Report ID: SQMIG35D2064 | Region: Global | Published Date: August, 2022 | Pages: 241 | Tables: 67 | Figures: 75Europe Home Healthcare Market
Report ID: SQMIG35D2060 | Region: Global | Published Date: August, 2022 | Pages: 165 | Tables: 62 | Figures: 75
Anti Obesity Drugs Market size was valued at USD 1.9 billion in 2021 and is poised to grow from USD 2.82 billion in 2022 to USD 13.26 billion by 2030, growing at a CAGR of 24.6% in the forecast period (2023-2030).
The World Obesity Federation predicts that by the end of 2025, the global cost of obesity would have increased by over 50%, or by around US$ 1.2 trillion. Therefore, the main objective of pharmaceutical companies at the moment is to create mitigation methods to lessen the burden and shrink the fat population. Additionally, the industry is expected to present tremendous prospects for new companies because of the growing patient population and low treatment rates. Additionally, the introduction of initiatives to educate people about obesity and the development of reimbursement policies are projected to fuel product demand during the projection period.
Due to a spike in the sales of approved pharmaceuticals for the COVID-19 emergency, the COVID-19 pandemic has had a favorable effect on the world market for anti-obesity medications. Additionally, pharmaceutical firms are putting a lot of effort into keeping the pandemic's supply and demand in check in order to sustain their profits. Due to their increased risk of developing the disease, health organizations have released the essential guidelines and recommendations for the management of overweight and obese patients in the COVID-19 era. Furthermore, the widespread application of strict lockdown measures has led to a sedentary lifestyle and a work-from-home environment that have both contributed to weight increase. During the pandemic, this is projected to have a higher effect on the sales of drugs for treating obesity.
US Anti Obesity Drugs Market is poised to grow at a sustainable CAGR for the next forecast year.
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The global anti obesity drugs market is segmented based on type, distribution channel, and region. Based on type, the market is segmented into prescription drugs and OTC drugs. On the basis of distribution channel, the market can be bifurcated into hospital pharmacy, retail pharmacy, online pharmacy. The regional insights of the market are into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Anti Obesity Drugs Market Analysis by Type
The majority of the market share was occupied by the category of prescription medications. The majority of the reason for the segment's domination is the accessibility of therapeutically effective weight management medications, whether they have a central or peripheral action. Another element influencing the demand for the product is the rising prevalence of obesity cases in the population as a result of high alcohol, fast food, and sedentary lifestyle adoption. For instance, the World Obesity Federation estimates that 650 million individuals worldwide are obese at the moment.
On the other hand, due to the branded drugs' patents expiring, over-the-counter medications are gradually gaining ground in the market. Due to a lack of public understanding about the importance of managing weight loss, the segment has a smaller market share.
Anti Obesity Drugs Market Analysis by Distribution Channel
Due to a growth in patient visits and the sales of prescription medications for weight reduction, the hospital pharmacy segment currently has the greatest share in the world. Due to the availability of low-cost medications, people also have a strong preference for shopping often at neighboring pharmacies, which has contributed to the expansion of the retail pharmacy sector. Due to the development of online platforms for the delivery of prescription and over-the-counter medications to patients, it is estimated that the online pharmacy market would expand significantly.
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The North American market has a value of US$ 964.8 million. This region’s dominance can be attributed to the US's strong players and the rising popularity of obesity control products. Due to its efforts in R&D for the creation of therapeutically effective medications, Europe currently occupies the second-place position in the market. Growth is anticipated during the projection period as a result of this as well as rising public awareness of the advantages of weight loss.
Due to the rising number of clinical studies on the management of obesity and the rising prevalence of obesity-related conditions like diabetes and cardiovascular diseases in the region, Asia Pacific is also expected to exhibit a high CAGR. Contrarily, Latin America and the Middle East & Africa are likely to experience relatively slower growth due to low levels of public awareness and a consequently lower demand for anti-obesity medications in those regions.
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Anti Obesity Drugs Market Driver
Anti Obesity Drugs Market Restraint
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The top players are concentrated on inorganic expansion tactics such as teaming up with successful individuals and national initiatives or programmes that advertise their goods. As a result, these brands are known earlier than other brands in the industry under investigation. Due to the disease's great prevalence, there is moderate to intense intergroup conflict.
Top Players in the Global Anti Obesity Drugs Market
Anti Obesity Drugs Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global anti obesity drugs market is segmented based on type and distribution channel. The majority of the market share was occupied by the category of prescription medications. Due to a growth in patient visits and the sales of prescription medications for weight reduction, the hospital pharmacy segment currently has the greatest share in the world. The North American market has a value of USD 964.8 million. This region’s dominance can be attributed to the US's strong players and the rising popularity of obesity control products.
|Market size value in 2021||USD 1.9 billion|
|Market size value in 2030||USD 2.82 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Anti Obesity Drugs Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Anti Obesity Drugs Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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