According to the deep-dive market assessment study conducted by Growth+ Reports, the global lifestyle drugs market was pegged at ~US$ 2.26 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of ~4% from 2022 to 2030.
The global lifestyle drugs market is attracting various pharmaceutical companies worldwide. It is expected to grow significantly over the forecast period due to the increased use of these drugs by all age groups. Rising demand to improve life expectancy and slow aging are key drivers for this market. The increasing demand from individuals to be physically fit, in addition to normal and improved functioning of all body parts, are prime factors of this market growth.
The ability of these drugs to cater to modern man's lifestyle needs, such as vigor, youth, beauty, intelligence, and personality, has contributed to the market's growth. Reduced disease occurrence, increased stamina, improved memory and concentration, and impulse control are the prime factors contributing to market growth. Other market drivers include rising consumer awareness, improved access to healthcare facilities, rising consumer spending, changing demographics worldwide, and aggressive marketing and branding strategies by market participants. Additionally, it is projected that rising cigarette and tobacco use would encourage the growth of the global market for lifestyle drugs. For instance, according to the CDC (Centers for Disease Control and Prevention), in 2019, 15.0% of all adults (35.1 million people) smoked cigarettes. Such factors are anticipated to drive the market for lifestyle medications globally.
Growing healthcare expenditure and patients' increasing proclivity to choose lifestyle drugs will drive revenue growth over the forecast period. The rising number of new drug launches for various ailments is also propelling the lifestyle drug market. Furthermore, the lifestyle drugs market revenue is increasing rapidly due to rising obesity drug usage. Additionally, the rising prevalence of insomnia and stress contributes to an increase in the revenue growth of the lifestyle drugs market.
North America is expected to account for the largest share of the global lifestyle drugs market during the forecast period owing to rising obesity rates, more awareness about the usage of certain lifestyle medicines, a rise in healthcare spending, and more R&D projects being done in the are related to product manufacture and marketing. According to the Centers for Disease Control and Prevention, the adult obesity rate in 2019 was 42.4 percent, likely the first time the national rate surpassed the 40% mark, demonstrating the United States obesity crisis. Furthermore, the Europe region may see a profitable growth in the global lifestyle drugs market during the forecast period due to rising collaborations and sales partnerships. Acne, skin aging, sun protection, and skin hydration are the primary areas of expertise.
The market for lifestyle drugs is anticipated to develop at the fastest CAGR in the Asia Pacific over the forecast period due to the region's rising prevalence of sexual problems, baldness, and premature aging.
Some of the key players operating the market global lifestyle drugs market include Alembic Pharmaceuticals Limited, Eli Lilly and Company Ltd., Sun Pharmaceuticals Industries Ltd., AstraZeneca PLC., Teva Pharmaceuticals Industries Ltd., Forendo Pharma, Alkermes, Pfizer, Inc., Novo Nordisk A/S, Merk & Co., Inc., Mylan Pharmaceuticals, Inc., GlaxoSmithkline PLC among others. Rising market mergers, agreements, and acquisitions are expected to propel the global lifestyle drugs market during the forecast period. For instance, Greenstone, Upjohn's U.S.-based generics business and a wholly owned subsidiary of Pfizer Inc., and Roman, an innovative digital healthcare clinic for men, officially confirmed a purchase agreement on January 2020, that will provide Roman members with access to the only FDA-approved generic form of Viagra in the United States. Due to Pfizer's marketing innovations, before generic firms fought to reduce the profit shares, Viagra was by far the most lucrative drug on the market.