The anti-obesity drug market has seen rising prominence over the years owing to the growing prevalence of obesity across both developed and developing countries. Anti-obesity drugs help reduce body weight and manage obesity by decreasing appetite, blocking the absorption of fat, or increasing feelings of fullness. Some commonly prescribed anti-obesity medications include Orlistat, Phentermine, and Liraglutide. Orlistat works by preventing the absorption of around 30% of fat from the consumed food. Phentermine is a stimulant that suppresses appetite. Liraglutide which is also used for diabetes management induces a feeling of fullness.
The global anti-obesity drug market is estimated to be valued at US$ 2,542.0 million in 2023 and is expected to exhibit a CAGR of 16.1% during the forecast period (2023-2030).
Key Takeaways
Key players operating in the anti-obesity drug market are ARJO, Etac AB, Medline Industries Inc., Guldmann Inc., Sunrise Medical Inc., Stryker Corporation, Winncare Group (Mangar Health), Joerns Healthcare Inc., Invacare Corporation, Baxter (Hill Rom Holding Inc.), Gainsborough Healthcare Group, and Savaria Corporation (Handicare Group AB), among others.
The growing prevalence of obesity caused by sedentary lifestyles and unhealthy eating habits has increased the demand for anti-obesity drugs in recent years. Pharmaceutical companies are focusing on developing more effective and safer drugs to treat obesity and related comorbidities.
Many anti-obesity drug manufacturers are also looking at expanding their presence globally, especially in emerging economies where obesity rates are rising rapidly due to changing consumption patterns and urbanization. Partnerships with local distributors help ensure steady revenue streams from international markets.
Market Key Trends
Combination therapies have emerged as a key trend in the Anti-Obesity Drug Market Demand. Using medications that target different mechanisms simultaneously maximizes weight loss effects. Studies have shown anti-obesity drugs coupled with lifestyle therapies lead to better long-term outcomes. Many pharmaceutical firms are conducting clinical trials of fixed-dose combinations which they hope will address both effectiveness and safety issues of monotherapies. This represents a significant opportunity for anti-obesity drug makers going forward.
Porter’s Analysis
Threat of new entrants: High capital requirements to enter industry reduce threat. Bargaining power of buyers: Buyers have less bargaining power due to availability of fewer substitutes. Bargaining power of suppliers: Suppliers have more bargaining power as switching costs are high for changing suppliers. Threat of new substitutes: Threat of new substitutes is moderate as obesity treatment options increase. Competitive rivalry: Intense rivalry exists due to presence of big and small players.
North America holds the largest share of the anti-obesity drugs market due to growing obese population and high awareness levels. The United States accounts for the major share in the North American as well as global anti-obesity drugs market. However, Asia Pacific region is expected to witness the highest growth over the forecast period owing increasing obese population especially in India and China along with growing healthcare expenditure in the region.
Geographical Regions
Geographical analysis shows that North America accounts for the major market share in terms of value with the United States being the major contributor. Growing obese population coupled with increasing awareness levels regarding obesity management in the region drive substantial market demand.
The Asia Pacific region is poised to witness fastest growth over the forecast period owing to increasing obese population especially in India and China as a result of changing lifestyle patterns and consumption of junk food. Additionally, rising healthcare expenditure in Asia Pacific countries will further aid market expansion in the coming years.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)