by The (Anti-Obesity Drug) Market is estimated to be valued at US$ 2,542.0 Mn in 2023 and is expected to exhibit a CAGR of 16. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Anti-obesity drugs work by controlling appetite or reducing the amount of fat the body absorbs from food. They help in losing some weight when used along with a healthy low-calorie diet and regular exercise. The anti-obesity drugs available today work to reduce appetite, reduce absorption of fat, or increase fullness.
Market key trends:
The increasing prevalence of obesity is a major factor driving growth of the anti-obesity drug market. According to the World Health Organization (WHO), over 650 million adults worldwide were obese in 2016. Obesity increases the risks of various chronic diseases such as heart disease, diabetes, bone and joint problems, and certain cancers. Hence, growing obese population is increasing adoption of anti-obesity drugs for weight management. Further, recent drug approvals and strong product pipelines, focus on development of combination therapies and novel drug targets are some key trends expected to boost the anti-obesity drug market growth over the forecast period.
Porter’s Analysis:
Threat of new entrants: Low barriers to enter the anti-obesity drug market in terms of licenses and requirements. However, high capital costs for R&D and marketing expenditure pose significant threats to new entrants.
Bargaining power of buyers: The anti-obesity drug market has a significant buyer power due to existence of multiple providers with substitutable products addressing obesity. Purchasing bulk orders allow cost discounts.
Bargaining power of suppliers: Major raw material suppliers for anti-obesity drugs have limited bargaining power due to availability of substitute products. However, suppliers of patented active ingredients possess moderate power.
Threat of new substitutes: Diet, exercise and bariatric surgery pose threats of substitutes. New substitutes may reduce obesity drug sales if found clinically effective than current products.
Competitive rivalry: High as major players compete over market share and diversify product portfolios addressing various weight loss requirements.
SWOT Analysis:
Strengths: Large market size and strong R&D support new product development. Existing brand loyalty and recall provide competitive advantage.
Weaknesses: Safety issues pose risks of side effects and severe adverse reactions. High development costs and strict regulations delay new approvals.
Opportunities: Increasing prevalence of obesity provides scope to target new regions and segments. Combination therapies present market expansion opportunities.
Threats: Stringent regulations on safety lead to withdrawals raising compliance costs. Patent expiries encourage generic competition eroding sales and profits.
Key Takeaways:
The Global Anti-Obesity Drug Market is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing prevalence of obesity disorders worldwide. By 2030, over 50% of the global population is projected to be overweight or obese.
Regionally, North America dominates the anti-obesity drug market currently accounting for over 35% share in 2023. However, Asia Pacific is expected to witness the highest growth during the forecast period owing to large untapped markets in China and India coupled with improving healthcare infrastructure and rising disposable incomes in the region.
Key players operating in the anti-obesity drug market are VIVUS Inc., Pfizer Inc., Novo Nordisk, Bayer AG, F Hoffmann-La Roche, Glaxosmithkline, Arena Pharmaceuticals, Eisai Co. Ltd., Takeda Pharmaceutical Company, and Nalpropion Pharmaceuticals Inc., among others. Major players are focused on new product launches, expansion to generic markets and collaborations to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
