HYDERABAD, India, March 7, 2022 /PRNewswire/ — The global weight management market was valued at $192.68 billion in the year 2021 and is projected to reach $326.05 billion by the year 2028, registering a CAGR of 8.4%. The increasing of obesity, which further leads to life-threatening diseases like diabetes, cardiovascular and musculoskeletal disorders prevalence, and the growing fitness-conscious population are leading drivers of the weight management market.
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Obesity has tripled and quadrupled since 1975 in adults and children, respectively.
About 40% of adults aged 18 years and over are overweight and 39 million children under the age of 5 are overweight or obese, according to the World Health Organization (WHO). Moreover, the prevalence of overweight and obesity among children and adolescents has risen dramatically from just 4% in 1975 to just over 18% in 2016. This increasing rate of prevalence has become a major concern for policymakers in almost every country as obesity/overweight leads. to various chronic diseases such as cardiovascular diseases, musculoskeletal disorders, and even some cancers (including breast, ovarian, and others). Weight management products can assist in managing obesity and hence, its demand has increased significantly in recent years. There is a range of products available in the market from dietary to training/fitness solutions. According to a study, even a modest loss of 5 to 10% of body weight is likely to produce health benefits, such as improvements in blood pressure, blood cholesterol, and blood sugars.
Availability of substandard products and incorrect claims by manufacturing companies may lead to a lack of confidence in consumers. Various companies are selling supplements to treat depression and other mental disorders. Such marketing activities are illegal and may harm consumers. Moreover, some supplements may contain ingredients that have strong biological effects which may conflict with medicine that a patient is taking for treatment of other illnesses.
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North America is Expected to Hold Dominant Market Share
The prevalence of obesity was 42.4% (2017-18) in adults in the United States, according to the Centers for Disease Control and Prevention (CDC). Moreover, the prevalence of severe obesity has increased from 4.7% to 9.2% in the last twenty years. Since obesity leads to various health complications, medical costs for the obese population are significantly higher than for healthy people. The COVID-19 pandemic forced people to remain inside their homes and hence, lead to growth in demand for virtual fitness solutions.
Key Highlights of the Report
- In the diet segment, supplements accounted for more than 50% of the market share in 2021 and is expected to retain dominant market share by 2028
- In services, the majority of the revenues were generated from fitness centers, while online weight loss services are expected to witness significant growth over the forecast period
- the Asian-Pacific is estimated to grow at the highest CAGR owing to increasing awareness among consumers and ease of access
ReAnIn has segmented the global weight management market by:
- Surgical Equipment
- fitness centers
- Slimming Centers
- Consulting Services
- Online Weight Loss Services
- North America
- Latin America
- Middle East and Africa
Leading players in the diet segment include Abbott Laboratories, Atkins Nutritionals, Inc., Herbalife Ltd., Nutrisystem Ltd., Medifast, Inc., Kellogg Company, and Cargill Incorporated.
Johnson and Johnson, Medtronic Plc, and Olympus Corporation are a few leading players in surgery equipment, while the fitness equipment market is dominated by Brunswick Corporation, American SportsJohnson Health Technology, Ltd., Cybex International (Cybex), WW International, Inc, and Technogym SpA.
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SOURCE Reanin Research & Consulting Private Limited