Obesity Management Market is expected to reach US$ 1.3 Billion by 2031
Globally, more than 1 billion individuals are overweight or obese and the numbers continue rising. This high prevalence of obesity will drive demand for obesity management products and services in the long term.
According to the World Health Organization (WHO), approximately 1.9 billion adults were overweight and 650 million adults were obese. Whereas 38.3 million children under 5 years of age were either overweight or obese in 2019. One in three adults in North America is obese. In the U.S., 80 million adults and 12.7 million children suffer from obesity.
Obesity is a prominent community health problem in many parts of the world. It is associated with numerous health disorders including gallbladder disease, heart disease, diabetes, stroke, hypertension, and fatty liver disease in addition to some cancers. According to a recent Future Market Insights (FMI) report, the market is set to surpass US$ 1.2 Bn by the end of the forecast period in 2031, with a CAGR of over 5%.
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Furthermore, there has been an increase in the per capita healthcare expenditure, especially in developed countries, with better reimbursement policies. People are now inclined towards out-of-pocket expenditure healthcare. Personal health, grooming, and concerns over social discrimination are leading people to take obesity management consultations.
However, the unprecedented pandemic crisis has had a significant impact on the obesity management market due to a slump of patient footfall in hospitals and clinics. Preference is now being given to the treatment of COVID-19 patients, limiting resources for anti-obesity consultations and related drugs or surgeries.
Also, there has been a halt in clinical trials for weight management drugs. However, with the availability and commencement of the COVID-19 vaccination, the clinical trials are resuming and are anticipated to pick up pace during the forecast period. Also, the adoption of telehealth and in developing countries is likely to bode well for the future of the market in the long term.
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Key Takeaways from Obesity Management Market Study
- Bupropion and Naltrexone will reflect register faster growth at a CAGR of 8.4%, owing to an increase in the preference for combination therapy in weight management.
- Gastric sleeve surgery will account for over 40% of the market throughout the forecast period owing to benefits of simplicity and time-efficiency.
- The U.S. will lead the North America market with a share of over 64% in 2021, driven by continuing diet and lifestyle issues prevalent in the country.
- Germany followed by Russia are leading markets in Europe, reflecting CAGR of over 6% through the end of 2031, driven by improvements in public health programs.
- Japan dominates the East Asia market, accounting for 49% value share in 2021, with government awareness programs contributing to growth.
“The rapidly increasing obesity cases and the resultant chronic diseases have triggered concern among patients and healthcare professionals. The COVI-19 crisis has alarmed people, as overweight people are at higher risk of acquiring SARS-COV2. This consciousness may help in encouraging obesity management uptake through 2021 and beyond,” says the FMI analyst.
Key Participant Insights
Prominent players in the Obesity Management Market are focusing on collaborations, mergers & acquisitions for global expansion and enhanced opportunities focused on emerging economies thereby, enhancing their market presence.
The key market players covered by FMI include GlaxoSmithKline Plc., VIVUS, Inc., Novo Nordisk A/S, Currax Pharmaceuticals LLC, Cheplapharm Arzneimittel GmbH, Bausch Health Companies Inc., and Takeda Pharmaceuticals, Inc.
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Obesity Management Market by Category
By Drug Type:
- Bupropion and Naltrexone
- Phentermine and Topiramate
By Surgery Type:
- Gastric Bypass Surgery
- Adjustable Gastric Banding Surgery
- Gastric Sleeve Surgery
- Duodenal Switch Surgery
By Distribution Channel:
- Hospitals Pharmacies
- Retail Pharmacies
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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