Incretin-based Drugs Market to Reach $73.9 billion, globally, by 2032 at 7.9% CAGR: Allied Market Research

Rising prevalence of diabetes, recent product approvals & product launches in the market, and recent advancement in incretin-based pharmacotherapies are the major factors driving the market for incretin-based drugs. 

PORTLAND, Ore., Dec. 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Incretin-based Drugs Market by Drug Class (GLP-1 receptor agonists and DPP-4 inhibitors), By Route of Administration (Parenteral and Oral), By Distribution Channel (Hospital Pharmacies, Drug Stores and Retail Pharmacies, Online Providers): Global Opportunity Analysis and Industry Forecast, 2023-2032". The global incretin-based drugs market was valued at $34.4 billion in 2022, and is projected to reach $73.9 billion by 2032, registering a CAGR of 7.9% from 2023 to 2032. 

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Prime determinants of growth 

Key factors driving the growth of the Incretin-based drugs market includes the increasing prevalence of diabetes, particularly type 2 diabetes, across the globe. As more people are diagnosed with type 2 diabetes, there is a surge in demand for innovative therapies such as incretin-based drugs for the treatment. These drugs offer unique benefits in controlling blood sugar levels while reducing the risk of hypoglycemia and other side effects. The market dynamics of incretin medications are also driven by product approvals and launches. Companies introduce new formulations, better delivery systems, and broadening indications for existing drugs to reach a wider range of patients. This wide range of of treatment options gives healthcare providers more options to meet different patient needs, thus increasing the market demand. 

Report coverage and details: 

Economic Downturn Analysis: Impact of Recession in 2023 on the Incretin-based Drugs Market 

• The pharmaceutical industry is expected to face challenges in terms of R&D funding and market demand. A recession can impact the financial resources available for drug development and slow down the introduction of new incretin-based drugs. 
• Concerns about affordability of these medications may become more prominent during a recession. High drug prices are a persistent issue, and economic hardships may intensify calls for drug pricing reforms. 

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The GLP-1 receptor agonist segment to maintain its leadership status throughout the forecast period 

By drug class, the GLP-1 receptor agonist segment held the highest market share in 2022, accounting for nearly three-fourths of the global incretin-based drugs market revenue and is anticipated to be the fastest growing segment during the forecast period. The growth of the segment is mainly attributed to the advancements taking place in GLP-1 receptor agonist segment. Researchers are focusing on the development and launch of new products with increased efficacy and quality, which is further anticipated to boost the market growth during the forecast period. 

The parenteral segment to maintain its lead position during the forecast period 

By route of administration, the parenteral segment accounted for the largest share in 2022, accounting for nearly two-thirds of the global incretin-based drugs market revenue and is anticipated to be the fastest growing segment during the forecast period. The growth is mainly attributed to the significant product launches in injectable forms by the key players in the market. In addition, a surge in approvals for treatment of additional indications for existing incretin-based injectables is also anticipated to boost the market growth during the forecast period. 

The drug stores and retail pharmacies segment to maintain its lead position during the forecast period 

By distribution channel, the drug stores and retail pharmacies segment dominated the market in terms of revenue in 2022, accounting for more than half of the global market. Their widespread presence and accessibility increase the availability of these treatments to a broad consumer base. 

On the other hand, the online providers segment is anticipated to be the fastest growing segment during the forecast period. Online providers offer a convenient platform for purchasing incretin-based drugs. Consumers can access a wide range of medications from various brands through online pharmacies or e-commerce platforms. 

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North America to maintain its dominance by 2032 

North America dominated the market in 2022, accounting for nearly half of the global market, owing to the well-established healthcare infrastructure and availability of highly advanced medical diagnostics and treatment facilities in this region. In addition, high spending on medications is also contributing to the market growth. 

On the other hand, Asia-Pacific is anticipated to be the fastest growing segment during the forecast period, which is attributed to rising healthcare expenditure, and developing healthcare infrastructure. 

Leading Market Players: - 

• Eli Lilly and Company.
• Merck & Co., Inc.
• Sanofi
• Sun Pharmaceutical Industries Ltd.
• Novo Nordisk A/S
• AstraZeneca plc
• Takeda Pharmaceutical Company Ltd.
• Lupin
• Boehringer Ingelheim International GmbH
• Novartis AG

The report provides a detailed analysis of these key players in the global incretin-based drugs market.  These players have adopted different strategies such product approval, investment, geographical expansion, agreement and new product development to increase their market share and maintain dominant shares in different regions The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 
 

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