The Global Market for Anti-Obesity Drugs is Forecast to Reach US$4.6 Billion by 2024
Rising
Incidence of Obesity, Newer Drugs, and Newer Modes of Action to Drive the Global
Anti-Obesity Drugs Market, According to a New Report by Global Industry Analysts, Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, market size and demand forecasts on the global Anti-Obesity Drugs
market. The global market for Anti-Obesity
Drugs is forecast to reach US$4.6 billion by 2024, buoyed by growing
incidence of obesity worldwide, launch of newer drugs such as semaglutide, and
newer mode of action such as those of anti-diabetic drugs.
Obesity,
besides increasing the risk of several chronic conditions, is also known to
increase morbidity, lower life span, increase healthcare costs, reduce
productivity, significantly affecting the life of an obese individual as well
as impacting the economy on the whole. However, weary over the withdrawal of
several anti-obesity drugs, particularly over the last 15 to 20 years due to
safety concerns, the regulatory authorities in both Europe (EMA) and the US
(FDA) have turned extremely cautious about approving such drugs. This has
resulted in a very poor approval rate for obesity treatment in recent years.
Consequently, obesity, a second leading cause of fatalities in the US and
several other countries, remains a significantly unmet need in the field of
medicine. However, concerned over the lack of pharmacological option, the US
Congress directed the FDA to review its support for obesity treatment. As a
result, the FDA modified its approval procedure and granted approval for Belviq
and Qsymia in 2012, Contrave in 2014, and subsequently the now leading
anti-obesity drug, Saxenda in 2015.
Though
anti-obesity medication (AOM) market holds promise, Big Pharma has countered
many challenges of late in this area. Latest innovations such as Saxenda and
semaglutide by Novo Nordisk are proving to be more effective and safer than
earlier therapies. However, there is not enough insurance coverage yet.
Patients have to deal with out-of-pocket obesity treatment costs typically.
This is a major factor limiting the market potential. Other than nonexistent
insurance coverage, very modest results from AOM usage and general criticism of
medication as means to treat obesity, further restrain the market. New market
entrants may also be apprehensive, owing to past failures. Nevertheless, the
overall tide in AOM market may be changing. There is better understanding of
the biology of obesity by doctors and scientists; it is being increasingly
viewed as a disease rather than a physical condition. This may also lead to
better coverage by more insurers. For example, the US legislations which were
re-introduced during 2017 aim to improve access for Medicare beneficiaries to weight loss medication. Against this backdrop, the
anti-obesity drugs market continues to witness development of new drugs. Many
of the leading pharma companies are engaged in the development of certain
early-stage drugs. The next-generation of drugs holds some potential in the AOM
market. Newer modes of action reflect those of anti-diabetic drugs that work
like the hormone the body secretes to regulate appetite.
As
stated by the new research report on Anti-Obesity Drugs, the United States
represents the largest as well as the fastest growing market worldwide, driven
by a large base of obese population, rising preference for convenience food
products, as well as sedentary lifestyles. Developing regions, including Asia-Pacific,
are expected to exhibit increasing incidence of obesity, due to rapid growth in
urbanization, increasing per-capita GDP, improving standard of living,
increased consumption of ready-to-eat food, and lack of physical activity. As
home to two of the most populous nations in the world, China and India, Asia-Pacific
is expected to exhibit significant growth, backed by the huge obese population.
Major
players in the market include F. Hoffmann-La Roche Ltd., GlaxoSmithKline Plc.,
Eisai Co. Ltd., Novo Nordisk A/S, Rhythm Pharmaceuticals, and VIVUS Inc., among
others.
The
research report titled “Anti-Obesity Drugs: A Global
Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market
trends, growth drivers, technological innovations, mergers and acquisitions,
other strategic industry activities of major and niche global and regional
players. The report provides market estimates and projections in US dollars for
all major geographic markets, such as the US, Canada, Europe (France, Germany,
Italy, UK, and Rest of Europe), Asia-Pacific (Including Japan), Latin America,
and Rest of World.
For
enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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