Weight Management Market Is Expected To Reach USD 314.7 Bn By 2024
Posted by Serena Peter on October 18th, 2017
The latest market report published by Credence Research, Inc. “Global Weight Management Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2023,” the weight management market was valued at USD 178.8 Bn in 2015, and is expected to reach USD 314.7 Bn by 2024, expanding at a CAGR of 6.5% from 2016 to 2024.
Browse the full report at http://www.credenceresearch.com/report/weight-management-market
The key drivers assisting the growth of weight management market are increase in obesity rates, high disposable incomes, sedentary lifestyle practiced in young generation, growing number of bariatric surgeries, rising prevalence of lifestyle diseases, rising supportive policies designed by government, and technological advancements in the field of healthcare. In addition to that, Asia-Pacific market has been relatively an untapped opportunity and rising number of weight loss treatment providers and online weight loss programs is expected to provide a new platform to weight management market. The overall weight management market was segmented on the basis of fitness equipment, surgical services, weight loss products, and geography.
In fitness equipment segment cardio training equipment accounted for the largest market share in 2015 due to driving factors such as rising consciousness about obesity or overweight, rising installation of these equipments at workplace, hospitals and home, and increasing number of gymnasiums. The market experts also suggested that, cardio training equipment enhances metabolism, stamina and conditioning of heart, lungs, and blood vessels. Hence, these equipments can be used by people of all age groups and its increasing demand for home use is one of the major drivers assisting its market growth.
Surgical services market is broadly segmented on the basis of invasive and non-invasive surgery. In year 2015, invasive surgery accounted for the largest market segment in terms of value due to early market introduction, quick adoption, and noticeable technological evolution in invasive surgery techniques. The market experts have suggested that though technologically invasive surgery techniques are improving but the increasing demand for non-invasive surgeries from patients is expected to act as a restraint for the further growth of invasive surgery market.
The overall weight loss products can be segmented as dietary products, drugs & supplements, and cosmetics. In year 2015, dietary products segment accounted for the largest market share due to factors such as ease in consumption and storage in workplace or home, mostly consumed along with regular food or sometimes as a food replacement, and rising demand for these dietary products in young and working population. The major awareness created about weight loss dietary products was anticipated as the transformational and motivational videos and articles published on social websites and apps.
North America was observed as the largest weight management market due to key factors assisting its growth such as rising obese population, high awareness generated in young and working population against weight loss or maintenance, and increasing number of gyms, home exercise equipments and exposure to motivating information on social network or mobile apps.
Market Competition Assessment:
The weight management market is observed as the most diversified and competitive market comprising large number of players providing fitness equipments, surgical services and weight loss products. Key players in the weight loss management market, by products, include Atkins Nutritionals, Inc., Herbalife Ltd., NutriSystem, Inc., Kellogg Company, Abbott Nutrition, Mars, Inc. and Unilever. In weight loss equipments market Covidien plc, Olympus Corporation, Ethicon, Inc., and Apollo Endosurgery are some of the major players in the equipment market. The fitness equipment market comprises key players such as Brunswick Corporation, Technogym SpA, Amer Sports, Cybex International, and Johnson Health Technology, Ltd. The key players present in the services market include Weight Watchers International, Inc., VLCC Healthcare Ltd., Slimming World, 24 hours Fitness, Jenny Craig, Equinox, Inc., Duke Diet & Fitness Center,eDiets.com, The Gold’s Gym International, Fitness First Group, Town Sports International Holdings, Inc., and Life Time Fitness, Inc.
Key Market Movements:
Rising public awareness associated with obesity is considered as a major market driver as obesity is linked with several health complications, including heart disease, diabetes, certain types of cancers, stroke, and more
North America is world’s largest market especially in dietary products where people often prefer meal replacement slimming products and weight loss supplements
Social networking sites are playing key role in motivating obese or overweight people to consume weight loss dietary products such as green/herbal tea, low-calorie ready meals, and meal replacement products
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