PUBLISHER: Allied Market Research | PRODUCT CODE: 1298369
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298369
The anti-obesity drugs market valued for $1,605.36 million in 2022 and is estimated to reach $4,439.34 million by 2032, exhibiting a CAGR of 10.7% from 2023 to 2032. Obesity is a medical condition in which excess body fat is accumulated to an extent that it causes a negative effect on health. It is generally defined as having a body mass index (BMI) of 30 or greater. It is widely recognized as the largest and fastest-growing public health problem in developed and developing countries. Anti-obesity drugs are medications prescribed to help people who are overweight. These drugs work by suppressing appetite, increasing metabolism, or blocking the absorption of fat from food. Some of the commonly prescribed anti-obesity drugs include phentermine, sibutramine, orlistat, and liraglutide.
The key factor that drives the growth of the anti-obesity drugs market is significant rise in the prevalence rate of obesity, surge in health risks associated with being overweight or obese and increase in number of research and development activities on several potential drug molecules that target both obesity and type 2 diabetes mellitus. For instance, in June 2021 Novo Nordisk announced that the U.S. Food and Drug Administration (FDA) has approved Wegovy for once weekly semaglutide 2.4 mg injection in the U.S. for chronic weight management. Furthermore, increase in number of initiatives taken by government to make people aware about health-related issues with obesity and rise in funding from government and private bodies for large-scale production of anti-obesity drugs, may open up new market potential for key market players that drive the growth of the market.
However, stringent drug approval policies and the availability of alternative therapies hamper market growth. Conversely, rise in the prevalence of obesity and type 2 diabetes is encouraging researchers and vendors in the market to research drugs that can counter both obesity and type 2 diabetes. Hence, increase in obese population, rise in unhealthy eating habits, and sedentary lifestyles may open up new market potentials for anti-obesity drugs and are expected to provide lucrative opportunity for the growth of the market during the forecast period.
North America accounted for a majority of the anti-obesity drug market share in 2021 and is anticipated to remain dominant during the forecast period. The anti-obesity drugs market is mainly driven by the increase in obese population and high healthcare expenditure on anti-obesity drugs. Furthermore, increase in awareness among the population regarding severe chronic diseases related to obesity and surge in number of clinical trials owing to a rise in investment by key market players in R&D activities are expected to fuel the market growth.
Asia-Pacific is expected to register the fastest CAGR during the forecast period owing to increase in healthcare expenditure and surge in R&D activities by key market players for the development of new drugs to treat obesity in the Asia-Pacific region. Furthermore, the increase in prevalence of obesity and rise in awareness about anti-obesity drugs in developing countries such as India, China, and South Korea contribute toward the growth of the anti-obesity drug market in this region.
However, the market is expected to witness a recovery post pandemic owing to rise in prevalence of obesity. In addition, an increase in number of people adopting unhealthy and sedentary lifestyles during the pandemic is anticipated to fuel the growth of the market.
The anti-obesity drugs market is segmented on the basis of drug type, mechanism of action, route of administration, distribution channel, and region. By drug type, the market is bifurcated into prescription drugs, and over the counter drugs. By mechanism of action, the market is divided into centrally acting anti-obesity drugs and peripherally acting anti-obesity drugs. By route of administration, the market is categorized into oral route and subcutaneous route. By distribution channel, the market is classified into hospital pharmacies, retail pharmacies and online pharmacies. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the anti-obesity drugs market are: Currax Pharmaceuticals LLC, Pfizer Inc, Novo Nordisk A/S, GlaxoSmithKline plc, Boehringer Ingelheim International GmbH, KVK Tech Inc, CHEPLAPHARM Arzneimittel GmbH, Gelesis Holdings, INC., VIVUS LLC, and Rhythm Pharmaceuticals.