Market Trends of Semaglutide Industry
Wegovy is Expected to Register Significant Growth Over the Forecast Period
Wegovy is primarily used with a personalized low-fat, low-calorie diet and exercise to aid weight loss in overweight adults with diabetes, high blood pressure, or high cholesterol. Additionally, the drug aids in weight loss among overweight children 12 years of age or older.
In November 2023, Novo Nordisk announced plans to spend USD 6 billion to boost manufacturing capacity to cater to the booming demand for Ozempic and Wegovy, which are weight loss and diabetes drugs, respectively. The company briefed that it would invest in increasing production capacity in Kalundborg, Denmark, within its chronic diseases portfolio. The company also stated that it will increase its funds to boost its capacity to manufacture active pharmaceutical ingredients while boosting other parts of its supply chain, such as packaging.
The significant factors driving the segment’s growth include a surge in obesity among people and an increasing prevalence rate of heart disease and type 2 diabetes. People suffering from high-fat content are more likely to be affected by diabetes in the future. For instance, according to the UN estimates published in March 2022, more than one billion people worldwide were obese, including 39 million children, 340 million adolescents, and 650 million adults, 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. As per the World Obesity Atlas 2023, the forecasts for global obesity and overweight (BMI ≥25kg/m²) suggest that over 4 billion people may be affected by 2035. The prevalence of obesity with a BMI of more than 30kg/m² alone is anticipated to spread to around 24% of the population, affecting approximately 2 billion children, adolescents, and adults by 2035.
Hence, the rising burden of obesity, the increasing prevalence of diabetes, and rising investments by key players in expansion are expected to fuel market growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market
In North America, the prevalence of diabetes has increased significantly during the last two decades, owing to lifestyle changes and a surge in obesity, coupled with physical inactivity and bad eating habits. For instance, as per the data published by the CDC in November 2023, more than 1 in 3 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, in October 2022, the Government of Canada estimated that over 3 million Canadians, or 8.9% of the population, were diagnosed with diabetes. As per the same source, the prevalence of diabetes in Canada has been rising at an average rate of 3.3% per year. In addition, 6.1% of Canadian adults have prediabetes, making them highly prone to the development of 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. The 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 CDC National Diabetes Statistics Report 2022 estimated that, in the United States, more than 130 million people are living with diabetes or prediabetes.
Therefore, the studied market is anticipated to hold a significant share due to rising prevalence and other factors mentioned above.
