In the last few years, lifestyle drugs have become commercially attractive and one of the most dynamic industries around the world. In a report, titled “Lifestyle Drugs Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast 2015 – 2023,” Transparency Market Research (TMR) studies the various factors influencing the trajectory of the market. Recent strategies adopted by the key players and their implications on the market have been evaluated in the report as well.
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Lifestyle drugs are medicines used in the treatment of lifestyle illnesses or habits such as unhealthy diet, smoking, or alcoholism. These medicines are designed to improve the quality of living of a person by treating non-painful and non-lethal conditions such as wrinkle, impotence, acne, insomnia, baldness, weight loss, and others. Due to the benefits they offer, lifestyle drugs present manufacturers with lucrative untapped opportunities. As an outcome of the recent research and development activities, both availability and the types of lifestyle drugs have been exponentially increasing.
The market is primarily gaining from the increasing demand among individuals to remain physically fit and enhance their body function. Additionally, the increasing awareness about the various lifestyle diseases among consumers is supporting the growth of the market. Besides this, the market is significantly gaining from the rising disposable income of consumers and the aggressive promotional strategies adopted by manufacturers. Moreover, many of these drugs are sold over-the-counter, which eliminates the need for visiting hospitals and clinics to get prescribed for the same. Spurred by these factors, TMR forecasts the global lifestyle drugs market to exhibit impressive growth between 2015 and 2023.
On the flip side, the lack of adequate reimbursement policies and studies relating both use and abuse of these drugs have been creating bottlenecks for the lifestyle drugs manufacturers. With increasing cases of doping as a measure of enhancing performance in sports and related deaths coming into foray, sales from the market are likely to dip a little in the forthcoming years.
Based on application, the global lifestyle drugs market can be segmented into smoking cessation, anti-aging, anti-hair fall, erectile dysfunction, contraceptives, cholesterol drugs, and anti-depressant. Of these, the demand for drugs for the treatment of erectile dysfunction has been witnessing robust rise since the last few years.
Regionally, Asia Pacific, Europe, North America, and Rest of the World constitute the key segments in the market. Of these, North America dominated the global lifestyle drugs market in 2014 due to the high disposable income of consumers in the region and the rising awareness regarding the uses of these drugs. However, during the forecast period, the growth witnessed in Asia Pacific and Rest of the World is expected to be at a higher pace.
To study the prevailing vendor landscape, the report also profiles companies such as Dr. Reddy’s Laboratories, Teva Pharmaceuticals, Pfizer, Inc., Novo Nordisk, Johnson & Johnson, AstraZeneca plc, Sun Pharmaceuticals, Cipla Limited and others.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.