Pune, July 22, 2024 (GLOBE NEWSWIRE) -- Weight Loss Drugs Market Size & Growth Analysis:
“According to SNS Insider Research, The Weight Loss Drugs Market size is valued at US$ 1.92 Billion in 2023 and is anticipated to surpass US$ 45.35 Billion by 2032, with a compound annual growth rate (CAGR) of 43.73% over the forecast period 2024-2032.”
Rising focus on preventive healthcare and weight management is fuelling the growth of the global market for Weight Loss Drugs. Prevention is a relatively new focus for healthcare, resulting from the understanding that being overweight or obese brings with it health risks and maintaining a healthy weight has benefits. Obesity results in a range of health conditions including type 2 diabetes, cardiovascular diseases, and certain cancers that impose significant costs on healthcare systems. The World Health Organization (WHO) projects that medical costs to address obesity-related diseases will reach $1.2 trillion globally per year by 2025. To offset these expenses, healthcare providers and policy-makers are more focused on prevention through programs to manage weight or treat overweight with medications.
Obesity prevention programs, public health campaigns, and government policies are increasing awareness regarding obesity as a preventable disease and reducing healthy weight rates to promote lifestyle changes amongst obese individuals in combination with drug-induced bodyweight reductions for lifelong maintenance of preventive combined programs. We have to embrace the untapped potential of technology and similar digital health tools that are available today at our fingertips, making it almost foolproof for individuals attempting weight management. A growing number of people adopting preventive healthcare and practicing weight management is fueling the demand for efficacious weight reduction medications, thereby supporting expansion on a global scale in the Weight Loss Drugs Market.
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Major Players Analysis Listed in this Report are:
- Roche Holding AG
- Novo Nordisk A/S
- GlaxoSmithKline plc
- Eisai Co., Ltd.
- Currax Pharmaceuticals LLC
- VIVUS, Inc.
- Pfizer Inc.
- Johnson & Johnson
- AstraZeneca,
- Eli Lilly and Company
- Other Players
Weight Loss Drugs Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 1.92 Billion |
| Market Size by 2032 | US$ 45.35 Billion |
| CAGR | CAGR of 43.73% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | •The Growing Prevalence of Obesity is Responsible for the Increasing Demand for Weight Loss Drugs Propelling Market Growth. •Increased Focus on Preventive Healthcare and Weight Management is Boosting the Weight Loss Drugs Market Growth. |
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Segmentation Dynamics
Based on the distribution channel, in 2023 retail pharmacies hold a market share of 45% as they are widely available and consumer-convenient. Then these pharmacies are mainly found in both urban and rural areas, this gives a basic point of purchase for many patients who want to buy weight loss medications. Retail pharmacies often have existing relationships with healthcare providers so prescription fulfillment is seamless, and medication counseling becomes an extra layer of care instead of a new barrier. Furthermore, they provide a lot of products that range from prescription weight loss pills to over-the-counter too depending on what suits whom. Consumers also cited their increased desire to buy when they are out shopping for other purposes and the trust associated with picking up medications at retail pharmacy chains that have been in business for many years as reasons why they view this channel so favorably.
In addition, retail pharmacies offer other services including prescription management and weight loss help plans that grab the attention of patients more than others leading to continuation in commitment to treatment. Retail Pharmacies are key channels in the weight loss drugs market a full-service customer care model is employed by Retail pharmacies and hence is the leading distribution platform on the weight loss drugs market.
Weight Loss Drugs Market Key Segmentation:
By Drug Type
- Prescription Drugs
- Over-the-counter drugs (OTC)
By Mechanism of Action
- Appetite Suppressants
- Fat Absorption Inhibitors
- Combination Drugs
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Regional Insights
The weight loss drugs market in APAC is expected to grow significantly during the forecast period at a CAGR of 15.6%. Factors driving this rapid growth are such as obesity rates are rising quite fast in the APAC region due to urbanization, food habits, and sedentary lifestyles. For Example, Emerging Countries Such as China and India Have a High Prevalence Of obesity due to changes in modernization & lifestyles leading to metabolic disorders, hence there is an opportunity for weight management solutions with significant growth.
Further, the increasing middle class and growing healthcare infrastructure across the region are providing easier access to prescription drugs as well as weight loss therapies. On the other hand, especially in developing countries where a significant part of the population doesn't have enough money to buy very expensive and exotic oils then premium-priced products can limit market growth designed by government actions addressed to fight with overweight. The increasing market penetration of digital health tools and online pharmacies in the region is further augmenting sales by making weight loss drugs more accessible to potential new customers. Hence, the increasing patient pool for obesity coupled with increased health awareness and strengthening healthcare systems in the Asia-Pacific region is expected to drive the weight loss drugs market during the forecast period.
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Recent Developments
- In May 2022, Eli Lilly launched a new weight loss agent, Mounjaro (Tirzepat) given FDA approval. This dual GIP and GLP-1 receptor agonist has been shown in clinical trials to induce substantial weight loss for individuals with obesity or overweight.
- In June 2024, A pharmaceutical firm Novo Nordisk's weight-loss pill Wegovy receive regulatory approval in China.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Weight Loss Drugs Market Segmentation, By Drug Type
8. Weight Loss Drugs Market Segmentation, By Mechanism of Action
9. Weight Loss Drugs Market Segmentation, By Distribution Channel
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. Use Case and Best Practices
14. Conclusion
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