The global lifestyle drugs market size is projected to register a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growing usage of lifestyle drugs by all age groups, increasing demand for enhancing life expectancy, and reducing the ageing process.
Lifestyle drugs are a class of medications used to treat acne, erectile dysfunction, ageing symptoms, such as wrinkles and baldness, and others. Furthermore, drunkenness, smoking, obesity, sleeplessness, and other lifestyle disorders are also treated using lifestyle drugs. These drugs are easily available in many over-the-counter (OTC). Moreover, the usage of lifestyle medicines for boosting visual appeal has gained their popularity among urban population base. These medications are used to treat chronic problems due to excessive habit of harmful lifestyle such as smoking and drunkenness. These medications help in lowering the risk of developing serious illnesses including liver failure and lung cancer.
The outbreak of COVID-19 pandemic has affected the market as it forced to shut the production units globally. Moreover, low demand for instruments, consumables along with the global supply chain interruptions, and trade restrictions have harmed the lifestyle drugs market for few months.
Market Trends, Drivers, Restraints, and Opportunities
- Rising awareness level among people and enhancing access to advanced healthcare facilities are some of the key factors fueling the market growth.
- Increasing disposal income of a large number of the global population along with aggressive marketing and branding strategies are expected to boost the market in coming years.
- Increasing demand for lifestyle drugs as the medications help in delivering advantages such as reducing disease occurrence, improving stamina, enhancing memory and concentration, and curbing impulses. This is expected to propel the market expansion.
- Lack of adequate government initiatives and poor reimbursement policies besides issues relating to use & abuse of these drugs are key restraining factors hampering the market growth.
- High priced of lifestyle drugs and availability of alternative options such as yoga are key challenges estimated to hinder the market growth.
- Ongoing research and development by key pharmaceutical players to enhance the drugs efficiency are likely to offer immense opportunities for the market development in the long run.
Scope of Lifestyle Drugs Market Report
The report on the global lifestyle drugs market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Lifestyle Drugs Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Applications (Insomnia, Obesity, Sexual Dysfunction, Dermatology, and Others) and Products (Fat Burner or Anti-Cholesterol Drugs, Anti-Depressant, Smoking Withdrawal, Hair Loss Reduction Agents, Contraceptives, Anti-Wrinkle Agents, and Potency)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Lupin; Pfizer, Inc.; Teva Pharmaceuticals Industries Ltd.; Cipla Inc.; Eli Lily and Co.; Mylan pharmaceuticals; GlaxoSmithKline Pharmaceutical; Johnson & Johnson; Biocon Ltd.; Merck & Co.; AstraZeneca; Dr. Reddy’s Laboratories; Amgen Inc.; Zydus Cadila; Sun Pharmaceuticals; Nicholas Piramal India Ltd.; Alembic Pharmaceutical Ltd.; Proctor & Gamble; and Novo Nordisk AS.
Lifestyle Drugs Market Segment Insights
Sexual dysfunction segment is expected to grow at a rapid pace
Based on applications, the global lifestyle drugs market is segmented into insomnia, obesity, sexual dysfunction, dermatology, and others. The sexual dysfunction segment is expected to grow at a rapid pace during the forecast period. The growth of the segment is attributed to the growing adoption of a sedentary lifestyle and associated stress, the comorbidity between erectile dysfunction, heart disease and diabetes, and increasing geriatric population.
Moreover, the sexual dysfunction segment is anticipated to represent a large market share in the coming years due to rising sexual dysfunction cases, which are frequently linked to the rising rates of diabetes, obesity, and cardiovascular disease. Hypertension is another important ailment connected to male erectile dysfunction. According to the Centers for Disease Control and Prevention (CDC), the prevalence of hypertension has increased significantly in recent years, with nearly 65 million people are affected in the US. Thus, these aforementioned factors are propelling the segment growth.
Contraceptives segment is projected to expand at a considerable CAGR
On the basis of products, the market is segregated as fat burner or anti-cholesterol drugs, anti-depressant, smoking withdrawal, hair loss reduction agents, contraceptives, anti-wrinkle agents, and potency. The contraceptives segment is projected to expand at a considerable CAGR during the forecast period owing to the rising prevalence of sexually transmitted diseases and increasing need for population control. Furthermore, the implementation of measures targeted at reducing unplanned births, associated healthcare expense, as well as increasing user awareness are some of the key factors fueling the segment growth in the coming years.
Moreover, according to the Centers for Disease Control and Prevention, about 37% of all births in the US are the consequence of an undesired pregnancy, a section that has remained constant since 1982. Despite technological breakthroughs and the amount of money spent on research and development each year, the unintended pregnancy rate in the United States remained stable for decades.
North America is anticipated to constitute a key market share
In terms of regions, the global lifestyle drugs market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share during the forecast period owing to the increasing disposal income, growing urban population conscious of their health and appearance, and increasing new drug development. Furthermore, increasing healthcare expenditure and rising number of R&D activities regarding product manufacturing and marketing activities are expected to boost the market expansion in the region.
However, the market of Europe is projected to register a considerable market growth during the forecast period. The growth of the market in the region is attributed to the increasing number of people opt for pharmaceuticals to improve their aesthetic appeal and presence of key players in the region.
The global lifestyle drugs market has been segmented on the basis of
- Sexual Dysfunction
- Fat Burner or Anti-Cholesterol Drugs
- Smoking Withdrawal
- Hair Loss Reduction Agents
- Anti-Wrinkle Agents
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Pfizer, Inc.
- Teva Pharmaceuticals Industries Ltd.
- Cipla Inc.
- Eli Lily and Co.
- Mylan pharmaceuticals
- GlaxoSmithKline Pharmaceutical
- Johnson & Johnson
- Biocon Ltd.
- Merck & Co.
- Dr. Reddy’s Laboratories
- Amgen Inc.
- Zydus Cadila
- Sun Pharmaceuticals
- Nicholas Piramal India Ltd.
- Alembic Pharmaceutical Ltd.
- Proctor & Gamble
- Novo Nordisk AS.
Some of the major players competing in the market are Lupin; Pfizer, Inc.; Teva Pharmaceuticals Industries Ltd.; Cipla Inc.; Eli Lily and Co.; Mylan pharmaceuticals; GlaxoSmithKline Pharmaceutical; Johnson & Johnson; Biocon Ltd.; Merck & Co.; AstraZeneca; Dr. Reddy’s Laboratories; Amgen Inc.; Zydus Cadila; Sun Pharmaceuticals; Nicholas Piramal India Ltd.; Alembic Pharmaceutical Ltd.; Proctor & Gamble; and Novo Nordisk AS.
Most of these major players are implementing various marketing strategies such as partnerships, mergers & acquisitions, collaboration, and extensive service portfolio along with expanding service capacity on various geographies to secure competitive edge in the market.