The global lifestyle drugs market is luring various pharmaceutical companies globally and is anticipated to grow substantially over the forecast period. Key drivers for this market are increasing use of these drugs by all age groups, rising demand to enhance life expectancy, and to reduce the ageing process. Increasing demand from individuals to be physically fit along with normal and enhanced functioning of all body parts is the vital driver of the growth of the market. Few advantages offered, that spur the growth of the market include the ability of these drugs to cater to modern man’s lifestyle needs such as vigor, youth, beauty, intelligence, and personality. Reduction in disease occurrence, improved stamina, improvement in memory and concentration, curbing impulses and others also contribute to the growth of the market. Other drivers of the market are increasing awareness level of individuals, enhancing access to healthcare facilities, growing spending by individuals, changing demographics across the globe, and aggressive marketing and branding strategies by the market players. Majority of the lifestyle drugs are Over The Counter (OTC) products, thus eliminating the need to visit a clinic or hospital, which adds to the growth of the market. Lifestyle drugs market growth is also co-dependent on the cosmetic market due to rising aesthetic appeal is further expected to fuel the growth of the market.
The lifestyle drugs market is segmented on the basis of product. The various types of products available are classified into seven categories namely; anti-depressant, hair loss reduction agents, smoking withdrawal, fat burner/ anti-cholesterol drugs, contraceptives, potency, and anti-wrinkle agents. Potency and contraceptive drugs held the largest market share owing to their growing popularity and utilization. Viagra from Pfizer is the largest selling product followed by Eli Lily’s Cialis. These two drugs together have reported a sale of over USD 4 million in 2010, thus being the largest contributors to the segment. Fat burners or anti-obesity drugs are expected to witness the fastest growth during the forecast period due to change in eating habits and increasing population of obese people. Anti-wrinkle agents are also expected to witness lucrative growth during the forecast period. Addition of new segments such as dental products into the product portfolio is expected to occur during the forecast period, further fueling the growth.
North America is expected to dominate the lifestyle drugs market over the forecast period due to higher disposal income, rising urban population base which is conscious and aware of their health and appearance, and increasing new drug development. Along with the above contributors, stringent FDA norms to obtain approval and sale of these drugs highlight the high quality and safety of the drugs propelling further growth of the market. In Europe, the market is expected to retain its position with stable growth over the forecast period. Stable growth is attributed to lesser investment in development of new lifestyle drugs and instead of earning profits by existing products. Asia Pacific is expected to witness the fastest growth during the forecast period majorly due to the enhancing availability of such drugs in the region and growth in number of generic market players. Various companies are expected to conduct intensive R&D and launch an array of drugs adding to the portfolio of lifestyle products market. Aggressive marketing and establishment of emotional appeal have led to the substantial growth of the market in the region.
Key companies and players of the lifestyle drugs market are Pfizer, Eli Lily, Teva Pharmaceuticals, Biocon Ltd., Mylan pharmaceuticals, GlaxoSmithKline, McNeil, Johnson & Johnson, Merck & Co. Inc., Dr. Reddy’s Laboratories, Zydus Cadila, Cipla, Sun Pharmaceuticals, Nicholas Piramal, Alembic, Proctor & Gamble, AstraZeneca, Novo Nordisk, Amgen, Lupin and various others. Viagra from Pfizer has by far been the largest profit-making drug of the market due to the marketing innovations of the company until generic companies combated reducing the profit shares. Introduction of various new entrants and SMEs are expected to heighten the competition of the market.
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Multiple therapeutic regimens are being followed across the globe in attempts to come up with a reliable treatment for Covid-19. One line of treatment includes the use of hydroxychloroquine, while a second treatment line focuses to use antiviral drugs used in the disease management of HIV. Both these approaches have surged demand from advanced antivirals and antimalarial drugs. This impacts the drug manufacturers as an off label indication for these drug classes has to be worked upon. At the moment, the WHO has not prescribed any of these approaches, neither they have commented if one is better than the other. The report will account for Covid19 as a key market contributor.