Global Weight Loss Drugs Industry Research 2024: Market to Grow at a CAGR of 49.85% to 2029, Driven by Semaglutide (Ozempic and Wegovy), Liraglutide, and Tirzepatide (Marketed as Mounjaroy)


Dublin, April 23, 2024 (GLOBE NEWSWIRE) -- The "Global Weight Loss Drugs Market: Analysis By Product Type, By Drug Type, By Distribution Channel, By End User, By Region, Size and Trends with Impact of COVID-19 and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.

The global weight loss drugs market was valued at US$3.83 billion in 2023, and is expected to be worth US$44.12 billion in 2029. The global weight loss drugs market is expected to grow at a CAGR of 49.85% over the years 2024-2029.

The market is foreseen to show trajectory growth during the forecasted period due to the development of personalized medicine approaches tailored to individual genetic makeup and metabolism. Additionally, there is a growing interest in natural and herbal weight loss supplements due to their perceived safety and efficacy. The market is also witnessing a shift towards combination therapies and digital health solutions integrating medication with lifestyle modifications and behavioral interventions for more comprehensive weight management.

A prominent trend in the weight loss drugs market is the emergence of highly effective medications, such as semaglutide (sold as Ozempic and Wegovy), liraglutide (sold by Novo Nordisk), and tirzepatide (marketed as Mounjaro by Eli Lilly). Moreover, increasing investments in research and development by pharmaceutical companies to introduce innovative and safer weight loss medications have also boosted market growth. It is expected that patients will need to take the drugs long-term to maintain their weight loss.

North America dominated the weight loss drugs market in 2023. Rising concerns about obesity and chronic diseases are prompting individuals to seek effective solutions for weight management. At least 1 in 3 American adults meets the definition of obese, which can bring an increased risk of heart disease, diabetes, and certain cancers, per the CDC. 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. Additionally, societal trends towards healthier lifestyles and increased awareness about the importance of maintaining a healthy weight are driving demand for weight loss drugs.

The weight loss drugs market in the 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 expansion 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.

Chinese pharmaceutical firms are creating their versions of weight-loss drugs to challenge western drugmakers in the vast Chinese market. These companies aim to compete with Novo Nordisk in a country with the world's largest population of overweight and diabetic individuals. Success could lead to more affordable alternatives for western markets. Furthermore, domestically produced weight-loss medications are nearing market entry. Shanghai Benemae Pharmaceutical and Huadong Medicine have recently obtained approval for their products. Additionally, Innovent, a biotech firm based in Suzhou, holds the Chinese rights to Eli Lilly's promising obesity drug, Mazdutide, with positive trial results announced in January.

The weight loss drugs market in India has witnessed steady growth in recent years due to rising health consciousness among the population and increasing instances of obesity-related health issues. With a burgeoning middle-class population and a growing awareness of lifestyle diseases, there has been a surge in demand for weight loss medications and supplements. The market is characterized by a mix of domestic and international players offering a variety of products catering to different consumer needs and preferences. Moreover, Eli Lilly is anticipated to introduce Zepbound and Mounjaro in India next year, potentially becoming among the pioneering weight-loss medications to be officially available for sale in the country.

The landscape of weight loss medication is currently undergoing a significant transformation with the emergence of highly effective new drugs. These innovative pharmaceuticals are designed to aid individuals dealing with obesity in shedding substantial body weight, and their performance in clinical trials is exceptionally promising.

Competitive Landscape:

The competitive landscape of the weight loss drugs market is evolving rapidly, driven by increasing demand for effective solutions to combat obesity and related health issues. With obesity rates soaring worldwide, pharmaceutical companies are striving to develop innovative medications to address this growing epidemic. Traditionally, weight loss drugs primarily targeted appetite suppression or fat absorption inhibition. However, the emergence of GLP-1 agonists, GIP agonists, and dual-acting agents has introduced novel mechanisms of action.

These medications not only promote weight loss but also improve metabolic parameters, such as blood sugar control and lipid levels. As a result, they have garnered significant attention and reshaped the competitive landscape. The expiration of patents for older weight loss drugs, such as orlistat (Xenical), has led to the entry of generic competitors into the market. This increased competition has driven down prices and forced companies to differentiate their products through innovation, branding, and marketing strategies.

