The lifestyle drugs market size has the potential to grow by USD 4.85 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This lifestyle drugs market research report provides a detailed analysis of the market by therapy area (depression, dermatology, sexual dysfunction, and obesity) and geography (Asia, Europe, North America, and ROW).
Lifestyle Drugs Market Size
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Who are the Major Lifestyle Drugs Market Vendors?
This lifestyle drugs market analysis report provides information on the production, sustainability, and prospects of several leading companies, including:
- AbbVie Inc.
- AstraZeneca Plc
- Bristol-Myers Squibb Co.
- Eli Lilly and Co.
- Johnson & Johnson
- Merck & Co. Inc.
- Novartis AG
- Pfizer Inc.
- Takeda Pharmaceutical Co. Ltd.
- Teva Pharmaceutical Industries Ltd.
The lifestyle drugs market is fragmented and is characterized by the presence of global vendors. Vendors are entering the market with various strategic partnerships, which will provide them long-term development opportunities. Such strategic partnerships are helping these companies increase the market reach of their products globally. This lifestyle drugs market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies.
Market drivers such as the development of novel therapeutics will also offer immense growth opportunities. However, challenges such as the presence of alternative therapies and treatments may impede the growth of the market participants.
Which are the Key Markets for Lifestyle Drugs?
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North America was the largest lifestyle drugs market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing prevalence of various lifestyle conditions will significantly drive lifestyle drugs market growth in this region over the forecast period.
34% of the market’s growth will originate from North America during the forecast period. The US is a key market for lifestyle drugs in North America. However, market growth in this region will be slower than the growth of the market in other regions.
What are the Major Therapy Area Segments in the Lifestyle Drugs Market?
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Depression accounts for the largest lifestyle drugs market share in the therapy area segment. Depression is the most common mental disorder worldwide, which contributes significantly to the global burden of diseases. The depression drugs segment is expected to witness a flat rate during the forecast period because of the loss of patent exclusivity of branded therapies used in the treatment of depression. The market is expected to witness new public health approaches, which, along with the rise in awareness about depression, are expected to further contribute to the growth of the market in the future. This report provides an accurate prediction of the contribution of all the segments to the growth of the lifestyle drugs market size.
An in-depth scenario-based approach was followed in this lifestyle drugs market research report to identify the direct and indirect impact of COVID-19 on market growth. Buy the full market research report to gain actionable insights on the influence of COVID-19 on lifestyle drugs market segments.
What are the Key Lifestyle Drugs Market Drivers and Trends?
According to the lifestyle drugs market analysis, the global lifestyle drugs market will witness steady growth and will post a CAGR of almost 3% during the forecast period. With the development of novel therapeutics, the market for lifestyle drugs is anticipated to have a positive outlook over the coming years. As the market for depression is associated with high unmet medical needs, the need for novel therapeutics is on the rise. For instance, only 50% of individuals with depression receive any form of therapy. Out of these, only 25% of individuals receive a proper antidepressant dose and duration of treatment. Moreover, there are high unmet medical needs for erectile dysfunction. This has led the vendors to focus on developing novel therapeutics to increase the adoption rates for lifestyle drugs in the market.
The lifestyle drugs market is witnessing a sharp increase in mergers and acquisitions among the vendors which is one of the significant lifestyle drugs market trends gaining traction. The vendors are pursuing inorganic growth strategies such as acquisitions and partnerships to expand their lifestyle drugs portfolio and to significantly improve their overall market presence. Such initiatives will contribute to the growth of the lifestyle drug market over the next five years.
Key Highlights of the Lifestyle Drugs Market Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive lifestyle drugs market growth during the next five years
- Precise estimation of the lifestyle drugs market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the lifestyle drugs industry across Asia, Europe, North America, and ROW
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of lifestyle drugs market vendors
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