Preliminary research of Fairfield Market Research indicates a promising growth outlook for global anti-obesity drugs market during the course of next few years.
Sharp Rise in Rate of Obesity in Recent Past Uplifts Growth Prospects of Anti-obesity Drugs Market
Anti-obesity pharmacological developments in recent years have made it possible for people to lose weight clinically significantly. This is one of the main elements contributing to a positive outlook and the widespread prevalence of obesity by sedentary lifestyles. In addition, lack of sleep, circadian dyssynchrony, ongoing stress, and the growing use of anti-epileptic and psychotropic medications can all contribute to weight gain. The anti-obesity drugs market is expanding as a result of this as well as the rising number of anti-obesity medications (AOMs) that help control hunger and food cravings that are being approved by medical authorities. The market is growing due to factors such as the rising prevalence of obesity, the adoption of a sedentary lifestyle, the aging population, and the chronic nature of the disease.
Nearly 39 million children under the age of five were overweight or obese in 2020, according to a report from the World Health Organization published in June 2021. Around the world, one in five kids and teenagers are overweight. In developed nations where lifestyle-related disorders like anxiety, stress, smoking, and drinking are more common, obesity has risen sharply over the past few decades. It is frequently referred to as a global endemic. The major market players are also working on new products and obtaining market approvals due to the rise in obesity rates worldwide. Due to the increase in the world's obesity rate, the major companies in the anti-obesity drugs market are also developing new products and obtaining market acceptance. To find and create therapeutic molecules to treat a range of metabolic disorders, such as obesity, diabetes, and other related ailments, Novo Nordisk joined forces with Evotec AG in 2021. It is anticipated that there will be a significant increase in prospects for market vendors to produce new goods due to the growing need for long-lasting medications. This aspect is anticipated to support the market expansion eventually.
Anti-obesity Drugs Market: COVID-19 Impact
Due to decreased in-person doctor visits, the closure of non-essential healthcare services, and the reallocation of resources to pandemic-focused services, the COVID-19 pandemic has had a negative impact on the anti-obesity drugs market growth. Similarly, the market's negative effects have been reduced by the growing use of telemedicine in place of "in-person" hospital visits and by the use of internet pharmacies to buy repeat prescription drugs. Additionally, pharmaceutical firms are putting a lot of effort into keeping the pandemic's supply and demand in check to maintain their sales. For instance, a decrease in hospital visits caused by COVID-19 affected Saxenda's (liraglutide), a product of Novo Nordisk A/S, sales in important nations like the U.S. In Europe, Middle East, and Africa (EMEA) regions, it did report a strong sales trend with an increase of nearly 15.0% over FY 2020. The increase in telemedicine and online pharmacies use across the regions is credited with the growth. The global prevalence of obesity has increased due to limited mobility and confinement to one place during lockdowns.
Growing Public Awareness Regarding Obesity Treatment to Drive Anti-obesity Drugs Market Growth
Obesity prevalence has drastically increased over the last few decades and is currently regarded as an epidemic. Obesity is a serious public health issue since it significantly raises the risk of chronic illnesses like type 2 diabetes, cardiovascular disease, high blood pressure, and several types of cancer. Due to this, more people are now aware of severe chronic diseases and how to prevent them by following the right action plans, which include the following: The ROOTS method, which lays out an integrated, equitable, comprehensive, and person-centered strategy to address this issue, was developed at the 2020 Global Obesity Forum by the international obesity community and WHO in recognition of the complexity of this disease. Furthermore, the stringent implementation of such international organizations' programs will raise awareness of disease situations. Several industry firms are actively researching and launching viable therapies to address the issue. For instance, research on the glucagon-like peptide-1 receptors oral diabetes medicine PF-06882961 by Pfizer Inc. showed that the drug could help control type 2 diabetes and aid in weight loss as obesity is frequently linked to type 2 diabetes. These diabetes medications cause weight reduction by suppressing hunger.
Increasing Effort Toward Raining Awareness About Obesity to Drive Anti-obesity Drugs Market Growth
All over the world, the prevalence of obesity has dramatically increased, but the rate varies greatly by the nation as a result of unhealthy eating habits and trends toward sedentary lifestyles. Although there is no connection between a nation's economic standing and its obesity rate, it has been noticed that wealthier nations tend to implement more programs, campaigns, and initiatives to educate and raise public awareness about healthy lifestyles. For instance, the WHO reported that more than 1 billion people are obese worldwide, including 650 million adults, 340 million adolescents, and 39 million children, in a March 2022 article. In addition, the WHO predicted that by 2025, 167 million people would be less healthy due to being overweight or obese. It has enormous direct and indirect financial repercussions for society, which puts a huge demand on social and healthcare resources. Malta, Hungary, and Lithuania are a few of the European nations most impacted by this obesity epidemic.
