The rising prevalence of obesity and diabetes, expansion of GLP-1 therapies into adjacent cardiometabolic indications, and upcoming patent expiries are expected to support the sustained growth of the GLP-1 market while creating opportunities across innovation, contract manufacturing and generic pharmaceutical segments.

• Originally developed for diabetes management, glucagon-like peptide-1 (GLP-1) therapies (like semaglutide, liraglutide and Dulaglutide) are increasingly being used globally across a broader range of cardiometabolic conditions, with obesity, cardiovascular risk reduction and other emerging indications significantly expanding their long-term growth potential.
• Despite the emergence of a strong pipeline of innovator drugs globally, the GLP-1 market remains highly concentrated, with Novo Nordisk and Eli Lilly dominating revenues at present. However, ongoing innovation across novel formulations and delivery technologies is expected to reshape future competitive dynamics.

Exhibit 1: Key milestones in development of GLP-1 therapies

Source: ICRA Research; 1T2D:: Type 2 diabetes, a chronic metabolic disorder characterised by insulin resistance and impaired insulin production; 2 United States Food and Drug Administration