Anti-Obesity Drugs Segment Is The Largest Segment Driving The Growth Of Anti-Obesity Drug Market
The global Anti-Obesity Drug Market is estimated to be valued at US$ 2,542.0 Mn or in 2023 and is expected to exhibit a CAGR of 16.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Anti-obesity drugs are medicinal products that aid in weight loss or prevent weight gain. They help reduce appetite or increase feelings of fullness. The drugs are prescribed along with diet and exercise to treat obesity and weight management.
Market key trends:
One of the key trends in the anti-obesity drug market is the increasing preference for combination therapies. Combining anti-obesity medications with appetite suppressants or fat blockers maximizes weight loss and increases the efficacy of treatment. This has become increasingly popular as combination regimens produce significantly greater weight loss results compared to monotherapies. Additionally, combining different mechanisms of action reduces the amount of each drug needed and lowers side effects. The anti-obesity drug market is expected to witness substantial growth due to the rising prevalence of obesity and growing adoption of combination therapies.
Market key trends:
The Global Anti-Obesity Drug Market has been witnessing rising demand over the recent years due to increasing prevalence of obesity globally. As per latest WHO estimates, over 1.9 billion adults aged 18 years and older were overweight in 2016, and out of these over 650 million adults were obese. Moreover, obesity accounts for over 4 million deaths per year globally. Obesity increases the risk of various chronic diseases like diabetes, cardiovascular diseases and certain cancers. This has prompted increased adoption of anti-obesity drugs for weight management. Moreover, increasing awareness about health benefits of maintaining healthy body weight is also driving the uptake of anti-obesity medications.
SWOT Analysis
Strength: Anti-obesity drugs offer an effective solution for weight loss along with diet and exercise. They target various pathways involved in appetite regulation and fat metabolism.
Weakness: Some anti-obesity drugs have shown serious side effects like psychiatric issues, cardiovascular risks, drug abuse potential which have led to market withdrawal of certain drugs.
Opportunity: Growing obese population worldwide along with rising healthcare expenditure presents significant opportunities. Advancements in formulations and development of newer mechanisms of action can expand the market potential.
Threats: Strong competition from bariatric surgeries, alternative medicines and other lifestyle modification approaches remains a key challenge. Stringent regulatory approvals and rising R&D costs also act as threats.
Key Takeaways
The global Anti-Obesity Drug Market is expected to witness high growth, exhibiting 16% CAGR over the forecast period of 2023-2030, due to increasing awareness about health risks of obesity and growing healthcare expenditure.
Regionally, North America is projected to dominate the anti-obesity drugs market during the forecast period. This is attributed to the increasing prevalence of obesity, growing adoption of prescription anti-obesity drugs and favorable reimbursement policies in the region. Asia Pacific region is expected to exhibit the fastest growth in anti-obesity drug sales on account of rising obesity rates parallel to changing lifestyles and food habits in developing countries like China and India.
Key players operating in the Anti-Obesity Drug Market are VIVUS Inc., Pfizer Inc., Novo Nordisk, Bayer AG, F Hoffmann-La Roche, Glaxosmithkline, Arena Pharmaceuticals, Eisai Co. Ltd., Takeda Pharmaceutical Company, and Nalpropion Pharmaceuticals Inc., among others. Companies are engaged in new product launches and focusing on development of novel mechanisms of action to benefit from potential market opportunities.
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