(PharmaNewsWire.Com, April 19, 2017 ) Lifestyle Drugs are the group of drugs or medications prescribed for treating life style disorders such as erectile dysfunction, acne, aging symptoms baldness, wrinkles etc. Also lifestyle drugs treat the conditions such as obesity, alcoholism, smoking, insomnia etc. many lifestyle drugs are available at OTC products. Popularity of the lifestyle drugs have increased as these drugs are used for increasing aesthetic appeal. Whereas these drugs are used for eliminating the chronic life style habits such as smoking and alcoholism, thus reducing the chances of getting major diseases such as liver failure and lung cancer. Lifestyle drugs market comprises of different drugs for therapeutic areas such as obesity, insomnia, dermatology, sexual dysfunction and others. However these drugs are available in various forms such as creams, gels, lotions, tablets etc. depending upon the therapeutic usage of the drug.
Lifestyle Drugs market revenue is growing with a significant rate, this is attributed to increasing usage of the drugs for obesity. In addition to this, increasing prevalence of insomnia and stress leads to increase in the revenue growth of life style drugs market over the forecast period. Also increase in looks consciousness leads to increasing number of people visiting dermatologists for curing acne, baldness and wrinkles. Growing healthcare expenditure and increasing inclination of patients to opt for lifestyle drugs drives the revenue growth of lifestyle drugs market over the forecast period. Increasing number of new drug launches for various ailments also drives the market for lifestyle drugs market. However higher pricing of some life style drugs along with availability of alternative treatment plans such as yoga for obesity is expected to hamper the growth of the lifestyle drugs market over the forecast period.
Lifestyle drugs market revenue is expected to grow at a good growth rate, over the forecast period. The market is anticipated to perform well in the near future due to increasing awareness regarding various lifestyle drugs available in the market. Also the market is anticipated to grow with a fastest CAGR over the forecast period, attributed to increasing health and looks consciousness which in turn drives the revenue growth of life style drugs market. Increasing investment in R&D and increasing number of new product launches, collaborations, strategic tie-ups are the major factors estimated to drive the revenue growth of lifestyle drugs market over the forecast period.
Depending on geographic region, the Lifestyle Drugs market is segmented into five key regions: North America, Latin America, Europe, Asia Pacific (APAC) and Middle East & Africa (MEA).
North America is occupying the largest regional market share in the global lifestyle drugs market owing to the presence of more number of market players, high awareness levels regarding the use of various life style drugs. Increasing healthcare expenditure and relatively larger number of R&D exercises pertaining to product manufacturing and marketing activities in the region. Also Europe is expected to perform well in the near future due to increasing number of people opting for drugs to increase their aesthetic appeal which in turn drives the revenue growth of dermatology segment of lifestyle drugs market.
Asia Pacific is expected to grow at the fastest CAGR because of increase in the prevalence of sexual disorders, also increase in the prevalence of baldness and premature aging drive the revenue growth of lifestyle drugs market over the forecast period.
Some of the key players of lifestyle drugs market includes Allergan, BMS, Eli Lilly, Galderma, Merck, Pfizer, Novartis, AstraZeneca, Sanofi, Valeant Pharmaceuticals, and Johnson & Johnson etc. Many companies have entered lifestyle drugs market to target the untapped areas in the market. The companies in lifestyle drugs market are increasingly engaged in strategic partnerships, collaborations and promotional activities to capture a greater pie of market share as the market is in the nascent stage.
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