Lifestyle Drugs Market

Lifestyle Drugs Market - Overview

The global lifestyle drugs market is estimated to rise at a healthy rate from 2021 to 2031 (forecast period). Lifestyle drugs are used to treat lifestyle ailments or habits such as alcoholism, smoking, or poor dietary habits. In general, lifestyle drugs are intended to improve people's standard of living by treating non-lethal or non-painful illnesses such as wrinkles, baldness, acne, impotence, sleeplessness, weight loss, and others.

Lifestyle drugs have become one of the most commercially appealing and dynamic sectors in the world in recent years. The rising popularity of lifestyle drugs is mainly driven by factors such as increased stamina, attention, memory, and energy level, which are in high demand among young and middle-aged people due to hectic and unhealthy lifestyles. Lifestyle drugs represent a massive potential market for pharmaceutical companies. Moreover, the accessibility and variety of lifestyle drugs are expanding at a rapid pace. Such factors are projected to create revenue-generation opportunities in lifestyle drugs market during the forecast period.

Lifestyle Drugs Market - Competitive Landscape

Leading players in the lifestyle drugs market are Johnson & Johnson, Pfizer, Eli Lily, Teva Pharmaceuticals, Biocon Ltd., Cipla, GlaxoSmithKline, McNeil, Merck & Co. Inc., Mylan pharmaceuticals, Dr. Reddy's Laboratories, Sun Pharmaceuticals, and Zydus Cadila.

To widen their worldwide exposure, key players are actively pursuing market strategies such as collaborations, technological advancements, investments, R&D activities, and acquisitions.

Lifestyle Drugs Market - Trends and Opportunities

The global lifestyle drugs market is attracting numerous pharmaceutical businesses worldwide and is expected to rise significantly during the projection period. The increasing usage of such drugs by all age categories, as well as increased demand to improve life span and slow the aging process, are key elements projected to boost the sales of lifestyle drugs market. Moreover, the growing need for people to be physically active and regular and improved functioning of all body components are the main factors anticipated to drive the global lifestyle drugs market.

Reduced illness occurrence, increased stamina, impulse control, enhanced memory, focus, and other factors are expected to contribute to the market expansion. Furthermore, rising consumer awareness, improved access to healthcare services, strong consumer expenditure, changing demographics around the world, and aggressive branding and marketing initiatives by industry participants are projected to propel the global lifestyle drugs market. The bulk of lifestyle drugs is over-the-counter (OTC) products, which eliminates the need to visit a hospital and clinic, contributing to the market's growth.

In addition, product releases and approvals are anticipated to bolster the growth of the global lifestyle drugs market. For example, in April 2021, Mayne Pharma announced that the United States Food and Drug Administration (FDA) had certified its Nextstellis, a contraceptive pill containing E4, a naturally occurring estrogen. Mayne Pharma is committed to developing new oral drug delivery technologies in order to manufacture and sell branded generic pharmaceuticals, providing patients with better and more available drugs.

Moreover, people's increased usage of cigarettes and tobacco is anticipated to promote the expansion of the worldwide lifestyle drugs market. As per the CDC (Centers for Disease Control and Prevention), cigarettes were smoked by 15.0% of all adults (35.1 million people) in 2019. Such aspects are projected to boost the worldwide lifestyle drugs market during the forecast period.

Lifestyle Drugs Market - Regional Landscape

North America is likely to experience growth in the worldwide lifestyle drugs market during the projection period due to increasing disposable income, a growing urban population base that is cognizant of their appearance and health, and advanced new drug development. Together with the aforementioned factors, rigorous FDA standards for obtaining clearance and selling these drugs show the excellent safety and quality of the drugs, fueling additional market expansion.

Asia Pacific is projected to contribute to the worldwide lifestyle drugs market during the forecast period, owing to the increased availability of these drugs in the region.