Dublin, Dec. 20, 2023 (GLOBE NEWSWIRE) -- The "Anti-obesity Drug Market Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The anti-obesity drug market is anticipated to grow at a steady pace throughout the forecast period. The rising cases of obesity among people especially adults and its associated life-long disease such as Diabetes, and cancer are driving the anti-obesity drug market growth. Moreover, lifestyle changes encouraging obesity coupled with government initiatives and expert research and trials are further expected to propel the anti-obesity drug market size.
Increasing Prevalence of Obesity
The rising number of obese people and overweight globally pushes the demand for anti-obesity drugs. According to WHO, around 2.8 million people die from obesity or overweight each year. Moreover, more children are getting obese raising the concern for anti-obesity medication. For instance, nearly 39 million children under the age of 5 years were obese in 2020 as per the WHO.
Obesity and Over Weight are the cause of more deaths globally as compared to the underweight. The prevalence of obesity in the US increased from 4.7 in 2017 to 9.4 in 2021 as per the Centre for Disease Control and Prevention. The statistics show the need for anti-obesity medication thereby the growth potential of anti-obesity drug market size.
Obesity Associated Adverse Health Effects
Obesity and overweight cause serious chronic diseases such as type 2 diabetes, types of cancer, and premature deaths. According to CDC, obesity-associated cancer cases exceed 6 million each year in the US. Breast Cancer is the most common obesity-associated cancer among women while colorectal cancer is most common among men.
According to Cancer Research UK, obesity is the second major cause of cancer in the UK constituting 6% of total cancers after smoking. Moreover, obesity and overweight are the key causes of type 2 diabetes as it promotes inflammation throughout the body. The adverse health effects of obesity leading to lifelong health problems or death are expected to aid the growth of the anti-obesity drug market.
Government and Institutions Initiatives
The government of most nations initiated awareness programs and research developments with international organizations to control obesity and related health problems that are expected to boost the anti-obesity drug market. World Health Organization provides technical support in the western Pacific for the execution of a regional framework for protecting children from the harmful impact of food marketing.
The Department of Health & Social Care of the UK government launched a Call to Action campaign for overweight people to encourage them for attaining a healthier weight and provide them with proper advice to tackle overweight. These initiatives to raise awareness for weight control are contemplated to bolster the anti-obesity drug market.
Opportunities in the Market
Obesity is a major health problem globally causing 2.8 million deaths each year as per WHO. To control the obesity problem and reduce the number of death cases, there is a need for anti-obesity drugs that provides a growth opportunity in the anti-obesity drug market. Moreover, the government initiatives and research developments with approvals of weight management drugs in the US, Europe, and other countries provide further opportunity to develop advanced anti-obesity drug and provide better weight control solutions.
Restraints in the Market
Strict government regulations for the use of anti-obesity drug is the restraining factor in the anti-obesity drug market. Moreover, less number of people getting weight management services, and obesity control is restraining the growth.
For instance, only 2% of US adults visit weight management experts consulting the problems. Additionally, because of the few side effects of the anti-obesity drug, it is recommended to be used for medication only for adults with a BMI of at least 27 coupled with related comorbidity.
North America is the Dominant Market
The North American region is expected to contribute significantly to the global anti-obesity drug market. The factors affecting the market growth in the region are rising obesity cases coupled with FDA approval of weight management medications.
According to the SingleCare Administrators, 1 out of 3 US adults is obese with a prevalence rate of at least 20%. Recently, FDA approved the use of six weight loss drugs for long-term use named Contrave, Saxenda, Xenical, Alli, Wegovy, Imcivree, and Qsymia. Moreover, the technological advancements and scientific research in the region with the presence of major market players such as Bristol Myers Squibb, and Currax Pharmaceuticals drive the adoption of anti-obesity drugs thereby promoting the anti-obesity drug market growth in the region.
Anti-Obesity Market Players
- Alizyme, founded in 1995 focuses on medication for obesity and related diseases. It offers appetite-reducing drugs named Zotrim, Trimtone, and PhenQ. Some calories burning and weight loss drugs offered by the company are Prime Shred, Instant Knockout, and Phengold.
- Currax Pharmaceuticals LLC, a US-based company focuses on smoking and obesity medication. The company provides obesity solutions through Contrave, Ontezra, Silenor, and Treximet.
- GlaxoSmithKline PLC aims to impact the health of 2.5 billion people by 2030. Alli (orlistat 60mg) developed in 2009 provides weight loss and it also received a non-prescription license in Europe.
Key Market Developments
- In March 2023, Nono Nordisk announced to launch of its weight loss medicine Wegovy soon in the UK. The drug will be used for adults only who gets treatment at a specialist NHS weight management service.
- In October 2022, Mounjaro developed by Eli Lilly was granted a fast-track designation for the treatment of obesity by the US Food and Drug Administration. Moreover, It was approved to treat type 2 diabetes mellitus in May 2022.
Segmentation:
By Mechanism of Action
- Peripherally Acting Drugs
- Centrally Acting Drugs
By Drug Type
- Prescription Drugs
- OTC Drugs
COMPANY PROFILES
- Alizyme
- Bayer AG
- Bristol-Myers Squibb
- Currax Pharmaceuticals LLC
- F.Hoffman-La Roche AG
- GlaxoSmithKline PLC
- Merck & Co. Inc.
- Norgine BV
- Novo Nordisk AS
- Pfizer Inc.
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