ANCHOR REPORT: Global GLP-1 RAs: the bonanza would continue

Research evidence excerpt

ANCHOR REPORT: Global GLP-1 RAs: the bonanza would continue

Global Markets Research

9 July 2026Global GLP-1 RAs

EQUITY: HEALTH CARE & PHARMACEUTICALS

Asia players see opportunities Research Analysts

China Health Care &

Large population and sophisticated supply chain augur Pharmaceuticals

well for growth, not only regionally but globally Jialin Zhang, CFA, CPA - NIHK

jialin.zhang@nomura.com

ROW market growth to drive substantial expansion for this drug category +852 2252 6134

With a current market size of USD72bn, GLP-1 RAs in total are forecast by third-party Korea Healthcare &

data providers such as Frost & Sullivan, Evaluatepharma and GlobalData to reach Pharmaceuticals

USD180bn in the next 10 years – equivalent to a CAGR of c.11%. Cindy Park - NFIK

cindy.park@nomura.com

Geography expansion, from the juicy US market (currently accounting for more than half +822 3783 2324

of global sales) to rest of the world (ROW) markets that feature lower prices but a strong

Dongmin Lee - NFIKpool of patients, would be a major market driver, in our view. dongmin.lee@nomura.com

Molecules in the making: safer, longer-acting, lower side effects, and wider +822 3783 2338

indications beyond diabetes/obesity India Pharmaceuticals

The solid commercial success of GLP-1 RAs lies in their efficacy, which in our view

Saion Mukherjee - NFASLensures their expansion from diabetes treatment to chronic weight management, which is saion.mukherjee@nomura.com

another larger area for expansion. +91 22 403 74184

We think the development of new modalities and new preparations that provide better Kushal Chovatia - NFASL

efficacy (such as more fat reduction with less muscle loss), lower side-effects, higher kushal.chovatia@nomura.com