Lifestyle Drugs Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast 2015 - 2023
- Transparency Market Research
Lifestyle style drugs are primarily describesas medicines used to treat lifestyle illnesses or habits such as smoking, alcoholism or unhealthy diet habits. In general, lifestyle medicines are designed to improve person’s quality of life by treating conditions that are not lethal or non-painful which include baldness, wrinkles, impotence, acne, weight loss, insomnia, and others. Over the past few years, lifestyle drugs have become commercially attractive and one of the most dynamic industries across the globe. Growing popularity of lifestyle drugs is primarily driven by attributors such as increase in stamina, memory, concentration and energy level which are of prime need among youth and middle aged population owing to stressful and unhealthy lifestyle.For drug manufacturers; lifestyle drugs represent giant untapped markets of potential profit. The availability and kind of lifestyle drugs is increasing exponentially.
Increasing demand among individuals to be physically fit along with normal and enhanced functioning of body is the vital driver for the growth of the market. Additionally, increasing awareness about lifestyle disease, rising disposable income and aggressive promotional activities about these products in emerging and developed market has significantly boosted the demand and sales of these drugs in last few years. Moreover, most of these drugs are usually sold over-the-counter which eliminates the need to clinics and hospitals, saves time and overall cost of treatment. However, lack of adequate reimbursement provision and studies pertaining to use and abuse of these drugs are key restraint to market growth. In the arena of sports, growing incidences of doping cases and related deaths as a measure to enhance performance is one of the prominent examples illustrating the misuse of these lifestyle style drug or stamina enhancing drugs. Some of the most demanded drugs in this category includes Botox, smoking cessation drugs, Viagra and stamina enhancing drugs. According to an article titled ,The Rise of Lifestyle Drugs,, Pfizer's Viagra (sildenafil citrate) and Eli Lilly's Cialis (tadalafil) generated worldwide sales of nearly USD 4 billion in 2010.
The lifestyle drugs market based on its applications are segmented as anti-aging, smoking cessation, anti-hair fall, contraceptives, erectile dysfunction, anti-depressant, and cholesterol drugs. Among the aforementioned segments sexual dysfunction related drugs such as erectile dysfunction accounted for lion’s share in the present scenario. Whereas, the anti-aging and anti-depressants are among the fastest growing segment across the globe. Based on geography the market is studied for four regions: North America, Europe, Asia Pacific and Rest of the Word. North America accounts for the largest share owing to its high demand, higher disposable income and awareness about such products through social media and advertisements. Recently in January 2015, an article published in The Telegraph; illustrated about Novo Nordisk’s Liraglutide which is used in diabetes treatment found to have properties which will help people in weight loss. Although, its high cost of USD 3.51/day (£2.25) could be a major restraint as it is roughly double the price of Orlistat, the only other prescription diet drug. Asia Pacific and Rest of the World are among the fastest growing regions due to growing economy, increasing healthcare investment from government agencies and growth of generic manufacturers in last few years.
Some of the prominent players operating in the global lifestyle drugs market encompasses Teva Pharmaceuticals, Dr. Reddy’s Laboratories, Pfizer, Inc., Johnson & Johnson, Novo Nordisk, Sun Pharmaceuticals, Astrazenecaplc, Cipla Limited and others.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
Reasons for Buying this Report
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a six-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
- It provides distinctive graphics and exemplified SWOT analysis of major market segments
Note : All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of Transparency Market Research.
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