Market Size of Wegovy Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.82 Billion |
| Market Size (2029) | USD 2.67 Billion |
| CAGR (2024 - 2029) | 7.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Wegovy Market Analysis
The Wegovy Market size is estimated at USD 1.82 billion in 2024, and is expected to reach USD 2.67 billion by 2029, growing at a CAGR of greater than 7% during the forecast period (2024-2029).
WEGOVY (semaglutide) injection 2.4 mg is a prescribed injectable medication that can assist individuals aged ≥12 years with obesity (BMI ≥30 for adults, BMI ≥ 95th percentile for age and sex for children) or certain adults with excess weight (BMI ≥27) (overweight) who also have weight-related medical conditions in achieving weight loss and maintaining it. To achieve optimal results, Wegovy should be used with a reduced-calorie meal plan and increased physical activity.
Wegovy contains semaglutide and should not be used with other products containing semaglutide or other GLP-1 receptor agonist medications. The safety and effectiveness of Wegovy when taken alongside other prescription, over-the-counter, or herbal weight loss products is unknown. Additionally, it is uncertain whether Wegovy can be used safely in individuals with a history of pancreatitis. Furthermore, the safety and effectiveness of Wegovy in children under 12 years of age have not been established.
According to the Centers for Disease Control and Prevention (CDC), obesity is a medical condition that can result in various health complications. In the United States, over 42% of individuals are affected by obesity, while in California, the prevalence of obesity ranges from 30-35%. The measurement used to determine obesity is the body mass index (BMI), which assesses a person's weight relative to their height. A BMI between 25-30 is classified as overweight, whereas a BMI exceeding 30 is categorized as obesity.
Numerous varieties of prescription weight-loss medications function in distinct ways to aid in the process of losing weight. Certain drugs are intended for short-term usage, typically less than 12 weeks, while others can be utilized for extended durations. It is important to note that many of these weight loss medications may have associated side effects.
The pharmaceutical company behind Ozempic has also created a popular weight-loss medication called Wegovy, which has gained significant attention recently. Wegovy is an FDA-approved weekly injection designed for long-term weight management, making it the first drug of its kind to be approved since 2014. Both Wegovy and Ozempic contain semaglutide as their active ingredient, but Wegovy has higher doses and is specifically formulated for weight loss, while Ozempic is intended for individuals with type 2 diabetes and has lower doses of semaglutide.
Saxenda and Wegovy are both GLP-1 receptor agonists in the same drug group. They work by reducing appetite and increasing the feeling of fullness after eating. While Saxenda is injected once daily, Wegovy is injected once weekly. On the other hand, Qsymia and Contrave come in capsule and tablet forms, respectively, and are taken once a day. These drugs work differently from Saxenda and Wegovy by affecting various message pathways in the brain to reduce appetite and food cravings. According to recent guidelines from the American Gastroenterological Association, Wegovy might be more effective for weight loss than Saxenda, Qsymia, or Contrave for most people. However, this may not be the case for those with type 2 diabetes, as studies have shown that they lose less weight with Wegovy.
Therefore, the market studied is anticipated to grow over the analysis period due to increased prevalence and the aforementioned factors.
Wegovy Industry Segmentation
Semaglutide, marketed as Wegovy, is a prescribed medication that aids in weight loss for specific individuals. It is administered through a prefilled, single-dose pen as a liquid solution and injected subcutaneously. Wegovy Market is expected to register a CAGR of more than 3.7% during the forecast period. The Wegovy Market is segmented by Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America). The report offers the values (in USD) and volume (in units) for the above segments.
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Wegovy Market Size Summary
The Wegovy market is poised for significant growth over the forecast period, driven by its role as a prescribed injectable medication for obesity and overweight individuals with weight-related medical conditions. As the first FDA-approved drug of its kind since 2014, Wegovy has gained considerable attention for its long-term weight management capabilities. The medication, containing semaglutide, is designed to be used alongside a reduced-calorie meal plan and increased physical activity, and it is administered weekly. The market's expansion is supported by the increasing prevalence of obesity globally, which has become a major public health concern, affecting a substantial portion of the population in various regions. The rising demand for effective weight-loss solutions, coupled with the growing awareness of obesity-related health complications, is expected to drive the market forward.
The market landscape is characterized by a high level of consolidation, with Novo Nordisk being the dominant player. However, the potential entry of generic competitors is anticipated as the patent for Wegovy is set to expire in the coming years. Despite challenges such as varying insurance coverage and the high cost of the medication, the market continues to see robust demand. Recent developments, including the approval of new weight-loss medications like Eli Lilly's Zepbound, further highlight the dynamic nature of the market. As healthcare providers and policymakers increasingly focus on obesity prevention and management, the Wegovy market is expected to experience sustained growth, supported by favorable regulatory developments and expanding insurance coverage.
Wegovy Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Drug
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2.1.1 Wegovy
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2.2 Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Rest of North America
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 United Kingdom
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2.2.2.3 France
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2.2.2.4 Russia
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2.2.2.5 Spain
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2.2.2.6 Italy
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2.2.2.7 Rest of Europe
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2.2.3 Asia Pacific
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2.2.3.1 India
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2.2.3.2 China
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2.2.3.3 Japan
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2.2.3.4 South Korea
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2.2.3.5 Australia
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2.2.3.6 Vietnam
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2.2.3.7 Malaysia
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2.2.3.8 Indonesia
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2.2.3.9 Philippines
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2.2.3.10 Thailand
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2.2.3.11 Rest of the Asia-Pacific
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2.2.4 Latin America
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2.2.4.1 Brazil
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2.2.4.2 Mexico
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2.2.4.3 Rest of Latin America
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2.2.5 Middle East and Africa
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2.2.5.1 Egypt
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2.2.5.2 Saudi Arabia
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2.2.5.3 Iran
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2.2.5.4 South Africa
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2.2.5.5 Oman
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2.2.5.6 Rest of the Middle-East and Africa
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Wegovy Market Size FAQs
How big is the Wegovy Market?
The Wegovy Market size is expected to reach USD 1.82 billion in 2024 and grow at a CAGR of greater than 7% to reach USD 2.67 billion by 2029.
What is the current Wegovy Market size?
In 2024, the Wegovy Market size is expected to reach USD 1.82 billion.
