PUBLISHER: The Business Research Company | PRODUCT CODE: 1455554
PUBLISHER: The Business Research Company | PRODUCT CODE: 1455554
Weight loss drugs refer to pharmaceutical substances designed to reduce appetite and food cravings, ultimately leading to a decrease in calorie intake and subsequent weight loss. These drugs undergo approval from the U.S. Food and Drug Administration (FDA) and are prescribed by healthcare professionals to treat individuals suffering from obesity or those who are overweight and have accompanying weight-related medical conditions such as high blood pressure, type 2 diabetes, or high cholesterol.
Weight loss drugs come in various forms, with the main types being liquid, tablets, and capsules. Weight loss liquids refer to formulations designed to assist in weight management and the reduction of body weight. These liquids are available through different distribution channels, including hospital pharmacies, retail pharmacies, and online pharmacies. They may serve various purposes, such as aiding in weight reduction, acting as fat absorption inhibitors, or boosting metabolism.
The weight loss drugs market size has grown exponentially in recent years. It will grow from $1.94 billion in 2023 to $2.87 billion in 2024 at a compound annual growth rate (CAGR) of 47.8%. The growth observed in the historical period can be attributed to several factors, including the increasing rates of obesity, changes in lifestyle, heightened awareness and education about weight-related issues, early diagnosis of medical conditions, and a general rise in healthcare expenditure. These factors collectively contributed to a greater demand for weight loss drugs as individuals sought solutions to address and manage weight-related concerns during the historical period.
The weight loss drugs market size is expected to see exponential growth in the next few years. It will grow to $12.17 billion in 2028 at a compound annual growth rate (CAGR) of 43.5%. The anticipated growth in the forecast period can be attributed to factors such as the increasing geriatric population, the influence of social media, trends in fitness and wellness, cultural perceptions of beauty, and continued investments by the pharmaceutical industry. Key trends expected in the forecast period include advancements in technology, a focus on non-prescription solutions, the emergence of personalized medicine, the exploration of combination therapies, ongoing product innovation, and an emphasis on post-market surveillance. These trends suggest a dynamic landscape in the weight loss drug industry, with a focus on evolving strategies and solutions to meet diverse needs and preferences.
The anticipated increase in obesity rates is expected to drive the growth of the weight loss drugs market. Obesity rates are defined as the proportion of individuals in a population with a body mass index (BMI) equal to or greater than 30. Weight loss drugs play a crucial role in addressing obesity by assisting individuals in achieving weight loss through various mechanisms such as appetite reduction, increased feelings of fullness, or interference with nutrient absorption. In September 2023, the Centers for Disease Control and Prevention reported that adult obesity rates exceeded 35% in 19 states in 2021 and 22 states in 2022, with prevalence at or above 35% in 2022. Additionally, the World Obesity Federation estimated that over 4 billion people are expected to be obese by 2035. The rising obesity rates are a key driver for the growth of the weight loss drugs market.
Major companies in the weight loss drug market are focusing on the development of innovative products to better serve patients. One such example is Zepbound (tirzepatide) injection, a once-weekly injectable dual glucose-dependent insulinotropic polypeptide (GIP) and glucagon-such as peptide-1 (GLP-1) receptor agonist. In November 2023, Eli Lilly and Company, a US-based pharmaceutical company, received FDA approval for tirzepatide injection (Zepbound) for chronic weight management in adults with overweight or obesity and at least one weight-related condition. Zepbound stands out as the first and only FDA-approved obesity treatment that activates both GIP and GLP-1 receptors, showing potential for commercial success.
In December 2023, Roche Holding AG, a Switzerland-based healthcare company, successfully acquired Carmot Therapeutics Inc. for $2.7 billion. This strategic acquisition granted Roche access to two obesity drug candidates, including an injectable ready for phase 2 clinical trials and a daily pill version in phase 1 trials. The acquisition aimed to strengthen Roche's position in the competitive and growing obesity drug market. Carmot Therapeutics Inc., a US-based clinical-stage biotechnology company, specializes in the discovery and development of disease-modifying therapies for obesity and diabetes.
Major companies operating in the weight loss drugs market report are Pfizer Inc., Roche, Merck & Co., AbbVie Inc., Novartis AG, Bristol Myers Squibb, Sanofi S.A., AstraZeneca plc, LG Chem, GlaxoSmithKline, Takeda Pharmaceutical Company, Eli Lilly and Company, Bayer AG, Amgen Inc., Boehringer Ingelheim group, Novo Nordisk A/S, Merck KGaA, Teva Pharmaceutical Industries Ltd., Hisun Pharmaceutical, Taj Pharmaceuticals Ltd, Zhongshan Pharmaceutical Co. Ltd., Dm Pharma, Lunan Pharmaceutical Group Corporation, Wolfson Berg Ltd., Swiss Research Labs Ltd.
North America was the largest region in the Weight Loss Drugs market in 2023. The regions covered in the weight loss drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the weight loss drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The weight loss drugs market consists of sales of appetite suppressants, fat absorption inhibitors, and metabolism boosters. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Weight Loss Drugs Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on weight loss drugs market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for weight loss drugs ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The weight loss drugs market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.