(PharmaNewsWire.Com, August 18, 2021 ) According to market research report Weight Loss Management Market to grow from USD 175.94 billion in 2017 to USD 245.51 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 6.9% during the forecast period.
Increasing number of bariatric surgeries, growing rate of obesity, increasing prevalence of lifestyle diseases, and launch of new and advanced products are the factors driving the growth of the market.
Product launches accounted for the largest share of the overall growth strategies mapped from 2014–2017. Some of the leading players who adopted this strategy are Atkins Nutritionals (US), Brunswick (US), Nutrisystem (US), Weight Watchers (US), Amer Sports (Finland), Herbalife (US), and Johnson Health Technology (Taiwan).
Prominent players in the weight loss and weight management market, by diet, include Atkins Nutritionals, Inc. (Atkins) (US), Herbalife Ltd. (Herbalife) (US), Nutrisystem Ltd. (Nutrisystem) (US), and Kellogg Company (Kellogg) (US).
Ethicon, Inc. (Ethicon) (US), Covidien, plc. (Covidien) (US), Apollo Endosurgery (US), and Olympus Corporation (Olympus) (Japan) are some prominent players in the surgical equipment market, while Brunswick Corporation (Brunswick) (US), Amer Sports (Finland), Johnson Health Technology, Ltd. (Johnson Health Tech) (Taiwan), Cybex International (Cybex) (US), and Technogym SpA (Technogym) (Italy) operate in the fitness equipment segment.
In 2016, Brunswick dominated the weight loss and weight management fitness equipment market. The company has managed to create a unique identity in this market due to its robust product portfolio and large geographic presence. In addition, the company focuses on adopting organic as well as inorganic growth strategies to maintain its leading position in the market. For instance, in May 2017, the company launched a new Integrity Series cardio line, including a Treadmill, Elliptical Cross-Trainer, and Upright and Recumbent Lifecycle Exercise Bikes. To leverage opportunities in the weight loss and weight management market, in January 2016, the company acquired Cybex (US) which expanded Brunswick’s portfolio of fitness products.
Technogym was the second leading player in the weight loss and weight management fitness equipment market in 2016. To maintain its leading position in the fitness equipment market, the company focuses on adopting organic as well as inorganic growth strategies. For instance, in November 2014, Technogym partnered with Talise, a member of the Jumeirah Group. Under this agreement, Technogym will supply fitness equipment to Talise Fitness Facilities. This agreement enabled the company to expand its customer base, thereby increasing its market presence in Middle Eastern countries. Furthermore, in January 2015, the company introduced its mywellness cloud, an open platform to collect personal fitness data in one location. This product enables users to collect data regarding their physical workouts from both inside and outside the gym. Such product launches enable the company to expand its product offerings in the fitness equipment market.
By equipment, the weight loss management market is segmented into fitness equipment and surgical equipment. The fitness equipment segment is estimated to register the highest growth rate during the forecast period. The high growth in this segment can primarily be attributed to the continuous technological advancements in fitness equipment and growing accessibility to gyms.
Based on diet, the weight loss and weight management market is segmented into meals, beverages, and supplements. In 2017, the beverages segment is expected to account for the largest share of the weight loss and weight management market.
In 2017, North America is expected to dominate the global weight loss management market primarily due to factors such as the increasing incidence of obesity and chronic diseases, rising awareness about nutrition and healthy lifestyles, and growing number of fitness centers in the region.
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