JERSEY CITY, N.J., June 21, 2024 /PRNewswire/ — InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Weight Loss Drugs Market– (By Drug Type (Prescription and Over-the-counter), By Product (Wegovy, Ozempic, Saxenda, Zepbound, Mounjaro and Others)), By Distribution Channel, By Region, Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global Weight Loss Drugs Market is valued at US$ 26.3 Bn in 2023, and it is expected to reach US$ 108.9 Bn by 2031, with a CAGR of 19.7% during the forecast period of 2024-2031.
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Weight loss drugs work through various mechanisms in the body to promote weight loss, such as reducing appetite, increasing feelings of fullness, decreasing absorption of nutrients, or increasing calorie expenditure.
The weight loss drugs market is propelled by the escalating global obesity crisis and increasing societal emphasis on health and wellness. As obesity rates surge worldwide, there is a heightened demand for effective weight management solutions. Concurrently, a cultural shift towards prioritizing health and fitness encourages individuals to seek tools to achieve and maintain a healthy weight. These intertwined factors create a robust market for weight loss drugs, motivating pharmaceutical companies to innovate and develop new treatments to address the pressing need for effective weight management solutions.
One significant opportunity in the global weight loss and anti-obesity drugs market lies in developing personalized medicine approaches. As scientific understanding of genetics, metabolism, and individual responses to medications advances, there is a growing potential to tailor weight loss treatments to each person’s unique biology. A major restraint of the market revolves around safety concerns, potential side effects, and regulatory hurdles, which are significant factors that pharmaceutical companies must navigate when developing and marketing weight loss medications.
List of Prominent Players in the Weight Loss Drugs Market:
Novo Nordisk A/S
Eli Lilly & Co.
Amgen Inc.
Pfizer Inc.
Viking Therapeutics Inc.
Structure Therapeutics Inc.
F. Hoffmann-La Roche Ltd
Teva Pharmaceutical Industries Ltd.
GlaxoSmithKline plc
Sandoz International GmbH
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Market Dynamics:
Drivers:
Obesity stands out as the primary driver in the weight loss drug market due to its alarming global prevalence and associated health risks. With the rising incidence of obesity-related conditions like diabetes, cardiovascular diseases, and certain cancers, there’s a growing demand for effective weight management solutions.
According to World Health Organization estimate, the number of adults living with obesity will rise from 1 billion in 2022 to 1.53 billion in 2035. In recent, increase in new treatment options for weight loss is likely to drive the market growth. For instance, currently GLP-1 receptor agonist product like Wegovy and Saxenda is very popular due to high efficacy in weight loss. It also helps to improved glycemic control, reduction in HbA1c levels, etc.
Challenges:
The weight loss drugs market faces several challenges. One major hurdle is the limited long-term efficacy of many weight loss drugs. Weight loss can be not easy to maintain over time, and many drugs on the market offer only short-term benefits. Additionally, safety concerns and potential side effects associated with weight loss drugs pose significant challenges, leading to regulatory scrutiny and sometimes even withdrawal from the market. Another challenge is the high cost of some weight loss drugs, making them inaccessible to many patients.
Regional Trends:
The North American weight loss drugs market is seen to register a major market share in terms of revenue and is estimated to grow at a high CAGR in the near future. Rising concerns about obesity and chronic diseases are prompting individuals to seek effective solutions for weight management. With a substantial portion of the population categorized as overweight or obese, there is a pressing need for interventions that can help address these health issues, resulting in driving the market.
Asia-Pacific is expected to grow significantly during the forecasted period. Rising obesity rates, changing lifestyles, increased disposable income, and growing awareness about health and wellness have all contributed to the growth of this market. Additionally, cultural shifts towards valuing a slim physique and the desire for quick-fix solutions have further propelled the demand for weight loss drugs.
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Recent Developments:
In March 2024, Novo Nordisk announced that its new drug, amycretin, for fighting obesity is performing better than its previous drug, Wegovy, in the trials.
In November 2023, the U.S. Food and Drug Administration (FDA) approved Eli Lilly and Company’s Zepbound (tirzepatide) injection, the first and only obesity treatment that activates both GIP (glucose-dependent insulinotropic polypeptide) and GLP-1 (glucagon-like peptide-1) hormone receptors.
In December 2023, Roche Holding AG, a Switzerland-based healthcare company, successfully acquired Carmot Therapeutics Inc. for $2.7 billion.
Segmentation of Weight Loss Drugs Market
Weight Loss Drugs Market- By Drug Type
Prescription
Over-the-counter
Weight Loss Drugs Market- By Drug Class
Appetite Suppression
Fat Blocking
GLP-1 Receptor Agonist
Others
Weight Loss Drugs Market- By Product
Wegovy
Ozempic
Saxenda
Zepbound
Mounjaro
Others
Weight Loss Drugs Market- By Distribution Channel
Hospital Pharmacy
Retail Pharmacy
Online Pharmacy
Weight Loss Drugs Market- By Region
North America-
The US
Canada
Mexico
Europe-
Germany
The UK
France
Italy
Spain
Rest of Europe
Asia-Pacific-
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America-
Brazil
Argentina
Rest of Latin America
Middle East & Africa-
GCC Countries
South Africa
Rest of Middle East and Africa
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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