Fort Collins, Colorado, Oct. 04, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research published a report titled, "Weight Loss Drugs Market Size, Share Growth, Trends, Statistics Analysis Report By Type (Powders And Pills, Liquids, Injection And Bars), By Distribution Channel (Pharmacy, Supermarkets, Online Store), By End-User (18 to 40 Years, Above 40 Years), By Region, And Segment Forecasts 2022-2032."
According to DataHorizzon Research, the weight loss drugs market size was estimated to be valued at USD 1.9 Billion in 2022 and projected to arrive at USD 82.8 Billion by 2032 with a CAGR of 45.7%.
The published report on the global weight loss drugs market offers a holistic view of industry dynamics, consumer trends, and supply-chain scenarios and discusses market challenges and opportunities in detail.
Weight loss drugs or anti-obesity medication are prescription drugs that reduce appetite and food cravings and help in weight loss in those who are either obese or overweight with some weight-related illness. The increasing prevalence of lifestyle disorders has increased obesity in sedentary people and fostered the demand for weight loss drugs. For instance, in March 2023, the World Obesity Federation (WOF) stated that by 2035, over four billion people- more than half the world’s population is likely to be obese.
Increasing health awareness has encouraged them to engage in athletic activities, play sports, and exercise. The growing trend of gym goers and the rise in gym and health center memberships has generated awareness in the population to a vast extent. This has reduced the percentage of the obese population owing to the right approach to health and fitness. Therefore, the need for weight loss medication and drugs will remain high in the coming years. In addition, increased per capita income in middle-income countries has enabled better access to dieticians and nutrition experts in several countries.
An increase in demand for weight loss drugs provides opportunities for pharmaceutical companies to develop formulations that provide efficacy without allowing pharmaceutical companies to develop formulations that provide efficacy without side effects. Several lifestyle disorders accompanying obesity have made it a matter of concern, and hence, various pharmaceutical companies are investing in the R&D of weight loss drugs, and many drugs are in the pipeline.
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Segmentation Overview:
The global weight loss drugs market has been segmented into type, distribution channel, end-user, and region. Based on the distribution channel, the pharmacy stores dominated the market in 2022 and are projected to maintain huge traction in the forthcoming years. Regarding end-users, the 18-40 age group dominated in 2022 and accounted for a significant market share in the forecast period.
North America is projected to attain a significant position in the forthcoming years. There is a high demand for weight loss drugs due to the youth's fitness trends and health awareness. Besides, the rise in cases of lifestyle-related diseases has triggered the need for weight loss drugs in the common population. Europe is a fast-growing market for weight loss drugs attributed to the growing prevalence of obesity.
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Weight Loss Drugs Market Report Highlights:
- The global weight loss drugs market growth is anticipated at a CAGR of 45.7% by 2032.
- The weight loss drugs market growth is anticipated to be higher owing to the fitness trend and the desire in the population to look young and healthy. Besides, demand for organic weight loss drugs is contributing to the market developments.
- North America is a rapidly growing market for weight loss drugs attributed to the popularity of dietary supplements and weight loss drugs.
- Some prominent players in the weight loss drugs market report include Eli Lilly and Company, Novo Nordisk A/S, Pfizer Inc., Takeda Pharmaceutical Company, VIVUS Inc., Bayer AG, F Hoffmann-La Roche, GlaxoSmithKline, Arena Pharmaceuticals, and Eisai Co. Ltd.
Industry Trends and Insights:
- In 2023, Singapore-listed Vertex Technology Group acquired Taiwanese live streaming platform 17Live Inc. This acquisition unveils huge growth opportunities in the Asian markets putting the company in a bright spot.
- In 2022, Tirzepatide from Eli Lilly achieved superior weight loss in 72 weeks of treatment in a SURMOUNT-1 clinical trial. Tirzepatide has delivered up to 22.5% weight loss in adults with obesity or overweight.
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Weight Loss Drugs Market Segmentation:
- By Type: Powder, pills, liquids, injection, bars
- By Distribution Channel: Pharmacy, supermarkets, online store
- By End-user: 18−40, Above 40
- By Region: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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