Novo Nordisk’s NVO latest analysis showing its CagriSema injection capable of achieving 25% weight loss in average adult women adds yet another feather to the weight-loss market’s cap, reinforcing the rapid pace of innovation that has defined the past year. The Danish drugmaker said its next-generation injection achieved 25% weight reduction at 68 weeks in adult women, versus just 3% for placebo, with consistent results across menopausal stages.
The finding builds on a market already transformed by GLP-1 therapies, as pharma giants like Eli Lilly LLY and a few others, apart from NVO, race to establish their dominance in the global GLP-1 receptor agonist market, projected to reach $185 billion by 2033 (as per Grand View Research).
For investors seeking to capitalize on this evolving opportunity, adding weight-loss thematic exchange-traded funds (ETFs) to their portfolios will offer diversified exposure — spreading risk across drug developers, manufacturers, and adjacent players rather than betting on a single clinical readout.
However, before identifying the funds best positioned to benefit from this growth, it is essential to examine the competitive landscape and the key players shaping the GLP-1 market’s expansion.
The Obesity Pill Rush: NVO, Lilly & Beyond
Novo Nordisk has been the pioneer of the modern obesity drug market, transforming a long-stigmatized field into a multi-billion-dollar growth engine. The company’s foundational asset, semaglutide — marketed as Wegovy for obesity and Ozempic for diabetes — established GLP-1 receptor agonists as the standard of care for chronic weight management.
The recent CagriSema data represents Novo’s next strategic step. An analysis involving 1,900 women showed consistent efficacy across menopausal stages, with weight loss ranging from 23.1% in postmenopausal women to 26.7% in premenopausal women, compared with approximately 2% across menopause groups with a placebo.
CagriSema targets both the GLP-1 and amylin pathways, a dual mechanism Novo hopes will differentiate it from existing therapies and drive the next wave of revenue growth. Analysts expect the drug to generate $11.84 billion in obesity sales by 2028, according to a consensus estimate compiled by FactSet (as cited in CNBC).
NVO faces intensifying competition from several pharmaceutical giants engaged in a high-stakes race to shift the multi-billion-dollar anti-obesity market from weekly injections to daily oral pills. Among them, the most prominent one is Eli Lily, whose tirzepatide franchise — Mounjaro for diabetes and Zepbound for obesity — has recently captured a substantial share of the weight loss market.
In October 2026, Lilly gained a significant regulatory win when a European Medicines Agency panel backed its oral GLP-1 pill, Foundayo (orforglipron), for both obesity and type 2 diabetes, positioning it to compete directly with Novo’s oral Wegovy. Lilly is currently advancing late-stage trials for other weight-loss treatments, including the triple-agonist injection retatrutide and a new mid-stage trial combining eloralintide with tirzepatide.
AstraZeneca AZN is another pharma giant that deserves to be mentioned in this space. The company is aggressively building a major presence in the obesity and cardiometabolic market, highlighted by advancing its oral small-molecule GLP-1 receptor agonist elecoglipron (ECC5004) into Phase III trials after achieving strong mid-stage data.
ETFs to Gain
Growth in the GLP-1 therapies market is being fueled not only by expanding regulatory approvals and the development of oral formulations but also by improving reimbursement coverage and easing manufacturing capacity constraints that previously limited supply.
Against this backdrop, as the long-term outlook for the obesity market remains robust, investors may want to add the following ETFs to their portfolios:
Amplify Weight Loss Drug & Treatment ETF (THNR)
This fund, with net assets worth $5.8 million, offers exposure to 20 global companies expected to benefit economically from weight loss drug development. LLY holds the first spot in this fund, carrying an 11.22% weight, while NVO holds the second position with an 8.78% weight.
AZN holds the seventh spot with a 5.54% weight. THNR charges 59 basis points in fees.
Roundhill GLP-1 & Weight Loss ETF OZEM
This is an actively managed fund, with assets under management worth (AUM) $56.4 million, providing exposure to 23 companies involved in the manufacturing of weight loss drugs, including GLP - 1 agonists. LLY holds the first spot in this fund, carrying a 14.40% weight, while NVO holds the second position with an 11.78% weight.
AZN holds the ninth spot with a 4.05% weight. The fund charges 59 bps in fees.
Tema Heart & Health ETF HRTS
This fund, formerly known as Tema Obesity & Cardiometabolic ETF, with assets under management worth (AUM) $54.6 million, includes 46 companies advancing prevention and treatment of chronic conditions, including heart disease, diabetes, and obesity. LLY holds the first spot in this fund, carrying an 11.93% weight, while NVO holds the 10th position with a 3.20% weight.
The fund charges 75 bps in fees.
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AstraZeneca PLC (AZN): Free Stock Analysis Report
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Roundhill GLP-1 & Weight Loss ETF (OZEM): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).