Semaglutide Market Size
| Study Period | 2018-2029 |
| Market Size (2024) | USD 21 Billion |
| Market Size (2029) | USD 33 Billion |
| CAGR (2024 - 2029) | 9.20 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Semaglutide Market Analysis
The Semaglutide Market size is estimated at USD 21 billion in 2024, and is expected to reach USD 33 billion by 2029, growing at a CAGR of 9.20% during the forecast period (2024-2029).
The COVID-19 pandemic co-morbidities included hypertension, diabetes, cardiovascular disease, and cancer. According to an article,” 89-LB: COVID-19 Outcomes in Patients Who Started GLP1-RAs during Hospitalization,” published by the American Diabetes Association in June 2022, glucagon-like peptide-1 receptor agonists (GLP-1 RAs) were considered beneficial in improving COVID-19 outcomes due to their anti-inflammatory properties. Patients admitted for severe interstitial bilateral pneumonia in the COVID-19 ward due to SARS-COV2 infection and having type 2 diabetes or in-hospital hyperglycemia were treated with GLP-1 RAs in addition to standard therapy.
Furthermore, the Centers for Disease Control highlighted that COVID-19 was a serious public health threat for people with serious chronic diseases, including diabetes. People with diabetes were more likely to experience complications when infected with the virus. As per the American Diabetes Association, people with diabetes, if uncontrolled, had worse outcomes if infected with a virus such as COVID-19. The International Diabetes Federation explained that when people with diabetes develop a viral infection, it can be harder to treat due to fluctuations in blood glucose levels and diabetes complications as the immune system is compromised, making it harder to fight the virus and likely leading to a longer recovery period.
Obesity is a major health problem worldwide, resulting in numerous health conditions such as heart disease, stroke, type-2 diabetes, and certain types of cancer, which are among the leading causes of mortality. Glucagon-like peptide-1 receptor agonists have been identified as a promising option for treating obesity. Currently, five drugs for long-term use for obesity, including orlistat, phentermine-topiramate, naltrexone-bupropion, liraglutide, and semaglutide, are approved by the Food and Drug Administration. Semaglutide 2.4 mg is administered subcutaneously once a week for adults who are overweight (body mass index >27 kg/m2) with at least one weight-associated condition (such as high blood pressure, type-2 diabetes, or high cholesterol) or adults with a BMI of 30 kg/m2 or greater.
Semaglutide is used along with diet and exercise to control blood sugar levels in adults with type 2 diabetes when other medications do not control the sugar levels. Semaglutide is also used to reduce the risk of a stroke, heart attack, or death in adults who have type 2 diabetes along with heart diseases. It is not used to treat type 1 diabetes or diabetic ketoacidosis, which is a serious condition that may develop if high blood sugar is not treated. Semaglutide is a class of medications called incretin mimetics. It functions by helping the pancreas to release insulin when blood sugar levels are high. It also works by slowing the movement of food through the stomach and may decrease appetite and cause weight loss.
The World Health Assembly Resolution 2022 recommended the integration of prevention and treatment of diabetes into primary health services, the development of pathways for a substantial increase in access to insulin, the promotion of convergence and harmonization of regulatory requirements for diabetes medicines and technologies, and improved diabetes monitoring and surveillance. Furthermore, it involves the WHO to advise the Member States to ensure the uninterrupted treatment of people living with diabetes in humanitarian emergencies. This important milestone provides a global mandate for diabetes efforts for the next decade.
Major factors that are expected to boost the growth of the studied market in the forecast period are rising obesity and inactivity rates among people, which have resulted in an increase in the diabetes population over time, a rise in the sedentary lifestyle, improper dietary patterns, and the inherent history of diabetes disorders. In addition, rising investment in research and development, technological developments, and new product launches will further provide potential opportunities for the growth of glucagon-like peptide 1 (GLP-1) agonists such as Semaglutide in the coming years.
Semaglutide Market Trends
Wegovy is expected to register the highest growth rate over the forecast period.
Wegovy is expected to register the highest growth rate of over 10.3% over the forecast period.
Wegovy is used along with an individualized low-calorie, low-fat diet, and exercise program to help with weight loss in obese adults or overweight adults who may also have high blood pressure, diabetes, or high cholesterol. It is also used along with an individualized low-calorie, low-fat diet, and exercise program to help with weight loss in obese children 12 years of age or older.
Novo Nordisk, in November 2023, announced plans to spend USD 6 billion to boost manufacturing capacity to cater to the booming demand for weight loss and diabetes drugs Ozempic and Wegovy. The company briefed that it would invest in boosting production capacity in Kalundborg, Denmark, within its chronic diseases portfolio. Most of the funds will go towards building the company’s capacity to manufacture active pharmaceutical ingredients while boosting other parts of its supply chain, such as packaging.
The major factors attributing to the growth of the market studied are an increase in obesity among people and a rising prevalence rate of Type 2 diabetes and heart diseases. People with more fat in their bodies are highly likely to be affected by diabetes. According to the United Nations estimates published in March 2022, more than one billion people worldwide were obese, including 650 million adults, 340 million adolescents, and 39 million children, and the numbers are likely to rise. The World Health Organization predicted that by 2025, roughly 167 million people are likely to become overweight or obese. Furthermore, as per World Obesity Atlas 2023, the estimates for global levels of overweight and obesity (BMI ≥25kg/m²) suggest that over 4 billion people may be affected by 2035. The prevalence of obesity (BMI ≥30kg/m²) alone is anticipated to rise to 24% of the population over the same period, affecting nearly 2 billion adults, children, and adolescents by 2035.
