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.
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.
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.
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.