Transparency Market Research Report Added "Lifestyle Drugs Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast 2015 - 2023"
Albany, NY -- (SBWIRE) -- 01/11/2018 -- Lifestyle style drugs are primarily described as medicines used to treat lifestyle illnesses or habits such as smoking, alcoholism or unhealthy diet habits. In general, lifestyle medicines are designed to improve person's quality of life by treating conditions that are not lethal or non-painful which include baldness, wrinkles, impotence, acne, weight loss, insomnia, and others.
Over the past few years, lifestyle drugs have become commercially attractive and one of the most dynamic industries across the globe. Growing popularity of lifestyle drugs is primarily driven by attributes such as an increase in stamina, memory, concentration and energy level which are of prime need among youth and middle-aged population owing to stressful and unhealthy lifestyle.For drug manufacturers; lifestyle drugs represent giant untapped markets of potential profit. The availability and kind of lifestyle drugs are increasing exponentially.
Increasing demand among individuals to be physically fit along with the normal and enhanced functioning of the body is the vital driver for the growth of the market. Additionally, increasing awareness about lifestyle disease, rising disposable income and aggressive promotional activities about these products in emerging and the developed market has significantly boosted the demand and sales of these drugs in last few years. Moreover, most of these drugs are usually sold over-the-counter which eliminates the need to clinics and hospitals, saves time and overall cost of treatment. However, lack of adequate reimbursement provision and studies pertaining to use and abuse of these drugs are key restraint to market growth.
In the arena of sports, growing incidences of doping cases and related deaths as a measure to enhance performance is one of the prominent examples illustrating the misuse of these lifestyle style drug or stamina enhancing drugs. Some of the most demanded drugs in this category includes Botox, smoking cessation drugs, Viagra and stamina enhancing drugs. According to an article titled ,The Rise of Lifestyle Drugs,, Pfizer's Viagra (sildenafil citrate) and Eli Lilly's Cialis (tadalafil) generated worldwide sales of nearly USD 4 billion in 2010.
The lifestyle drugs market based on its applications are segmented as anti-aging, smoking cessation, anti-hair fall, contraceptives, erectile dysfunction, anti-depressant, and cholesterol drugs. Among the aforementioned segments sexual dysfunction related drugs such as erectile dysfunction accounted for lion's share in the present scenario. Whereas, the anti-aging and anti-depressants are among the fastest growing segment across the globe. Based on geography the market is studied for four regions: North America, Europe, Asia Pacific and Rest of the Word. North America accounts for the largest share owing to its high demand, higher disposable income and awareness about such products through social media and advertisements.
Recently in January 2015, an article published in The Telegraph; illustrated about Novo Nordisk's Liraglutide which is used in diabetes treatment found to have properties which will help people in weight loss. Although, its high cost of USD 3.51/day (£2.25) could be a major restraint as it is roughly double the price of Orlistat, the only other prescription diet drug. Asia Pacific and Rest of the World are among the fastest growing regions due to growing economy, increasing healthcare investment from government agencies and growth of generic manufacturers in last few years.
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Some of the prominent players operating in the global lifestyle drugs market encompasses Teva Pharmaceuticals, Dr. Reddy's Laboratories, Pfizer, Inc., Johnson & Johnson, Novo Nordisk, Sun Pharmaceuticals, Astrazenecaplc, Cipla Limited and others.