Anti-obesity Drugs Market - Growth, Trends, and Forecast (2020 - 2025)
The anti-obesity drug market is growing steadily with the gradual growth in the number of approvals from the US FDA and Europe. However, there are still very few drugs in the late stage of development. Moreover, growing obese globally is also increasing the demand for anti-obesity drugs. Health risks from obesity cause death of 2.8 million people globally each year as per World Health Organization 2017 data. The growing trend of obesity has primarily been due to increasing unhealthy eating habits and a sedentary lifestyle. These factors have increased the demand for anti-obesity drugs.
However, the availability of more effective alternative therapies and treatments and potential side-effects of anti-obesity drugs is expected to restraint the market growth.
Key Market Trends
OTC Drugs Segment is Expected to Exhibit Fastest Growth Rate over the Forecast Period
In the present scenario, the weight problem is a major concern, globally. The rising intake of junk food/fast food is resulting in declining healthiness worldwide. As mentioned earlier, obesity is one of the most prevalent problems faced by people of this century, especially in some more developed parts of the world. For instance in the United States, from 1999–2000 through 2017–2018, the prevalence of obesity increased from 30.5% to 42.4%, and the prevalence of severe obesity increased from 4.7% to 9.2%, as per the 2018 report by the Center for Disease Control and Prevention.
In most countries, Orlistat is marketed as a prescription drug under the trade name Xenical, by Roche, and it is sold as an OTC drug under the trade name Alli, by GlaxoSmithKline, in the United Kingdom and the United States. The cost-effectiveness and ease of availability of OTC products are expected to propel the growth of the market.
North America is Expected to Dominate the Market Over the Forecast Period
North America dominated the global anti-obesity drugs market, with the United States accounting for the major contributor to the market. The primary factors driving the growth of the market studied are an increase in obese population and high healthcare spending.
The United States (38.2%) has the highest percentage of the obese population in the World, followed closely by Mexico (32.4%), as per 2017 statistics by the OECD. As per the report, Canada had 25.8% people who were obese. The high obesity rate is another factor for the high demand for anti-obesity drugs in the region. These factors have positively affected the market growth in the region.
The presence of major market players, such as GlaxoSmithKline, Novo Nordisk, Pfizer, F Hoffmann-La Roche, and Bayer AG, is, in turn, increasing the overall competitive rivalry of the market. Large organizations rely heavily on advertising expenses and branding strategies, collaborating with successful personality, initiative, or programs at the national levels, which promote their product, and thus are recognized earlier than other brands in the market. With the high prevalence rate of the disease, the intensity of competitive rivalry is moderate to high.
Reasons to Purchase this report:
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook