PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1455670
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1455670
Liraglutide Market size was valued at USD 8,982.34 Million in 2023, expanding at a CAGR of 11.34% from 2024 to 2032.
Liraglutide, a glucagon-like peptide-1 (GLP-1) receptor agonist, serves as a treatment for type-2 diabetes and chronic obesity. It becomes necessary when diet and exercise alone fail to adequately control blood sugar levels. Typically employed as a second-line therapy for diabetes, following initial treatment with metformin, liraglutide is also utilized to mitigate the risk of heart and blood vessel complications, including heart attacks and strokes, in individuals with type-2 diabetes and pre-existing heart or blood vessel conditions. Marketed under the brand names Victoza and Saxenda, liraglutide addresses critical health concerns in diabetic and obese populations.
Liraglutide Market- Market Dynamics
Increasing awareness rates of obesity and sedentary lifestyles, to propel market demand
The Liraglutide for this market is expected to witness significant growth driven by escalating rates of obesity and sedentary lifestyles, which have led to a gradual increase in the diabetic population over time. Additionally, improper dietary habits and the underlying prevalence of diabetes disorders contribute to this trend. Furthermore, increased investment in research and development, coupled with technological advancements and the introduction of new products, present promising opportunities for the expansion of GLP-1 agonists in the market over the forecast period.
Liraglutide Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 11.34% over the forecast period (2024-2032)
Based on distribution channel segmentation, retail pharmacies and drug stores was predicted to show maximum market share in the year 2023
Based on application segmentation, Diabetes Treatment was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Liraglutide Market is segmented on the basis of Application, Distribution, and Region.
The market is divided into three categories based on distribution channel: Hospital Pharmacies, Retail Pharmacies & Drug Stores and Online Pharmacies. The dominant distribution channel is retail pharmacies and drug stores in 2023. This channel offers convenience and accessibility to patients seeking liraglutide, making it a popular choice for obtaining medications. While hospital pharmacies may play a significant role, especially for patients receiving treatment within hospital settings, the broader accessibility provided by retail pharmacies and drug stores often results in higher sales volume and market penetration. Online pharmacies may also contribute to distribution, particularly for patients preferring the convenience of online ordering and delivery. However, retail pharmacies and drug stores typically have a more established presence and may therefore hold a larger share of the market.
The market is divided into two categories based on application: Diabetes Treatment and Weight Management. Within the liraglutide market, the diabetes treatment holds a notable position in 2023. Liraglutide, a medication predominantly prescribed for managing type 2 diabetes, functions as a glucagon-like peptide-1 (GLP-1) receptor agonist, effectively regulating blood sugar levels by stimulating insulin secretion, suppressing glucagon release, and delaying gastric emptying. Its effectiveness in glycemic control, combined with ancillary benefits such as weight reduction and mitigating cardiovascular risks, establishes liraglutide as a cornerstone therapy for diabetes management. As a result, the diabetes treatment segment experiences substantial demand from healthcare providers and patients striving to attain glycemic targets and mitigate the risk of diabetes-related complications effectively.
Liraglutide Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
In the Liraglutide market, companies are deploying varied strategies to address increasing demand and enhance patient outcomes. These strategies encompass ongoing research and development initiatives aimed at refining the formulation and delivery methods of liraglutide, with the goal of enhancing its effectiveness and improving patient convenience. Moreover, companies are allocating resources to conduct clinical trials to investigate new indications for liraglutide, such as its potential role in reducing cardiovascular risks and treating non-alcoholic fatty liver disease. Additionally, marketing efforts are focused on raising awareness among healthcare professionals and patients alike, aiming to foster broader adoption and market penetration.
In October 2023, Biocon, a global biopharmaceutical company, unveiled a collaboration with Juno Pharmaceuticals, a specialty pharmaceutical company headquartered in Canada, to commercialize Liraglutide, a drug-device combination designed for the treatment and management of type-2 diabetes and obesity within the Canadian market. Per the terms of the agreement, Biocon will undertake the responsibility of obtaining government approvals for Liraglutide and subsequently oversee its manufacturing and distribution throughout Canada.
GLOBAL LIRAGLUTIDE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
Bachem
HEC Pharm
Kingpep Biotechnology
Shenzhen JYMed Technology
Novo Nordisk
Eli Lilly and Company
Boehringer Ingelheim
AstraZeneca
Others