Hence, owing to the high burden of obesity, the increasing prevalence of diabetes, and rising investments by key players for expansion are expected to fuel market growth over the forecast period.
North America held the highest market share in the current year
The North American region held the highest market share in the current year.
In the North American region, the prevalence of diabetes has increased dramatically during the last two decades, a fact driven by the increased prevalence of obesity and lifestyle changes owing to less physical activity, unhealthy food habits, and other lifestyle factors. According to the Centers for Disease Control and Prevention (CDC) press release in November 2023, more than one in three Americans are at increased risk for type 2 diabetes. Furthermore, more than 1 in 3 adults, i.e., about 98 million Americans, have prediabetes, and 81% of them are unaware of the condition. Similarly, the Government of Canada in October 2022 estimated that over 3 million Canadians, or 8.9% of the population, have been diagnosed with diabetes. After adjusting for the aging population over time, the prevalence has been increasing at an average rate of 3.3% per year. In addition, 6.1% of Canadian adults have prediabetes, putting them at high risk of developing type 2 diabetes.
The American Diabetes Association (ADA), the Endocrine Society, the American College of Physicians, the American Academy of Paediatrics, the Society of General Internal Medicine, and the National Academy of Medicine published statements and issued calls to action to address social determinants of health at the individual, organizational, and policy levels. ADA also published a scientific review describing the associations between SDOH and diabetes risk and outcomes, focusing on socioeconomic status, health literacy, the food environment, food insecurity, and neighborhood and physical environments, among other topics.
The Centers for Disease Control and Prevention (CDC) National Diabetes Statistics Report 2022 estimated that more than 130 million adults are living with diabetes or prediabetes in the United States. Type-2 diabetes is more common, and diabetes is more consequential among communities of color, those who live in rural areas, and those with less education, lower incomes, and lower health literacy.
Therefore, the studied market is anticipated to grow over the analysis period due to rising prevalence and the factors above.
Semaglutide Industry Overview
The semaglutide market is consolidated with no generic products.
Semaglutide Market Leaders
Novo Nordisk A/S
*Disclaimer: Major Players sorted in no particular order
Semaglutide Market News
- November 2023: Novo Nordisk announced that Wegovy was shown to reduce the risk in people with cardiovascular disease or another cardiovascular event by 20%; the results were confirmed in a presentation of the full dataset at the American Heart Association conference in Philadelphia.
- September 2023: Novo Nordisk advised the Therapeutic Goods Administration and the Ozempic Medicine Shortage Action Group that supply throughout the rest of 2023 and 2024 will be limited. Novo Nordisk advised that demand had accelerated in recent months, particularly for the low-dose (0.25/0.5 mg) version. This additional demand is caused mainly by a rapid increase in prescribing for ‘off-label’ use (prescriptions to treat conditions other than those approved by the TGA).
Semaglutide Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Drivers
4.3 Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Brand
5.1.1 Wegovy
5.1.2 Rybelsus
5.1.3 Ozempic
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Rest of North America
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 Spain
5.2.2.3 Italy
5.2.2.4 France
5.2.2.5 United Kingdom
5.2.2.6 Russia
5.2.2.7 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 Japan
5.2.3.2 China
5.2.3.3 Australia
5.2.3.4 India
5.2.3.5 South Korea
5.2.3.6 Malaysia
5.2.3.7 Indonesia
5.2.3.8 Thailand
5.2.3.9 Philippines
5.2.3.10 Vietnam
5.2.3.11 Rest of Asia-Pacific
5.2.4 Latin America
5.2.4.1 Brazil
5.2.4.2 Mexico
5.2.4.3 Rest of Latin America
5.2.5 Middle East and Africa
5.2.5.1 South Africa
5.2.5.2 Saudi Arabia
5.2.5.3 Oman
5.2.5.4 Egypt
5.2.5.5 Iran
5.2.5.6 Rest of Middle East and Africa
6. MARKET INDICATORS
6.1 Type-1 Diabetes population
6.2 Type-2 Diabetes population
7. COMPETITIVE LANDSCAPE
7.1 Novo Nordisk A/S
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Semaglutide Industry Segmentation
Semaglutide is an antidiabetic medication used for the treatment of type-2 diabetes and an anti-obesity medication used for long-term weight management.
The semaglutide market is segmented into brands (ozempic, wegovy, and rybelsus) and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America).
The report offers the value (in USD) and volume (in units) for the above segments.
| Brand | |
| Wegovy | |
| Rybelsus | |
| Ozempic |
| Geography | |||||||||||||
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Semaglutide Market Research FAQs
How big is the Semaglutide Market?
The Semaglutide Market size is expected to reach USD 21 billion in 2024 and grow at a CAGR of 9.20% to reach USD 33 billion by 2029.
What is the current Semaglutide Market size?
In 2024, the Semaglutide Market size is expected to reach USD 21 billion.
Who are the key players in Semaglutide Market?
Novo Nordisk A/S are the major companies operating in the Semaglutide Market.
Which is the fastest growing region in Semaglutide Market?
North America is estimated to grow at the highest CAGR over the forecast period (2023-2029).
Which region has the biggest share in Semaglutide Market?
In 2023, the North America accounts for the largest market share in Semaglutide Market.
What years does this Semaglutide Market cover, and what was the market size in 2023?
In 2023, the Semaglutide Market size was estimated at USD 19.07 billion. The report covers the Semaglutide Market historical market size for years: 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Semaglutide Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Semaglutide Industry Report
Statistics for the 2024 Semaglutide market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Semaglutide analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
