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The global Weight Loss and Obesity Management Market is estimated to be valued at US$ 225.66 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The weight loss and obesity management market comprises products and services that help manage obesity and promote weight loss. These include diet food and beverages, fitness centers and weight loss programs, weight loss supplements and drugs. Obesity has emerged as a major public health problem owing to factors such as sedentary lifestyles and increased consumption of junk food. The demand for effective weight loss and obesity management solutions is growing due to the rising prevalence of obesity-related chronic diseases and the associated health risks. Weight loss and obesity management helps control co-morbid conditions and improves overall health and well-being.
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Market Key Trends:
One of the key trends in the weight loss and obesity management market is the rising popularity of digital and online weight loss programs. With the growing penetration of smartphones and internet access, various weight loss apps and online forums/communities have emerged, providing virtual coaching and support. These virtual solutions are finding wide acceptance due to features like convenience, affordability and flexibility. Another major trend is the increasing consumer preference for low-calorie, healthy meal replacement products for weight management. Companies are launching innovative food offerings that facilitate healthy eating and weight loss. There is also strong demand for prescription weight loss drugs and bariatric surgeries due to their effectiveness in treating obesity and related conditions in eligible patients. Advancements in obesity therapeutics and management solutions continue to introduce new opportunities in the market.
Porter’s Analysis
Threat of new entrants: Low economies of scale and high costs of regulations create barriers for entry in the weight loss and obesity management market.
Bargaining power of buyers: Buyers have high bargaining power in the market due to availability of alternative options.
Bargaining power of suppliers: Suppliers have low bargaining power due to fragmented nature of suppliers in the market.
Threat of new substitutes: High level of innovation leads to continuous development of new substitutes in the market.
Competitive rivalry: Intense competition exists between established players operating in the market.
Key Takeaways
The global weight loss and obesity management market is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing prevalence of obesity globally. The increasing number of bariatric surgeries and growing obese population are driving the market growth.
Regional analysis: North America dominates the weight loss and obesity management market and is expected to continue its dominance over the forecast period. This is attributed to growing obese population and increasing health awareness in the region. Asia Pacific exhibits the fastest growth in the market due to rising diabetes and cardiovascular diseases due to obesity in regions such as India and China.
Key players operating in the weight loss and obesity management market are Novo Nordisk A/S, Takeda Pharmaceutical Company Limited, Eisai Co., Ltd., Herbalife International of America, Inc., F. Hoffmann-La Roche Ltd, VIVUS LLC., Apollo Endosurgery, Inc., Duke Products & Services & Fitness Center, Ethicon Inc., Equinox, Inc., Kellogg Co., Life Time Fitness Inc., Medtronic, Nutrisystem, Inc., FOUND, Ro, OptiBiotix Online., PRISTYN CARE, Allurion, WW International, Inc., Amgen Inc., Meiji Holdings Co., Ltd., Boehringer Ingelheim International GmbH, Rhythm Pharmaceuticals, Inc., Altimmune, Nestlé Health Science. Key players are focusing on new product launches and mergers & acquisitions to strengthen their market position.
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.
