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Anti-obesity Drugs Market worth USD 3,421.0 Million at 10.1% CAGR; Increasing Research for Developing Therapeutically Effective Drugs to Boost Demand in Europe
Anti-obesity Drugs Market
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What is the Scope of this market?
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
Geographical Analysis:
• North America (The U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and the Rest of Latin America)
• The Middle East & Africa (South Africa, GCC, and the Rest of the Middle East & Africa)
Healthcare Sector to Stumble amid COVID-19 Pandemic
The healthcare sector has been the most active ever since the COVID-19 outbreak. While the pandemic has fast-tracked the development of the industry on a global scale, it has also brought numerous adversities upon the sector. These adversities include limited infrastructure in developing countries and the lack of preparedness in case of health emergencies. Key players are focusing on eliminating such challenges. At Fortune Business Insights, we are constantly analyzing the market conditions to offer the most effective solutions at your service.
Highlights of the Report:
While making the report, we segmented the market on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included the study of core competencies of key players and their market share to anticipate the degree of competition. The bottom-up procedure was conducted to arrive at the overall size of the market.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Rising Cases of Obesity Worldwide to Drive Growth
The increasing cases of obesity and overweight among patients globally due to inactive lifestyles and poor eating habits are anticipated to drive the anti-obesity drugs market growth. For instance, according to the World Health Organization (WHO), over 1.8 billion adults who were aged around 18 years old and more were suffering from being overweight in 2016. In addition, prominent pharmaceutical enterprises are investing extensively in research and development in order to develop effective anti-obesity pharma drugs for patients. This is estimated to further strengthen their demand. However, the low treatment rate against the disease may hinder the growth during the forecast timeline.
Prescription Drugs Segment to Dominate Due to Easy Availability
Based on the type, the prescription drugs segment is anticipated to lead the global anti-obesity drugs market share in 2019. The high growth of the segment is attributed to the easy availability of therapeutically effective anti-obesity drugs in the market. Based on the distribution channel, the hospital pharmacy segment dominates the market owing to the increased patient visits and high sales of prescription-based drugs for weight loss in hospitals and clinics.
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Presence of Prominent Enterprises to Help North America Dominate
North America is set to dominate the global anti-obesity drugs market with a value of USD 964.8 million in 2019. The presence of the majority of key players in the U.S. is anticipated to drive the demand for drugs in the region. In addition, rising instances of obesity among the population in the U.S. are compelling people to adopt weight management consulting, which is estimated to further surge the demand for anti-obesity drugs in the region. For instance, as per the Harvard Medical School, the rate of obesity has increased by more than 50% in less than 40 years.
The market in Europe is projected to showcase a positive growth during the forecast period. High investments in research for the development of therapeutically effective drugs, along with increasing awareness regarding the benefits of weight management among the population are key factors accelerating the demand for these drugs in the region.
Acquisition Strategies to Aid Key Players Expand their Product Portfolios
Prominent players operating in the global anti-obesity drugs market are focusing on various acquisition strategies in order to expand their businesses. This will also help them strengthen their portfolios. For instance, in September 2019, Currax Pharmaceutical acquired Nalpropion Pharmaceuticals, which helped the company add Contrave anti-obesity medication in its product portfolio.
Industry Developments-
• In December 2020, the U.S. Food and Drug Administration (FDA) approved Saxenda, Novo Nordisk's anti-obesity drug for the treatment of obesity in adolescents aged 12-17.
• In February 2019, Eisai Inc. announced that the U.S. Food and Drug Administration (FDA) had accepted its new supplemental drug application. This will update the labeling of BELVIQ, the company's anti-obesity drug.
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