Liraglutide injection first received its approval from the FDA in January 2010 for the management of type 2 diabetes, and is currently the sole property of Novo Nordisk A/S and is commercially available as Saxenda, Victoza, and Xultophy across the globe.
Type 2 diabetes is representing the largest market share in the clinical application for the liraglutide injection market. According to the latest statistics provided by the International Diabetes Federation (IDF), it is estimated that 79% of the adult population suffering from type 2 diabetes are living in the middle and low-income countries, the further clinical investigation has reported that by 2045 the number of people suffering from type 2 diabetes globally will reach to 700 million. Obesity is keen to register impressive market growth during the forecast period on account of the increasing consumption of junk food, alcohol, tobacco, and sedentary lifestyle among the young adult population worldwide. As per the latest information provided by the World Health Organization (WHO), in 2019 approximately 38.2 million children under the age of 5 years were reported as overweight.
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Hospital pharmacy is presently dominating the distribution channel segment in the liraglutide injection market. The occurrence of thyroid cancer in patients due to repeated injudicious exposure of liraglutide injection makes it necessary for accurate drug compounding in the presence of a hospital pharmacist to prevent such fatal health outcomes. It is expected that in the near future retail pharmacy will be showcasing exemplary market growth in the developing regions of the world owing to the provision of cheap medicines due to the imposition of government subsidy for essential medicines.
North America is currently leading the geography segment for the liraglutide injection market. Rising prevalence of type 2 diabetes primarily drives the liraglutide market growth in the region. As per the latest research citings presented by the American Diabetes Association (ADA), approximately 29.1 million people in the United States are suffering from type 2 diabetes. Additionally, an affordable reimbursement scenario regarding the use of liraglutide injection in the management of type 2 diabetes and obesity further accentuates the market growth. Europe is considered as the second-largest regional segment in the liraglutide injection market. The nurturing regulatory environment provided by the European Medical Agency (EMA) for the sale and distribution of liraglutide injection will further propel the market growth in the region. The Asia Pacific is anticipated to be the fastest-growing regional segment in the liraglutide market on account of the developing healthcare infrastructure and rising public health awareness regarding the therapeutic efficacy of liraglutide in the management of type 2 diabetes and obesity prevalence in the Asia Pacific region.
Key Market Movements:
Rising prevalence of type 2 diabetes worldwide
Significant increase in the number of young adults suffering from obesity across the globe
Affordable reimbursement scenario regarding the use of liraglutide injection for the management of type 2 diabetes and obesity