The anorexiants market studied is anticipated to register a CAGR of 3.9% during the forecast period. The major factors attributing to the growth of the market are a rise in the sedentary lifestyle, physical inactivity, and poor dietary habits resultant weight gain. According to the World Health Organization report, in 2017, about 650 million adults and 41 million children aged under 5 years were obese worldwide. Also, the report states that the obesity rate is expected to grow rapidly during the forecast period. Thus, a steep rise in global healthcare expenditure to control other health complications and obesity-related diseases is expected to drive the market.
Key Market Trends
Oral Anorexiants Segment is Expected to Hold the Major Market Share in the Anorexiants Market
Oral Anorexiants dominated the market in past few years, and it is expected to do so over the forecast period. The higher demand for these products can be due to the increased preference of the patients owing to their non-invasive treatment. Also, their easier administration without the need for skilled healthcare professionals increased the adoption rate among the patients and physicians. Furthermore, higher availability of products in tablets and capsules, as well as increased awareness by key players are expected to lead to the growth of the segment.
North America Dominates the Market and Expected to do Same in the Forecast Period.
North America has been the primary market for anorexiants market owing to the rise in the number of complications associated with obesity in the region. Major chronic diseases prevailing in the region include diabetes, coronary heart disease, and certain types of cancer.
According to the factsheet published by the Centers for Disease Control and Prevention (CDC), the prevalence of obesity in 2016 was 39.8%, affecting about 93.3 million US adults which increased to 41.2 % in 2017. Also, as per the Organization for Economic Co-operation and Development report in 2020, the United States is estimated to spend the highest Health Expenditure on Obesity and Related Conditions across the globe during 2020-2050.
Increasing obesity cases in the region can be due to a sedentary lifestyle and unhealthy dietary habits. Furthermore, overweight gain affects an individual's psychological, behavioral, and psychiatric characteristics. Additionally, the presence of key players, a huge target population with disposable income in the United States is anticipated to drive the market growth over the forecast period.
Competitive Landscape
The Anorexiants Market is moderately competitive and consists of several major players. Few of the major players are implementing various strategies like increased investments in R&D and mergers & acquisitions. For instance, in September 2019, Currax Pharmaceuticals LLC, acquired Nalpropion Pharmaceuticals, a biopharmaceutical company focused on the treatment of weight loss. With the acquisition deal, Currax has owned the world-wide rights to Contrave, the number one prescription weight-loss brand medication in the United States and Europe. Strategic alliances such as these are expected to boost the sales globally. Some of the companies currently dominating the market are Novo Nordisk Inc., Lannett Co. Inc., Currax Pharmaceuticals LLC, F. Hoffmann-La Roche AG, and Pfizer Inc.
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