Global Weight Loss And Obesity Management Market, by Product and Services (Drugs, Supplements, Equipment, Services), by Age Group (Children, Adults, Geriatric), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 225.66 Billion in 2023 and is expected to exhibit a CAGR of 7.9% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The key market players in the market are focusing on the adoption of organic growth strategies, such as product approvals and product launch to expand its product portfolio, which is expected to drive market growth over the forecast period. For instance, on January 10 2023, Cymbiotika, a health supplement company, known for creating pure, clinically-backed supplements, announced the launch of its new product, Metabolic Health. Metabolic Health contains concentrates of highly-researched compounds that are scientifically and clinically backed for efficacy and results.
In October 2022, Allurion, a company dedicated to ending obesity, announced that it has received approval to launch its revolutionary gastric balloon technology in Brazil. The Allurion Balloon is the first and only intragastric weight-loss balloon that is routinely placed and removed without surgery, endoscopy or anesthesia1
Moreover, in October 2022, Eli Lilly and Company, a pharmaceutical company, announced that the U.S. Food and Drug Administration (FDA) has granted Fast Track designation for the investigation of tirzepatide for the treatment of adults with obesity, or overweight with weight-related comorbidities.
Global Weight Loss And Obesity Management Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
However, COVID-19 had a positive impact on the global weight loss and obesity management market as, due to COVID-19, an increase in the obesity rate was observed in various regions which has increased the need for weight loss management products and services For instance, in September 2022, according to a research article published on the National Center for Biotechnology Information (NCBI), stated that there was an increased incidence of obesity in children and adolescents post-COVID-19. The data stated that there were 18% children who were obese and belong to the age group of 5-9 years and 25% people who were obesed and belonged to 16-18 years of age.
Global Weight Loss And Obesity Management Market: Key Developments
Increasing acquisition by the key players in the market to expand its product portfolio is expected to drive the market growth in the forecast period. For instance, January 2022, Solace Nutrition, LLC, a medical nutrition company specializing in dietary supplements for metabolic conditions and chronic diseases, announced the acquisition of R-Kane Nutritionals, a brand of high-protein shakes and other weight loss products which are provided to physicians and medical facilities, for obesity treatment.
In February 2022, Nestlé Health Science, a global nutrition science company, announced that it has agreed to acquire PronoKal Group, a leading provider of weight loss and weight management services. Hence, increasing acquisition by the key players in the market to expand its product portfolio is expected to drive the market growth in the forecast period.
On March 08 2023, WW International, a provider of weight management services, announced the plan to acquire WEEKEND HEALTH, INC., a subscription telehealth company. WEEKEND HEALTH, INC., offers access to healthcare providers who specialize in obesity and chronic weight management.
In November 2022, Audax Management Company, LLC., a leading alternative investment manager, announced the acquisition of Medi-Weightloss, a leading operator of science-based, physician-supervised weight-loss and wellness clinics. Thus, increasing acquisition by the key players in the market to expand its product portfolio is expected to drive the market growth in the forecast period.
Browse 35 Market Data Tables and 33 Figures spread through 170 Pages and in-depth TOC on “Global Weight Loss And Obesity Management Market”- Forecast to 2030, Global Weight Loss And Obesity Management Market, by Product and Services (Drugs, Supplements, Equipment, Services), by Age Group (Children, Adults, Geriatric), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/weight-loss-and-obesity-management-market-3448
Key Takeaways of the Global Weight Loss And Obesity Management Market:
- The global weight loss and obesity management market is expected to exhibit a CAGR of 8.9% during the forecast period owing to adoption of various inorganic growth strategies such as mergers and others. For instance, in January 2021, ReShape Lifesciences Inc., a global weight-loss solutions leader, announced that it has entered into a definitive merger agreement with Obalon Therapeutics, Inc., a company focused on developing and commercializing novel technologies for weight loss, under which ReShape and Obalon will combine in an all-stock transaction.
- Among Product and Services, Drugs segment is estimated to hold a dominant position in the global weight loss and obesity management market over the forecast period.For instance, in June 2021, the U.S. Food and Drug Administration approved Wegovy (semaglutide) injection (2.4 mg once weekly) for chronic weight management in adults with obesity or overweight with at least one weight-related condition (such as high blood pressure, type 2 diabetes, or high cholesterol), for use in addition to a reduced calorie diet and increased physical activity.
- Among region, North America is expected to be the dominant region in the global weight loss and obesity management market, owing to increasing product launch by key market players, to expand the product portfolio and strengthen its market presence, which is expected to drive the segment growth over the forecast period. For instance, in February 2022, ZeoNutra, a manufacturers for Nutraceutical and Herbal products, announced the launch of ‘SlimPlus’, a Vegan Supplement Powder for Weight Management and Waist Slimming.
- Major players operating in the global weight loss and obesity management market include 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, and Nestlé Health Science.
