Market Trends of Semaglutide Industry
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.
