The Global Glucagon Like Peptide 1 Analogs Market Growth Accelerated By Increasing Use Of Healthcare
Author : Leena Shedmake | Published On : 16 Feb 2024
Glucagon like peptide 1 analogs are a class of injectable diabetes medications that help control blood sugar levels by mimicking the effects of a naturally occurring hormone called GLP-1. GLP-1 analogs work by stimulating the secretion of insulin when blood sugar levels are high and suppressing the secretion of glucagon when blood sugar levels are low. This helps maintain healthy blood sugar levels with fewer complications. They are especially useful for individuals with type 2 diabetes whose blood sugar is difficult to control with oral medications alone.
The global Glucagon Like Peptide 1 Analogs Market is estimated to be valued at US$ 13.68 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing prevalence of diabetes worldwide is expected to drive the growth of the glucagon like peptide 1 analogs market over the forecast period. According to the International Diabetes Federation, around 537 million adults were living with diabetes in 2021 worldwide and the number is expected to rise to 643 million by 2030 and 783 million by 2045. GLP-1 analogs are safer and more effective in blood glucose control compared to other diabetes medications and have additional benefits such as weight loss. Their use is increasing as they provide an effective treatment option for many diabetes patients. Advancements in drug delivery mechanisms and increasing awareness among patients are also expected to contribute to the higher adoption of GLP-1 analogs.
Segment Analysis
The global glucagon like peptide 1 analogs market is dominated by once-weekly injectables sub segment. These once-weekly injectables have gained high popularity among diabetic patients as they only require weekly dosing as compared to other daily injectable GLP-1 drugs. The ease of weekly administration and lower dose requirements have made them a preferred choice for long term glycemic control.
Key Takeaways
The Global Glucagon Like Peptide 1 Analogs Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The global Glucagon Like Peptide 1 Analogs Market is estimated to be valued at US$ 13.68 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.
Regional analysis:
North America dominates the global GLP-1 analogs market currently due to growing diabetes prevalence and early adoption of novel diabetes drugs in the region. However, Asia Pacific is expected to witness the highest growth during the forecast period owing to rising diabetes burden, increasing healthcare spending and expanding access to novel treatment options in emerging countries of the region.
Key players:
Key players operating in the glucagon like peptide 1 analogs market are Alcoa Corporation, Novelis Inc., UACJ Corporation, Norsk Hydro ASA, AMG Advanced Metallurgical Group, Constellium, Aluminum Corporation of China Limited, Rio Tinto Group, Aleris Corporation, Autoneum Holding AG, Dana Limited, ElringKlinger AG, Progress-Werk Oberkirch AG, JINDAL ALUMINIUM LTD., Kaiser Aluminum, Lorin Industries.
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