Weight Loss Services Market Market Will Generate New Growth Opportunities By 2023
Posted: Jul 21, 2019
Weight Loss Services Market: Overview
Overweight and obesity refer to excess body fat and it is related with increased weight-for-height. According to the World Health Organization (WHO) estimates more than 1.4 billion adults 20 years or older are overweight and obese. Obesity not only leads to loss of confidence among obese people, but is also a great concern from health standpoint. Overweight eventually leads a person to several diseases such as cardiovascular diseases (CVD), type 2 diabetes, strokes and even carry a risk of cancer. Obesity and weight gain has become one of the biggest concerns in the developed countries such as the U.S. owing to increasing adoption of sedentary lifestyle among the youth.
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Weight Loss Services Market: Trends
The global weight loss services market is poised to grow in the coming years, thanks to increasing awareness among people about their health and well being. The huge consumer base is a key market driver for the growth of global weight loss services market and will continue to remain due to increasing global population, particularly in the Asia Pacific and Rest of the World.
Other prominent market drivers include consumer’s increased weight and rising disposable income among people in the developing countries. However, large number of tall and false claims misleads general public about the effectiveness of particular services. Such unfounded loss claims and misleading endorsements restrain the market growth for genuine products and services.
Weight Loss Services Market: Segmentation
The global weight loss services market can be segmented into four major segments, namely, weight loss food and diet chains, weight management programs, health clubs, and other approaches for weight reduction such as liposuction and bariatric surgery. The market is highly competitive in the developed world with simultaneous presence of several multinational and local players. The food and diet chain segment have been growing in incessantly even during the recession period and accounted for largest share in the global weight loss services market. NutriSystem, Inc. is one of the major players in this segment and is engaged in provided meal replacement and weight loss supplements.
Weight Loss Services Market: Region-wise Outlook
Geographically, the global weight loss services market can be segmented into four major geographical regions, namely, North America, Europe, Asia Pacific and Rest of the World. Historically, North America and Europe have been the largest play areas for the players in this market. The market for weigh loss services is getting a boost in the U.S. due to coverage provision of screening and counseling for obesity under the Affordable Care Act (ObamaCare).According to the Health & Social Care Information Centre, obesity levels in England have illustrated a sharp increase during the period 1993 to 2011.
The obesity and overweight population continues to grow in the OECD countries as well. A report – ‘Obesity and Economics of Prevention: Fit or Fat’ from OECD presents the scale of obesity epidemic and recommends that nations make policies to prevent the consequences of obesity on the health and economy of the nation. Therefore, the market for weight loss services is expected to grow continuously in the near future. However, as the economies in Asia Pacific are growing at a rapid pace, the changing lifestyle of people in this region is resulting in more people becoming obese. This presents lucrative opportunity for market players in this highly untapped regional market.
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Weight Loss Services Market: Key Players
Some of the players in this market include Northcastle Partners, NutriSystem, Inc., Weight Watchers International, Inc., Jenny Craig, Inc., Medifast, Inc., BistroMD, Inc., and Rosemary Conley Diet & Fitness Clubs.
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