Obesity is defined by excessive body fat and higher body mass index. The average BMI index for obesity is above 30 (obese). Obesity is one of the most prevalent disease conditions across the world, and it is prevalent in developed, emerging, and undeveloped regions. Surgeries that aid in the treatment of obesity include, gastric bypass, adjustable gastric banding, gastric sleeve, duodenal switch, and intragastric balloon treatment.
The global obesity management drugs market is estimated to account for US$ 764.7 Mn in terms of value in 2020 and is expected to reach US$ 1,078.9 Mn by the end of 2027.
Global Obesity Management Market: Drivers
R&D of new products is expected to propel growth of the global obesity management market over the forecast period. For instance, in May 2019, VIVUS, Inc., a biopharmaceutical company, announced the commencement of phase IV safety and efficacy Qsymia for weight management in obese patients.
Global Obesity Management Market: Opportunities
Adoption of novel technologies in treatment of obesity is expected to offer lucrative growth opportunities for players in the global obesity management market. For instance, in August 2020, researchers from Harvard University reported use of CRISPR-Cas9 gene-editing technology to engineer human white fat so that it displays the properties of brown fat.
Global Obesity Management Market: Restraints
Side effects and safety controversies is expected to hinder growth of the global obesity management market. Though the number of obesity drug users are rapidly increasing due to their many benefits, studies show that there are certain side effects and adverse health effects of obesity drugs over long term that include, high cholesterol, diabetes, high blood pressure, heart diseases, strokes, sleep apnea, depression, asthma, and cancer.
The global obesity management drugs market was valued at US$ 729.9 Mn in 2019 and is forecast to reach a value of US$ 1,078.9 Mn by 2027 at a CAGR of 5.0% between 2020 and 2027. Major factor driving the growth of global obesity management drugs market during the forecast period include increasing prevalence of obesity, and number of products available.
Orlistat held dominant position in the global obesity management drugs market in 2019, accounting for 31.9% share in terms of value, followed by Liraglutide and Lorcaserin, respectively.
Major players in the global obesity management market are focused on adopting collaboration and partnership strategies to expand their product portfolio. For instance, on June 2019, NovoFit, a global distributor for fitness equipment, entered a strategic partnership with Amer Sports’ leading fitness brand, Precor for product distributorship in Australia. The partnership is projected to increase market positioning of NovaFit and Amer Sports in Australia.
Possible link of obesity with cancer is expected to propel growth of the global obesity management market. For instance, in September 2020, a research at Washington University School of Medicine in the U.S. reported that for every 5kg of weight gained the risk of the cancer increases by 5%.
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Global Obesity Management Market: Competitive Landscape
Major players operating in the global obesity management market include, F Hoffmann La Roche Ltd., GlaxoSmithKline plc., Orexigen Therapeutics, Inc., Arena Pharmaceuticals, Inc., VIVUS, Inc., Novo Nordisk A/S, and Eisai Co., Ltd.
Global Obesity Management Market: Key Developments
Major players in the global obesity management market are focused on adopting collaboration and partnership strategies to expand their product portfolio. For instance, in July 2018, Eisai Co., Ltd. entered an agreement to grant exclusive development and marketing rights to CY Biotech for its anti-obesity agent lorcaserin hydrochloride (lorcaserin) in China.