Lifestyle Drugs Market

Global Lifestyle Drugs Market Size (2023 to 2028)

The global lifestyle drugs market is anticipated to grow at a CAGR of 7.45% from 2023 to 2028.

Global Lifestyle Drugs Market Share Insights:

• Based on therapeutic type, the dermatology segment had the leading share of the global market in 2022.
• Based on the distribution channel, the online pharmacies segment held the major share of the global market in 2022.
• The North American market led the market in 2022.

Impact of Covid-19 on the global lifestyle drugs market:

The COVID-19 pandemic situation highlighted the importance of the healthcare industry and the pharmaceutical and biotechnology industry is expected to witness higher growth in the future. During the COVID-19 pandemic, there was high demand for drugs such as Hydroxychloroquine for the management of COVID-19. The COVID-19 pandemic crisis increases awareness about health and wellness among individual, thus many individuals have prioritized their overall well-being including adopting a healthier lifestyle, and more exercise and it focuses more on mental health, and this shift in focus increase demand for certain lifestyle drugs for weight loss medication and supplement. The growing awareness among individuals related to health increased the demand for lifestyle drugs, thus the pandemic situation has vastly increased the demand for lifestyle drugs which also help in raising the growth of the pharmaceutical and biotechnology industry.

MARKET DRIVERS:

The rising demand for lifestyle drugs among youth and middle-aged population due to stressful and unhealthy lifestyles and growing awareness among people regarding the importance of being physically fit, normal and improved body function majorly drive the growth of the lifestyle drugs market. Nowadays many individuals especially youth and middle-aged people are more aware and health conscious, everyone is focusing more on physical fitness and focuses more to improve body function, thus the rising demand for a healthy lifestyle is directly related to the requirement for lifestyle drugs, many individuals now using the lifestyle drug for cognition, enhance creativity and motivation. Healthy adults also increase the demand for the lifestyle drug, because they consistently use cognitive-enhancing drugs to increase productivity in the workplace, a survey conducted by the German Health Insurance Company revealed that around 9.2% of people found using drugs to enhance their performance or cope with anxiety, thus the rising demand among individual to be physically fit highly boost the market growth during the forecast period.

The rise in the consumption of tobacco and cigarettes among people further fuels the growth rate of the worldwide lifestyle drugs market growth. According to a CDC report, in 2022 cigarettes were smoked by 25% of all adults approximately 41.5 million people, and around 1700 young people try their first cigarettes in the US, thus the rising number of individuals with consumption of tobacco and cigarette majorly drives the demand of lifestyle drugs, thus this factor majorly drives the market growth and expected continuously dominate the market during the forecast period.

The growing prevalence of lifestyle diseases, growing awareness about the benefit of lifestyle drugs and rising health and beauty consciousness propel the market growth. The growing R&D activities by the market participants, increasing product launches and approval, patent expiration, the rising demand to enhance life expectancy and growing usage of lifestyle drugs further promote the market growth.

MARKET RESTRAINTS:

Side effects related to lifestyle drugs majorly hamper the growth of the lifestyle drugs market. Side effects associated with lifestyle drugs raise safety concerns among consumers, people may be hesitant to continue the use of the drug if they perceive the risks to outweigh the benefit. The stringent regulatory environment for lifestyle drugs, lack of adequate reimbursement provisions and abuse of these drugs further hinder the market growth.

REPORT COVERAGE: 

This research report on the global lifestyle drugs market has been segmented and sub-segmented based on the following categories.

Lifestyle Drugs Market – By Therapeutic Type:

• Dermatology
• Insomnia
• Obesity
• Sexual Dysfunction
• Others

Based on therapeutic type, the dermatology segment is anticipated to dominate the market during the forecast period. The rising incidence of skin conditions such as acne, eczema, and dermatitis primarily drives the demand for dermatological treatment and medication and propels segmental growth. Factors such as pollution, stress and changing lifestyle fuel the prevalence of skin disorders and increase the need for proper medication for treatment. Lifestyle drugs are more effective in the treatment of such skin-related disorders. Thus, the rising cases of skin-condition majorly drive the dermatology segment and boost the market growth of lifestyle drugs during the forecast period.

