The growth of weight loss and obesity management market is attributed to the rising epidemic of obesity across the globe. According to the latest research by Future Market Insights (FMI), the global weight loss and obesity management market is anticipated to reach a valuation of over US$ 4.9 Bn, by the end of 2028. The weight loss and obesity management market is expected to expand at a steady CAGR of 5.2%, over the forecast period of 2018-2028.
Developing Regions More Prone to Obesity & Other Comorbidities
Increasing number of cases of obesity and related comorbidities will lead to the growing adoption of drugs and devices for weight loss and obesity management, which will further fuel the growth of the global weight loss and obesity management market during the forecast period.
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The weight loss and obesity management market is majorly driven by the rising prevalence of obesity. The rising epidemic of obesity presents a major challenge to disease prevention across the globe. It is estimated that by 2030, 38% of the world’s adult population will be overweight and around 20% will be obese. This obesity epidemic is more prevalent in the Middle East and the Asia Pacific regions where food import is quite high. Weight loss and obesity management are helpful in the treatment of highly critical obesity and comorbidities associated with it, such as diabetes, asthma, sleep apnea, and hypertension, etc.
Increasing health consciousness is also cited as an important factor boosting the revenue growth of the global weight loss and obesity management market. Sizeable consumer population in developed regional markets will particularly continue to generate high demand for weight loss and obesity management practices, according to the report. Millennial and Generation-X consumers are gradually adopting advanced aesthetic services, including weight loss and obesity management, thereby creating adequate opportunities for manufacturers of weight loss and obesity management drugs and devices.
Key Vendors Targeting Extension of Product Portfolio
Leading companies operating in weight loss and obesity management market are majorly focusing on strengthening their product portfolio. Product line extensions help companies to launch newer products with unique features for specific indications. This results in an increased market share of companies in the highly competitive weight loss and obesity management market. In response to increasing demand from various healthcare professionals to effectively treat obesity with minimum long-term side effects, manufacturers are focusing on developing innovative and specific products.
Product innovation is expected to boost revenue and volume growth of the weight loss and obesity management market during the forecast period. For instance, an additional FDA patents approval for VIVUS, Inc.’s Qsymia, for the covering compositions of Qsymia and covering methods for effecting weight loss using Qsymia (phentermine and topiramate).
However, the high cost involved in research and development of obesity drugs is a great challenge for the growth of the weight loss and obesity management market. Additionally, long gestation time required for research and developmental activities as well as the need for a number of essential clinical trials to test drugs adds up to significant expenditure. The limitations posed by high development cost of anti-obesity drugs might hinder the growth of the global weight loss and obesity management market. Moreover, the high cost of surgical procedures, such as gastric bypass surgery, adjustable gastric banding, gastric sleeve surgery and gastric balloon treatment, may also affect the growth of the global weight loss and obesity management market adversely.
The global weight loss and obesity management market is estimated based on product type, and distribution sales. Based on product type, the weight loss and obesity management market has been segmented into drugs and devices.
Drugs product type segment is further segmented into GLP-1 receptor agonists, lipase inhibitors, serotonin receptor agonist, a combination drug, and others. Devices product type segment is further segmented into liposuction devices, bariatric stapling devices, gastric band, gastric balloon systems, gastric emptying systems, and gastric electrical stimulation systems.
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Devices segment is expected to hold maximum market share in the global weight loss and obesity management market. Based on distribution sales, the weight loss and obesity management market has been segmented into institutional sales and retail sales. In terms of revenue, institutional sales dominated the global weight loss and obesity management market in 2017.