Obesity mkt grows larger than ever...Saxenda leads mkt

Saxenda is in the lead for 4 consecutive years

Obesity drug market KRW 175.7 billion last year...renews record for 4 consecutive years

Saxenda’s sales rise 63% from the previous year to record KRW 58.9 billion...its market share increases from 25% to 35%

Sales gap between Saxenda and Qsymia widen from KRW 10 billion to KRW 28.8 billion

The domestic obesity treatment market grew to record an all-time high last year.

 

Saxenda maintained its unrivaled lead for 4 consecutive years and left its competitor Qsymia far behind.

 

According to the market research institution IQVIA on the 2nd, the obesity treatment market grew 22.4% YoY to reach KRW 175.7 billion last year.

 

The obesity treatment market had renewed its record for 4 consecutive years since it first set a 10-year new record of KRW 134.1 billion in 2019.

 

The market, which had recorded KRW 96.8 billion in 2018, had recorded high annual growth of 81.5% for the 4 years that followed.

 

However, this growth in the obesity treatment market had slowed down with the spread of COVID-19.

 

In 2019, the market had grown by 38.5% YoY.

 

However, the market only grew by 6.6% and 0.4% in 2020 and 2021, respectively.

 

At the time, interest in obesity treatments declined with the reduction in people's outdoor activities in the early stages of COVID-19.

 

However, last year, the demand for obesity treatments increased again among people who gained weight due to reduced outdoor activities during the COVID-19 crisis and the rise in outdoor activities with the lift of social distancing measures.

 

Among the treatments, Saxenda rose to the sold lead, breaking the two-way structure it had held with Qsymia.

 

Last year, Saxenda’s sales increased 62.7% YoY to KRW 58.9 billion.

 

This is the largest sales it had recorded since its release.

 

It surpassed the KRW 42.6 billion it had made in 2019 by 38.3% in 3 years.

 

Saxenda is the world’s first GLP-1 (Glucagon-Like Peptide 1) analogue approved to treat obesity.

 

It contains the same ingredients as the company’s 'Victorza (liraglutide)’ which is used to treat diabetes but has a different dosage and administration.

 

After recording KRW 42.6 billion in 2019, Saxenda’s sales fell for two consecutive years to KRW 36.8 billion in 2020, then to KRW 36.2 billion in 2021, but then made a sharp rebound.

 

After making the lead in the obesity treatment market with KRW 5.6 billion in Q4 2018 with its release, the drug has topped the market ever since, for 17 consecutive quarters.

 

Saxenda enjoyed explosive popularity as it acts with the same mechanism of action as the human body's GLP-1 and suppresses the patient’s appetite to induce weight loss, forming the perception that it is relatively safe.

 

Last year, Saxenda occupied 33.5% of the market.

 

Saxenda’s market share surged from 7.8% in 2018 to 31.8% in 2019, then its growth slowed down somewhat to 25.8% and 25.2% in 2020 and 2021.

 

However, the product regained its rapid growth last year, and its share of the market also reached an all-time high.

 

Qsymia maintained its second place in the market.

 

Its sales rose 14.8% YoY and recorded sales of KRW 30.1 billion last year.

 

Qsymia, which was released at the end of 2019, is a combination drug that contains ‘phentermine’ and ‘topiramate’ that Alvogen Korea gained exclusive marketing rights for in Korea from the US company Vivus.

 

Alvogen Korea signed a copromotion agreement with Chong Kun Dang at the end of 2019 and started to sell the drug in earnest in Korea.

 

Qsymia’s rapid penetration into the market was possible due to the synergistic effect of the sales network owned by Alvogen Korea and Chong Kun Dang in the obesity treatment market from selling ‘Furing’ and ‘Furimin.’ Also, the fact that it contains relatively antipsychotics and may be prescribed long-term although it is an oral formulation acted as a success factor.

 

In 2021, Qsymia’s sales rose to KRW 26.2 billion and closely chased Saxenda by KRW 10 billion.

 

However, as Saxenda showed higher growth, the gap widened to 28.8 billion won last year.

 

Sales of Korea Prime Pharm’s ‘ Phendimen’ rose tenfold from KRW 0.7 billion to KRW 8.2 billion last year.

 

Phendimen is an obesity treatment that contains phendimetrazine.

 

Daewoong Pharmaceutical's ‘Dietamine’ sales fell 5.5% YoY to KRW 7.9 billion, and sales of Huons' ‘Hutermin’ also fell 8.9% YoY to record ₩4.8 billion last year.