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The Weight Loss And Obesity Management Market is estimated to be valued at US$ 225.66 Bn or Billion in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The weight loss and obesity management market involves products and services for weight management including diet, fitness equipment, bariatric surgery and medications. Diet products comprise meal replacement drinks, supplements and weight loss programs. Fitness equipment used for weight management includes treadmills, elliptical machines, stationary bikes and weight lifting machines. Bariatric surgeries such as gastric bypass, gastric banding and sleeve gastrectomy help in weight loss through dietary restriction and reducing hunger. Medications approved for long-term weight management include orlistat, liraglutide and semaglutide.
Market Dynamics:
The growth of the global weight loss and obesity management market is driven by growing health awareness among consumers regarding obesity related risks and benefits of maintaining healthy weight. According to WHO, globally over 1.9 billion adults aged 18 years and older were overweight in 2016, out of which 650 million adults were obese. The increasing prevalence of obesity is boosting the demand for weight management programs and products. Additionally, rising health expenditure worldwide is also fueling the market growth. According to the WHO, global health spending is expected to grow at an annual rate of 5% between 2015 and 2020. Growing health budget allocation is allowing people to spend more on health and wellness products including weight management solutions.
Read More Insights: https://www.coherentmarketinsights.com/market-insight/weight-loss-and-obesity-management-market-3448
Segment Analysis
The global weight loss and obesity management market is dominated by dietary supplements segment. Dietary supplements account for over 30% of the market share owing to increasing health consciousness among people regarding the intake of balanced nutrition. With growing awareness about the ill effects of obesity, consumers are opting for dietary supplements that suppress appetite and facilitate weight loss.
PEST Analysis
Political: Government initiatives to promote healthy lifestyle through campaigns related to weight management, limiting calorie intake and promoting physical activity.
Economic: Rising healthcare expenditure for obesity treatment, surge in disposable income and changing consumer attitudes towards a fitter lifestyle.
Social: Growing social acceptance of weight loss and fitness, increasing obesity rates that raise the demand for weight management products and services.
Technological: Development of advanced weight loss therapies and bariatric surgical techniques, digital weight loss programs and apps that help track nutrition intake and physical activities.
Key Takeaways
The global weight loss and obesity management market is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing prevalence of obesity due to sedentary lifestyle and consumption of junk food. The market size for 2023 is US$ 225.66 Bn.
North America dominates the weight loss and obesity management market, accounting for over 35% of the global market share. Growing obese population and rising public awareness about managing weight through healthy diet and exercise are major factors contributing to the dominance of North America.
Key players operating in the weight loss and obesity management market are 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, Nestlé Health Science.
