Lifestyle style drugs are primarily describesas 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 attributors such as 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 is increasing exponentially.
Increasing demand among individuals to be physically fit along with normal and enhanced functioning of 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 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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.