Diet Pills Market Size Worth $2.27Bn, Globally, by 2028 at 10.4% CAGR - Exclusive Report by The Insight Partners

NEW YORK, April 5, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Diet Pills Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Prescription, Over the Counter Drugs and Herbal Supplements), Application (Appetite Suppression, Fat Blocking, Metabolism Raising Pills, and Others), Age Group (Teenagers and Adults), and Distribution Channel (Hospital Pharmacies, Online Pharmacies, and Retail Pharmacies & Drug Stores)", the global diet pills market is expected to grow from $1.13 Billion in 2021 to $2.27 Billion by 2028; it is estimated to grow at a CAGR of 10.4% from 2021 to 2028.

The diet pills market growth is driven by the increase in self-care, the rising problem of obesity, an increase in the elderly population, and a surge in women taking dietary supplements. However, the challenging regulatory environment is expected to restrict the market growth during the forecast period.

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Diet Pills Market: Competition Landscape and Key Developments

Novo Nordisk A/S, Gelesis, VIVUS LLC, Chong's Health Care, GlaxoSmithKline plc., Pfizer Inc. (Arena Pharmaceutical GmbH), Iovate Health Sciences International Inc., Zoller Laboratories, Currax Pharmaceuticals LLC., Teva Pharmaceutical Industries Ltd. are among the key companies operating in the diet pills market. The companies adopt product innovation strategies to meet the evolving customer demands globally, which also permits them to maintain their brand name in the global diet pills market. Also, market players create partnerships, collaborations, and contracts with hospitals, diagnostic centers, and academic & research institutes to provide frozen tissue samples for various studies, which is driving the diet pills market.

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In June 2021, Novo Nordisk A/S received US Food and Drug Administration (FDA) approval for Wegovy (the brand name taken oncein a week Semaglutide 2.4 mg injection in the US) for chronic weight management. The approval was based on the STEP phase 3a clinical trial program results.

In December 2020, Novo Nordisk A/S received the US Food and Drug Administration (FDA) approval for Saxenda (liraglutide) injection 3 mg for the treatment of obesity in adolescents aged 12-17 with body weight over 60 kg and an initial body mass index (BMI) corresponding to 30 kg/m² or more for adults, as an adjunct to reduced-calorie meals and increased physical activities.

In February 2020, VIVUS LLC, Korean marketing partner, Alvogen, launched Qsymia (phentermine and topiramate extended-release) in the Republic of Korea. VIVUS LLC signed an agreement with Alvogen, an established leader in the South Korean anti-obesity market, to maximize the value of our commercial-stage assets efficiently and cost-effectively.

In December 2021, Pfizer Inc. acquired Arena Pharmaceuticals for ~US$ 6.7 billion to reshape its portfolio of inflammation drugs. Furthermore, Pfizer was uniquely positioned to acquire more assets.

Obesity is a serious health concern that results in many other health problems. One in three adults in the US is suffering from obesity. Diet pills are consumed to lose weight. With the rising trend of losing weight and becoming fit, there is a growing demand for these medications. These medications don't replace healthy eating habits or physical exercise for losing weight. Diet pills may improve a person's health by reducing their weight; therefore, lowering blood sugar, blood pressure, and triglycerides. These diet pills work by increasing body metabolism, blocking the body from absorbing fat, increasing fat burning, and reducing appetite. A few diet pills contain stimulant medications and are classified as controlled substances by the US Drug Enforcement Agency. Nowadays, researchers are studying several new compounds to identify safer and more effective approaches to treat the issue of obesity in patients.

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Despite the rise in the prevalence of lifestyle diseases, such as obesity, consumers are becoming aware of the side effects of weight-loss medicines and diet pills. However, manufacturers are introducing several types of diet pills that can mitigate their adverse impact on health and improve weight loss processes to provide better results. The diet pills market is likely to witness steady growth with many manufacturers and distributors entering the market. Stakeholders are launching herbal weight loss supplements and natural diet pills to attract many health-conscious consumers, ultimately gaining a competitive edge in the diet pills market. This is anticipated to remain a leading trend in the diet pills market in the coming years.

Based on product type, the diet pills market is segmented into prescription, over the counter drugs, and herbal supplements. The prescription segment is expected to hold the largest market share during the forecast period. However, the herbal supplements segment is expected to have the highest CAGR.

Consumers' knowledge of the importance of well-being and disease prevention is rising with the growing availability and use of online medicine portals and health organization websites for consultation. They are becoming more health-conscious and taking a proactive approach to disease treatment and prevention. Further, the rising popularity of fitness, bodybuilding, and specialist sports among people aged 20–40 drives the demand for diet pills and supplements that can help them achieve their aesthetic goals or improve their performance. The number of gym and fitness enthusiasts has risen dramatically in the last decade. Many fitness coaches and professionals recommend the intake of diet pills for weight loss. Many global diet pill industry players will likely introduce new diet pills in the next decade.

The rise in consumers' purchasing power has resulted in various lifestyle changes, including decreased physical activities and unhealthy eating habits that cause high-calorie intake, eventually leading to a surge in the obese population. However, increased health awareness among consumers has prompted them to choose a healthy lifestyle that includes more physical activities and food intake awareness. Due to their hectic lifestyles, many consumers are significantly inclined toward dietary supplements to preserve the fitness and appearance of their bodies. Obesity is on the rise among young people in the US and Europe.

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According to body mass index (BMI), 45% of adults in the European Union (EU) had normal weight in 2019, while 53% were considered overweight (36% pre-obese and 17% obese). ~45% of overweight and ~67% of obese US citizens are trying to lose weight. ~15% of adults in the US have taken weight-loss dietary supplements, including 21% of women and 10% of men in the country. Dietary supplements in pill form, such as tablets, capsules, and softgels, cost ~US$ 2.1 billion per year. Weight loss has been 1 of the top 20 reasons for taking dietary supplements. Thus, with the rising obesity rate, the demand for diet pills and supplements has increased.

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