NEW YORK, Sept. 15, 2016
NEW YORK, Sept. 15, 2016 /PRNewswire/ -- The global obesity treatment market is expected to reach USD 15.6 billion by 2024. Upward trend in sedentary lifestyles, physical inactivity, and unhealthy food habits are the vital factors responsible for the high prevalence of obesity. According to the Institute of Health Metrics and Evaluation, about 30.0% of the global population is either obese or overweight.
Additionally, along with commercial availability of solutions for weight management, technological advancements introduced by the vertical players and supportive initiatives undertaken by the governments, create more awareness with regard to obesity and its impact on health. This is further driving the growth of the obesity treatment market.
There are various approaches for weight management such as diet, exercise, drugs, minimally invasive devices & implants, and surgeries. Amongst the prevalent drugs, the combination drugs hold the largest market share whereas satiety drugs that provide a feeling of fullness appear as the fastest growing segment in the obesity treatment market.
In surgeries, gastric bypass procedures form the largest growing segment whereas the minimally invasive endoscopic procedure segment that involves surgical placement of implants and devices, such as satiety devices and gastric empting devices, is the fastest growing space.
Intense competition in the private sector has driven advancements and innovation toward the development of the latest techniques for obesity treatment that are offered in private hospitals and clinics. As a result, the demand for minimally invasive procedures is swiftly increasing. In addition, increasing awareness of obesity & the associated diseases and the commercial availability of weight management solutions is propelling the obesity treatment market.
Further key findings from the study suggest:
The combination drugs segment for obesity captured the largest market share of around 53% of the global market in 2015. The largest share of the segment was mainly attributed to the rising prevalence of obesity and the synergistic effect of combination therapy in weight management.
In the surgeries and devices segment, gastric bypass is the largest growing with a market share of over 32%, while the minimally invasive endoscopic procedures segment is anticipated to be the fastest growing category in obesity treatment for the forecast period
North America accounts for the largest market share of around 52.0% in 2015. This region is expected to maintain its dominance throughout the forecast period due to the heavy R&D investments deployed to develop effective weight management solutions and the commercial availability of minimally invasive procedures.
Asia Pacific is anticipated to witness the fastest growth during the forecast period. Growing awareness of adverse health effects related to excess weight and its impact amongst individuals, rising disposable income, improving healthcare infrastructure, and the emerging medical tourism industry are some of the factors expected to drive the growth of the Asia Pacific sector during the forecast period.
Some key market participants include VIVUS, Inc., Arena Pharmaceuticals, Inc., F. Hoffmann-La Roche Ltd., Novo Nordisk A/S, Allergan Plc, Medtronic, Ethicon (subsidiary of Johnson & Johnson), Cousin Biotech, EnteroMedics, Inc., and USGI Medical, Inc.
The players are focusing on product innovation through extensive R&D activities and introducing new combination drugs & satiety products. In addition, the sector giants are developing minimally invasive procedures and initiating collaborations to expand their geographical territories to gain greater market presence.
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SOURCE ReportlinkerPR Newswire
Last updated on: 15/09/2016
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