Rise in the prevalence of obesity, surge in health risks associated with being overweight, and increase in number of R&D activities on several potential drug molecules that target both obesity and type 2 diabetes mellitus drive the growth of the global anti-obesity drugs market.
PORTLAND, Ore., April 20, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Anti-Obesity Drugs Market by Drug Type (Prescription Drugs and Over the Counter Drugs), by Mechanism of Action (Centrally Acting Anti-Obesity Drugs and Peripherally Acting Anti-Obesity Drugs), by Route of Administration (Oral Route and Subcutaneous Route), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies and Online Pharmacies): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global anti-obesity drugs industry generated $1,605.36 million in 2022, and is anticipated to generate $4,439.34 million by 2032, witnessing a CAGR of 10.7% from 2023 to 2032.
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Prime determinants of growth
Increase in the prevalence of obesity, increase in number of drugs in pipeline, increase in number of clinical trials devices, surge in health risks associated with being overweight, and increase in number of R&D activities on several potential drug molecules that target both obesity and type 2 diabetes mellitus drive the growth of the global anti-obesity drugs market. However, potential side effects of anti-obesity drugs and stringent regulatory compliance for the approval of new drugs are hampering the anti-obesity drugs market growth. On the contrary, the growing prevalence of obesity rates and surge in awareness and concern about obesity and other health risk associated with obesity such as diabetes are expected to offer remunerative opportunities for expansion of the anti-obesity drugs market during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $1,605.36 million |
Market Size in 2032 | $4,439.34 million |
CAGR | 10.7 % |
No. of Pages in Report | 461 |
Segments covered | Drug Type, Mechanism of Action, Route of Administration, Distribution Channel, and Region. |
Drivers | Increase in the prevalence of obesity Increase in number of drugs in pipeline Increase in number of clinical trials |
Opportunities | Surge in awareness and concern about obesity and other health risk associated with obesity such as diabetes |
Restraints | Potential side effects of anti-obesity drugs |
Impact of COVID-19 on Anti-Obesity Drugs Market-
- The global anti-obesity drugs market was negatively impacted during the pandemic, owing to disruption in several clinical trials on novel drugs and decrease in number of patients seeking treatment for obesity.
- However, the market is expected to witness a recovery post pandemic, owing to rise in prevalence of obesity and surge in number of research and development activities aimed at developing new and more effective anti-obesity drugs. This, in turn, presented various growth opportunities for companies operating in the anti-obesity drugs market.
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The prescription drugs segment to maintain its leadership status throughout the forecast period
Based on drug type, the prescription drugs segment held the highest market share in 2022, accounting for nearly three-fifths of the global anti-obesity drugs market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is projected to manifest significant growth with a CAGR of 11.0% from 2023 to 2032, owing to rise in the prevalence of obesity and increase in the number of anti-obesity drugs in the pipeline phase.
The centrally acting anti-obesity drugs segment to maintain its leadership status throughout the forecast period
Based on mechanism of action, the centrally acting anti-obesity drugs segment held the highest market share in 2022, accounting for more than three-fifths of the global anti-obesity drugs market revenue and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest a significant CAGR of 11.2% from 2023 to 2032, owing to rise in awareness among people regarding the availability of centrally acting anti-obesity drugs and increase in number of product approvals across the world.
The oral route segment to maintain its leadership status throughout the forecast period
Based on route of administration, the oral route segment held the highest market share in 2022, accounting for more than two thirds of the global anti-obesity drugs market revenue and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest a significant CAGR of 11.1% from 2023 to 2032, owing to the fact that oral medications are typically more cost-effective than other forms of administration, such as injections or infusions, which require more resources and equipment.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global anti-obesity drugs market revenue and is estimated to maintain its leadership status throughout the forecast period. The anti-obesity drugs market is mainly driven by the increase in the obese population and high healthcare expenditure on anti-obesity drugs. In addition, a rise in awareness among the population regarding severe chronic diseases related to obesity and a rise in investment by key market players in R&D activities are expected to fuel the market growth. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.4% from 2023 to 2032, owing to increase in prevalence of obesity and obesity associated chronic disease, rise in geriatric population, growth in health care expenditures, and rise in adoption of anti-obesity drugs.
Leading Market Players: -
- Currax Pharmaceuticals LLC
- Pfizer Inc.
- Novo Nordisk A/S
- GlaxoSmithKline plc
- KVK Tech Inc.
- CHEPLAPHARM Arzneimittel GmbH
- Gelesis Holdings Inc.
- VIVUS LLC
- Rhythm Pharmaceuticals
- Boehringer Ingelheim International GmbH
The report provides a detailed analysis of these key players of the global anti-obesity drugs market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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