LONDON--(EON: Enhanced Online News)--Technavio’s latest report on the global lifestyle drugs market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
“Vendors such as Rhythm Pharmaceuticals, Merck, AstraZeneca, Novo Nordisk, and Avolynt are some of the vendors that are trying to tap this growing market segment. Therefore, emerging lifestyle diseases are likely to create substantial growth opportunities for vendors, thereby driving market growth”
The research study by Technavio on the global lifestyle drugs market for 2017-2021 provides detailed industry analysis based on therapy area (depression, dermatology, sexual dysfunction, and obesity) and geography (the Americas, EMEA, and APAC).
The global lifestyle drugs market size is projected to grow to USD 33.52 billion by 2021, at a CAGR of close to 3% over the forecast period, according to Technavio analysts.
The Americas will be the leading regional segment, generating both the highest revenue and maximum incremental growth through 2021. The vendors in this market space are working towards introducing new products to target emerging lifestyle diseases, which will immensely benefit this segment.
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The top three emerging trends driving the global lifestyle drugs market according to Technavio healthcare and life sciences research analysts are:
- Increase in M&A
- Growing focus on development of drugs for new indications
- Emerging lifestyle diseases
Increase in M&A
Sapna Jha, one of the lead analysts at Technavio for cardiovascular and metabolic disorders, talks about the consolidation of the lifestyle drugs market through mergers and acquisitions (M&A). She says, “Vendors in the market are pursuing inorganic growth strategies to expand their lifestyle drugs portfolio and to improve their global presence. Also, with an increasing number of patent expires in the marketplace, vendors are also looking to enhance their portfolio through the acquisition of generics.”
For instance, Concordia Healthcare completed the acquisition of the worldwide rights to four generic products. Similarly, Orexigen Therapeutics entered an agreement with Takeda Pharmaceuticals to acquire the US rights to Contrave for the treatment of obesity. Such initiatives will help vendors to expand their business horizons, thereby driving the market growth.
Growing focus on development of drugs for new indications
Vendors are increasing their focus on finding drugs to address new indications for which there are no drugs. Pharmaceutical companies are looking to monetize the unmet demands for these new indications to increase their product portfolio, income, and presence in the market. Female sexual dysfunction drugs are currently being researched as there is a huge potential customer base for the disease. Vendors such as Pfizer, Sigma-Tau Pharmaceuticals, VIVUS, Palatin Technologies, and TherapeuticsMD are increasingly looking to gain approval for female dysfunction products. These new drugs will add significant revenue to the market.
Emerging lifestyle diseases
Changing lifestyles of the general populace are giving rise to diseases related to these changes. Obesity and anti-aging products are two of the most sought after drugs from this sector. Vendors are responding to this demand by developing and launching new drugs targeting these diseases.
“Vendors such as Rhythm Pharmaceuticals, Merck, AstraZeneca, Novo Nordisk, and Avolynt are some of the vendors that are trying to tap this growing market segment. Therefore, emerging lifestyle diseases are likely to create substantial growth opportunities for vendors, thereby driving market growth,” says Sapna.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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