Anti-obesity drugs are used for the management of weight in obese and overweight patients. These drugs help in reducing appetite, increasing feeling of fullness and reducing fat absorption. Obesity has become a major health issue globally due to sedentary lifestyle and consumption of junk food. Growing prevalence of obesity is a major factor driving the growth of anti-obesity drug market. The global anti-obesity drug market is estimated to be valued at US$ 2542 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Growing prevalence of obesity presents a major market opportunity for anti-obesity drug manufacturers. Obesity increases the risk of various chronic diseases such as heart disease, diabetes, fatty liver disease and certain types of cancer. As per WHO, globally over 650 million adults are obese and nearly 1.9 billion adults are overweight. In the US, over 42.4% of the population are obese. Increasing consumption of fast food combined with sedentary lifestyle has boosted the rates of obesity across both developing and developed countries. Rising health concerns due to obesity is prompting patients to seek effective therapeutic treatment options for managing weight, thus presenting an opportunity for anti-obesity drugs. Growing acceptance of prescription anti-obesity medications coupled with strong pipeline drugs will further aid in capitalizing on this market opportunity.
Porter's Analysis
Threat of new entrants: Low as new entrants will face high costs for R&D, clinical trials, marketing and distribution. Bargaining power of buyers: Moderate as buyers have bargaining power due to availability of substitutes. Bargaining power of suppliers: Moderate as major players control manufacturing and supply. Threat of new substitutes: High as substitutes like bariatric surgeries and lifestyle changes exist. Competitive rivalry: High among existing players to gain market share.
SWOT Analysis
Strengths: Growing obesity rates globally increase market potential. Pipeline drugs offer new mechanisms of action. Weaknesses: High development costs, safety concerns, potential side effects discourage usage. Opportunities: Emerging economies with growing disposable incomes present new markets. Collaborations can boost research and reduce costs. Threats: Patent expiries increase generic competition. Stringent regulations delay product approvals.
Key Takeaways
The global Anti-Obesity Drug Market Growth is expected to witness high growth driven by the growing prevalence of obesity globally.
Regionally, North America dominates the market currently owing to the high obesity rates and growing awareness. However, Asia Pacific is expected to register the fastest growth over the forecast period due to improving healthcare infrastructure, rapidly changing lifestyles, growing middle class and increasing obesity in countries like China and India.
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. These players are focused on developing innovative and efficacious drugs to expand their market share.
For more insights, read- https://www.newsanalyticspro.com/anti-obesity-drug-market-trends-size-and-share-analysis/