Mergers and acquisitions among pharmaceutical companies have become commonplace in the weight loss drugs market. These strategic moves aim to strengthen product portfolios, expand market reach, and capitalize on synergies. Companies may also collaborate with academic institutions or biotechnology firms to leverage cutting-edge research and development capabilities.

Market Segmentation Analysis:

By Product Type: The report identifies three segments on the basis of product type: Powders and Pills, Liquids, and Injection.

Injections are the fastest-growing segment in the weight loss drugs market, driven by their high efficiency and maximum bioavailability. Administered intravenously, they ensure rapid action, appealing to individuals with chronic obesity. Pharmaceutical firms are heavily investing in R&D to advance injection-based formulations, aiming to improve efficacy and patient adherence. The USFDA's recent approval of Wegovy (Semaglutide) injection for chronic weight management underscores the increasing emphasis on injection-based solutions to tackle the global obesity crisis.

By Drug Type: The global weight loss drugs market by drug type can broadly be divided into two segments namely, Prescription Drugs and Over The Counter (OTC) Drugs.

The over-the-counter weight loss drugs market is anticipated to experience significant growth in the forecast period, largely propelled by the increasing accessibility facilitated by e-commerce platforms. This accessibility, coupled with the convenience of online purchasing, has led to a notable uptick in demand for OTC weight loss medications among consumers. Notably, in regions like the US where awareness is high and a diverse array of OTC products are readily available, there has been a discernible surge in demand.

Similarly, in Asian countries, the burgeoning emphasis on fitness and rising concerns about obesity are driving the need for OTC weight loss drugs. Although there are fewer OTC drugs currently approved for sale, their cost-effectiveness and ease of availability are expected to fuel market growth in the coming years. For instance, Orlistat, known as Xenical when prescribed by Roche, is also marketed as an OTC drug named Alli by GlaxoSmithKline in select regions such as the United Kingdom and the US.

By Distribution Channel: The global weight loss drugs market by distribution channel can broadly be divided into two segments namely, Offline and Online.

Offline distribution channel dominated the market in 2023 while online distribution channel segment is foreseen to grow at the fastest CAGR during the forecasted period. Offline distribution channels, comprising brick-and-mortar pharmacies, clinics, and healthcare facilities, dominated the global weight loss drugs market in 2023. This segment offers the advantage of face-to-face interaction with healthcare professionals, providing personalized advice and guidance to consumers seeking weight loss solutions. Furthermore, offline channels facilitate immediate access to medications, ensuring timely initiation of treatment regimens.

By End User: The global weight loss drugs market by end user can broadly be divided into four segments namely, Under 18 Years, 18-40 Years, 40-50 Years and Above 50 Years.

18-40 Years segment dominated the market in 2023. This segment is primarily driven by factors such as increasing social media influence, where images of idealized body types promote a culture of fitness and thinness. Additionally, the prevalence of desk jobs and sedentary lifestyles among young adults contributes to weight gain, leading to a heightened demand for weight loss drugs. Moreover, the desire for quick results and the availability of diverse weight loss products catered towards this age group further propel market dominance. Simultaneously, under 18 years segment is anticipated to exhibit the fastest CAGR during the forecasted period.

Market Dynamics

Growth Drivers

  • Increasing Prevalence of Obesity
  • Aging Population
  • Rising Healthcare Expenditure
  • Increasing Demand for Effective Weight Management Solutions
  • High Prevalence of Comorbidities like Diabetes
  • Increasing Awareness of Weight Management
  • Sedentary Lifestyle

Challenges

  • Stringent Drug Approval Policies
  • Side Effect of Weight Loss Drugs
  • Rebound Effect
  • Availability Of Alternative Treatment Options

Market Trends

  • Telemedicine and Digital Health Solutions
  • Personalized Medicine and Combination Therapies
  • Herbal and Nutraceutical Products
  • The Emergence of GLP-1 and GIP
  • Emerging Markets and Childhood Obesity
  • Advances in Drug Development and Research
  • Unmet Market Needs and Emerging Product Pipeline

Company Profiles

  • Merck KGaA
  • GlaxoSmithKline Plc
  • Eli Lilly and Company
  • Boehringer Ingelheim
  • Novo Nordisk A/S
  • Rhythm Pharmaceuticals Inc.
  • Amgen Inc.
  • Viking Therapeutics, Inc.
  • Currax Pharmaceuticals LLC
  • VIVUS LLC

For more information about this report visit https://www.researchandmarkets.com/r/vr7x08

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