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Weight Loss Industry Market Hit New High in 2023 Due to Weight Loss Drugs and Other Medical Interventions

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Article

The medical side of the market is growing while the commercial side seems to be struggling.

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A new study reveals just how strong of a year 2023 was for the weight loss drug industry.

Anti-obesity medications (AOMs) have seen a surge in popularity over the past year. This is due to a variety of factors, including the increase in demand for drugs like Wegovy and Ozempic. The two drugs became so popular in 2023 that Wegovy’s developer Novo Nordisk had to temporarily limit the supply of lower, beginner doses of the medication.

While it’s clear that AOMs had a good year in 2023, a new report details the heights of that success.

According to a study conducted Marketdata LLC and published in Research and Markets, the weight loss market in 2023 rose to a historic peak. In a press release,1 Research and Markets explains that the boom in GLP-1 weight loss drugs led the market to an all-time-high of $90 billion last year. The growth was driven by medical programs, as commercial diet companies actually saw a decline in revenue during the same period.

According to the report, non-medical segments across the entire industry have seen a reduction in revenue. An estimated 26,500 weight loss coaches have lost their jobs. Meanwhile, it’s not just weight loss drugs that have seen an increase in revenue. Bariatric surgeries are also seeing higher than average numbers.

GLP-1 drugs were actually developed as diabetes medications, as they typically improve blood sugar control. Another side effect is decreased appetite, however, and these two elements working together have made them effective weight loss medications as well.

The report shows a clear shift in the market. The weight loss industry as a whole continues to be a strong performer, but it appears that consumers are looking for medical interventions in order to reduce their body fat. There are a variety of reasons that this could be happening.

It’s possible that consumers consider weight loss drugs and other medical interventions as easier than traditional dieting and exercise. However, medical interventions can be expensive and bariatric surgeries can cause a significant amount of discomfort.

Another reason why the medical intervention side of the industry may be seeing increased revenue and attention could be attributed to a higher awareness of medical conditions that can contribute to weight gain. For people in this category, the commercial side of the industry may not be much help. As more awareness grows of these medical conditions, more consumers seem to be turning toward the medical side of the industry for help.

Source

  1. United States Weight Loss Market Report 2024 - Total Market Grew to Historic Peak of $90 Billion in 2023, with Soaring Sales of GLP-1 Weight Loss Drugs. Research and Markets. March 8, 2024. https://www.prnewswire.com/news-releases/united-states-weight-loss-market-report-2024---total-market-grew-to-historic-peak-of-90-billion-in-2023-with-soaring-sales-of-glp-1-weight-loss-drugs-302083885.html
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