High Cost of Production May Continue to Hamper Anti-obesity Drugs Market Growth
Despite the growing demand for effective anti-obesity medications, the strict regulatory environment is one of the major obstacles to market growth. Many reputable biopharmaceutical companies may decide not to invest in market due to the extremely difficult regulatory process for the approval of new anti-obesity medications. In addition, it raises their R&D costs and restricts revenue growth, which affects the potential for new product launches and slows the anti-obesity drugs market expansion. The U.S. FDA has approved five drug therapies, whereas the European Medicines Agency (EMA) has only approved three (bupropion/naltrexone, orlistat, and liraglutide). For instance, many regulatory bodies use the 5.0% total weight loss threshold as a guideline to assess whether a drug causes significant weight loss. Such onerous regulatory requirements severely hamper the growth of the market.
With Presence of Major Players, and Multiple Regulatory Approvals, Prescription Drugs Category Dominant in Anti-obesity Drugs Market
The market is segmented by drug type into prescription and OTC drugs. In 2021, a sizable market share was held by the prescription drugs category due to the presence of major market players with regulatory approvals for their products. Furthermore, the simple access to therapeutically effective anti-obesity medications is credited with the category's quick expansion. Obesity is becoming more common, especially in developing nations, due to the declining health of the world's population due to the rising consumption of junk food. Various businesses are promoting the use of these products by boosting investments in R&D projects and strategic alliances to deliver cures. Prescription drug sales are also being boosted by a rise in medical professional prescriptions, leading to the segment's domination in the market. On the other hand, due to the small number of available products, the OTC medications sector is anticipated to increase significantly. Personal worries about unfavorable side effects from OTC medications contribute to the lower rate, limiting the segment's expansion over the projection period.
Easy Availability Upholds Top Positioning of Retail Pharmacies Category in Global Anti-obesity Drugs Market
Based on distribution channels, the market is segmented into hospitals, pharmacies, retail pharmacies, and e-commerce. The retail pharmacies category held the largest anti-obesity drugs market share, and it is anticipated that it will continue to rule the market during the forecast period due to the rising use of retail pharmacy platforms and the availability of anti-obesity drugs on these platforms, which makes drug procurement easier for the patient population. Additionally, because obesity is a chronic condition that requires ongoing treatment, more anti-obesity medications are being adopted through retail and online pharmacy distribution channels. Furthermore, during the forecast period, it is anticipated that the hospital pharmacy segment will expand at a significant rate. Due to the availability of alternative distribution channels for purchasing anti-obesity drugs, which provide treatment at reasonable costs and conveniently, the hospital segment is predicted to experience slower growth despite requiring a prescription for medicines from qualified professionals.
Shooting Consumer Preference for Online Grocery Shopping Directly Contributes Toward North America’s Dominance in Anti-obesity Drugs Market
Over the forecast period, it is anticipated that the North American market will account for the largest revenue share. The key reasons driving the market growth are the rise in the obese population and high healthcare costs. Additionally, the high prevalence of obesity in this region, which includes high-income nations, is blamed for the growth. The adult obesity prevalence is rising as a result of current work-from-home practices, decreased physical activity, and stress from money and other sources among the adult population, which supports the expansion of the market here. The Centers for Disease Control and Prevention (CDC) announced in September 2020 that adult obesity prevalence is rising, and racial and ethnic disparities continue due to the adult population's current work-from-home culture, lack of physical activity, and stress related to money and other factors. The CDC reported that adult obesity prevalence is currently at or above 35% in twelve states, including Arkansas, Indiana, Kansas, Michigan, Alabama, Mississippi, Oklahoma, Kentucky, Louisiana, South Carolina, Tennessee, and West Virginia. This is a significant increase from 2018 when 35% of adult obesity prevalence was reported in nine states.
The Asia Pacific anti-obesity drugs market is anticipated to experience stable revenue growth throughout the forecast period due to increased fat people, rising spending on packaged and processed meals, and rising use of beverages with added sugar. The market in APAC is anticipated to be driven by rising healthcare spending and improving healthcare infrastructure. Additionally, the market is expanding due to expanding R&D facilities, rising disposable income, and a sizable patient base in emerging nations like China and India. Furthermore, the growing market Asia Pacific nations, including South Korea, China, and India, will be aided by the region's growing medicine demand and public awareness of these medications.
Global Anti-Obesity Drugs Market: Competitive Landscape
In February 2022, to help manage type 2 diabetes, glucagon-like peptide-1 receptors, according to a study by Pfizer Inc., may also help with weight loss since type 2 diabetes and obesity are frequently linked. Similarly, in November 2021, Novo Nordisk declared that the Committee for Medicinal Products for Human Use (CHMP), a European regulatory body, had approved Wegovy for chronic weight management in adults with obesity and had recommended its marketing authorization.
A few of the players in the anti-obesity drugs market Boehringer Ingelheim GmbH, Arena Pharmaceuticals Inc., Takeda Pharmaceuticals Company Limited, Zydus Cadila, Rhythm Pharmaceuticals, Merck & Co. Inc., Eisai Co. Ltd., Novo Nordisk A/S, Orexigen Therapeutics Inc., GlaxoSmithKline PLC. F. Hoffmann-La Roche, Shionogi Inc., Norgine B.V., Pfizer Inc., and Zafgen.
Global Anti-obesity Drugs Market is Segmented as Below:
By Mechanism of Action
By Drug Type
By Distribution Channel
Key Elements Included In The Study: Global Anti-obesity Drugs Market
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