Global market for lifestyle drugs is anticipated to observe booming growth during the forecast period. The key drivers for the growth of the market include; increasing life expectancy of people along with growing spending by them over healthcare, rising demand to be aesthetically and visually pleasing personalities and physically fit. Growing investment in R&D by pharmaceutical companies on lifestyle drugs are further expected to fuel the growth of the market. Rising occurrence of lifestyle related disorders such as obesity, hair loss, depression and stress are another vital impact rendering drivers of the market. Popularity for the advantages provided by lifestyle drugs such as increase in stamina, concentration, focus, beauty, youth and memory are also expected to enhance the growth of the market.
Contraceptives and potency drugs forms the largest segment of the market. North America held the largest sale of potency drugs by the sale of Viagra produced by Pfizer. The dominance of these drugs is expected to sustain during the forecast period. Anti-obesity drugs are expected to witness the fastest growth during the forecast period owning to increasing junk food consumption and obesity growth worldwide. Furthermore launch of various new drugs by new entrants for anti-obesity are expected to boost the market.
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North America is the market leader for the lifestyle drugs. The dominance is attributed to increasing healthcare awareness by people, rising disposal income availability, and new drug development. Europe follows North America in terms of market share is expected to sustain its growth during the forecast period owning to increase in spending by people on healthcare and advancement in healthcare facilities. Asia Pacific is expected to be the fastest growing region of the market. The booming growth is anticipated due to favorable government initiatives, entry of new players in the region and enlargement of product portfolio with increasing prevalence of lifestyle associated disorders.
Major market players of the market are Johnson & Johnson, Merck & Co. Inc., Pfizer, Eli Lily, Sun Pharmaceuticals, Teva Pharmaceuticals, Astrazeneca, Biocon Ltd., Zydus Cadila, Mylan pharmaceuticals, Dr. Reddy’s Laboratories, Amgen, GlaxoSmithKline, McNeil, Cipla, Nicholas Piramal, Novo Nordisk, Alembic, Proctor & Gamble, Lupin and various others. Introduction of various new entrants and SME’s are expected to heighten the competition of the market.
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