Market - By Route of Administration:

• Oral
• Injection

Based on the route of administration, the oral segment is projected to hold a notable share of the market during the forecast period. Oral Compliance with medication is increased by the more patient-friendly delivery route provided by Semaglutide. This user-friendliness appeals to a wider patient population and may improve diabetes control. Because of its potential to improve patient compliance and outcomes, the oral form of semaglutide boosts the market growth. 

The injection segment is also expected to hold a notable share of the market during the forecast period. Semaglutide injection is a highly regarded solution for consumers and medical professionals looking for dependable and successful treatment choices for type 2 diabetes and obesity.

Global Semaglutide Market - By End-user: 

• Hospitals Pharmacies
• Retail Pharmacies
• Online Pharmacies

Based on the end-user, the online pharmacies segment is expected to grow at a healthy CAGR during the projected period. Patients can acquire Semaglutide from online pharmacies easily and conveniently, assuring a consistent supply of the drug. This digital channel became critical in ensuring continuous access to necessary pharmaceuticals like Semaglutide, particularly during the COVID-19 pandemic.

The retail pharmacies segment is furthermore predicted to hold a significant share of the market during the projected period. Accessibility and community trust are the main factors driving the retail pharmacies segment of the Semaglutide market. Because it creates a sense of familiarity and dependability, patients frequently prefer buying their drugs from local retail pharmacies. These pharmacies' physical location ensures quick access to Semaglutide and makes personal interactions with pharmacists for individualized care possible.

Global Semaglutide Market - By Region:

• North America
• Latin America
• Europe
• Asia-Pacific
• Middle East and Africa

North-America region accounted for the major share in 2022 and is projected to continue to dominate the market during the projected period. Launches and approval of new products in this region propel the market growth. For instance, Ozempic, a Semaglutide injection, was introduced by Novo Nordisk to manage type 2 diabetes in adults. Ozempic can assist type 2 diabetic individuals in controlling their blood sugar levels when combined with a healthy diet and exercise. To control blood glucose levels, Ozempic promotes insulin secretion and inhibits glucagon release in response to the body's blood glucose level.

Europe region is also expected to show lucrative growth in the market following North America during the projected period. The rising incidence of type 2 diabetes and obesity is the main market factor for Semaglutide in the European region. The Semaglutide market is expanding in Europe due to the rising prevalence of these disorders and the increased demand for effective treatment options.

APAC region is anticipated to grow at the highest CAGR during the forecast period. Increased occurrences of type 2 diabetes and obesity have been caused by increased urbanization and changing lifestyles. As these health issues increase in the region, there is a growing need for innovative treatments like Semaglutide, which is propelling market expansion.

Latin America, the Middle East, and Africa are expected to hold a considerable share of the market during the projected period. 

KEY MARKET PLAYERS:

Companies playing a prominent role in the global Semaglutide market include Novo Nordisk A/S, Eli Lilly and Company, AstraZeneca PLC, Sanofi S.A., Merck & Co., Inc., Boehringer Ingelheim International GmbH, Takeda Pharmaceutical Company Limited, Johnson & Johnson, Bristol-Myers Squibb Company, AbbVie Inc., Pfizer Inc., Mylan N.V., Novartis International AG, Teva Pharmaceutical Industries Ltd.