The obesity segment is expected to account for a substantial share of the worldwide market during the forecast period owing to the rapid adoption of a sedentary lifestyle and physical inactivity among people. Globally 700 million adults are obese and 42% of adults aged 18 years are overweight. As people nowadays are more conscious about health, they are shifting towards lifestyle drugs to loose-weight, thus, the rising incidence of obesity leads to an increase in the demand for lifestyle drugs during the projected period.

Lifestyle Drugs Market – By Form:

• Tablet
• Gels
• Parenteral
• Oral Syrups
• Other Forms

Based on the form, the tablets segment is expected to grow at the highest CAGR during the forecast period. Patient preference for oral medication and ease of self-administration, technological advancements in tablet formulation and drug delivery systems and wide availability of tablet-based lifestyle drugs primarily drive the growth of the tablets segment in the global market. Established manufacturing processes, cost-effective production methods and the growing focus on patient adherence and compliance to medication regimens further drive the growth of the tablets segment.

The oral syrups segment is anticipated to showcase a healthy CAGR during the forecast period. The availability of flavored formulations enhancing palatability, growing demand for liquid formulations in lifestyle drug categories and the expansion of oral syrup product offerings targeting specific lifestyle-related conditions drive the growth of the oral syrups segment in the worldwide market.

Lifestyle Drugs Market – By Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

Based on the distribution channel, the online pharmacies segment is expected to grow at the highest C CAGR and account for a substantial share of the global market during the forecast period. The pandemic situation strengthened the digital commerce platform which sustained the rapid growth of online pharmacies. Growing internet penetration and e-commerce adoption, convenience and flexibility of ordering lifestyle drugs from the comfort of one's home, expanded product choices and availability of lifestyle drugs from various manufacturers drive the growth of the online pharmacies segment in the worldwide market. The ability to compare prices and access discounted offers through online platforms, digital prescriptions and telemedicine services further fuels the growth rate of the online pharmacies segment.

Lifestyle Drugs Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The North American region accounted for the major share of the worldwide market in 2022 and is expected to dominate the market throughout the forecast period owing to the growing number of people suffering from obesity in the North American region majorly, according to CDC. The adult obesity rate in 2022 was 44.3%, due to the obesity crisis in the US demand for lifestyle drugs more in number which increased the market growth in this region.

Europe was the second-largest regional market for lifestyle drugs and is expected to occupy a notable share of the global market during the forecast period. The rising aging of the population in Europe is a major market driver for lifestyle drugs. People are more likely to experience health issues connected to lifestyle conditions as they become older, such as erectile dysfunction, hair loss, losing weight, and aesthetics. As the population ages, there will likely be a greater demand for lifestyle medications to treat these problems. Modern technologies like telemedicine, online health care, and customized medicine are becoming more popular in the area, which contributes to the expansion of the market for lifestyle drugs. This factor boosts the growth of the market in this region.

Asia-Pacific is another region anticipated to dominate the market at a healthy CAGR during the forecast period. Numerous nations in the Asia-Pacific area have seen rapid urbanization, which has changed lifestyles and raised concerns about health and well-being. This has fueled the demand for medications in these fields of therapy by causing an increase in lifestyle-related health problems such as stress, nervousness, and insomnia. China, South Korea, Japan, and other nations in the Asia-Pacific have aging populations. Age-related illnesses like bone loss, osteoarthritis, and coronary artery disease are more common as people get older. Therefore, there is a rising demand for recreational medicines that can be customized to the unique requirements of senior citizens. Thus, this segment fueled the growth of the lifestyle drug market in this region.

Latin America and the Middle East-Africa region are expected to show moderate growth during the forecast period.

KEY MARKET PLAYERS:

AbbVie Inc., AstraZeneca Plc, Bristol-Myers Squibb Co., Eli Lilly and Co., Johnson & Johnson, Merck & Co. Inc., Novartis AG, Pfizer Inc., Takeda Pharmaceutical Co. Ltd and Teva Pharmaceutical Industries Ltd. are some of the notable companies in the lifestyle drugs market.

RECENT HAPPENINGS IN THE MARKET:

• In June 2023, the U.S. Food and Drug Administration has approved Pfizer Inc. (PFE.N) and partner OPKO Health Inc.’s (OPK.O) treatment for growth hormone deficiency in children.
• In June 2023, Experimental New Weight Loss Drug Retatrutide May Rival Ozempic, Eli Lily’s experimental new weight-loss drug is showing promising results.