Global Weight Loss Services Market Grows Steadily at a CAGR of 8.6%

Weight loss reduces total body mass by reducing body fat, lean mass, or fluid. The military, fashion, sports, entertainment, wellness programs, weight loss clinics, treatments, and aviation industries can benefit from weight loss. Keeping weight within a healthy range reduces the risk of developing health conditions. Obesity has been linked to cardiovascular disease, type 2 diabetes, and several cancers. Weight loss improves cardiovascular health, increases mobility, reduces the risk of chronic illnesses, supports mental health, increases energy, enhances sleep quality, fortifies the immune system, reduces stress, and maintains hormonal balance. Market Dynamics Increasing Incidence of Obesity Drives the Global Market According to the World Health Organization (WHO), in 2016, the global prevalence of overweight adults exceeded 1.9 billion individuals, while the number of adults classified as obese surpassed 650 million. The proliferation of obesity has almost tripled since 1975. Thus, the market growth is anticipated to be driven by the rapidly expanding obese population. People who are overweight have a high risk of developing cardiovascular disease, stroke, diabetes, hypertension, and kidney disease. These health concerns compel individuals to seek obesity treatment, driving market expansion. Obesity can be reduced by adhering to regular and effective exercise regimens and a healthy diet. In addition, people prefer to undergo bariatric surgery, sleeve gastronomy, and gastric balloon surgery to achieve results more quickly. According to the Australian Institute of Health and Welfare, weight loss surgery hospital admissions increased to 22,713 in 2014. Therefore, the rising prevalence of obesity is expected to expedite market expansion over the forecast period. Product Innovation Creates Tremendous Opportunities Market leaders focus on product and service innovation to survive the fierce competition. In October 2016, Atkins Nutritionals and Chef introduced a low-carb meal solution for health-conscious consumers. This product launch assisted the company in expanding its customer base. Similarly, in July 2018, Nutrisystem, Inc. added a new line of daily vitamin packs to its South Beach Diet programs. Such launches are anticipated to generate opportunities for market expansion. Regional Analysis North America is the most significant global weight loss services market shareholder and is anticipated to exhibit a CAGR of 7.11% during the forecast period. The increasing prevalence of obesity, modern lifestyle, government reimbursement, and rising healthcare expenditure are major factors contributing to the growth of the North American market. Medicare, the national health insurance program of the United States, covers bariatric surgical procedures such as laparoscopic banding surgery and gastric bypass surgery. Medicare Part B covers obesity screening and counseling if the Body Mass Index is 30 or higher. In addition, the Weight Loss program initiated by Oral Aesthetic Advocacy Group, Inc. (OAAG) reimburses weight loss expenses in Canada. The Weight Loss Grants Organization annually provides up to USD 3 million in reimbursement grants, driving market expansion. Such factors are anticipated to increase weight loss service sales, driving market expansion. Europe is estimated to exhibit a CAGR of 8.01% over the forecast period. Due to growing awareness of the diseases caused by obesity, Europe held a sizable portion of the market for weight loss services. According to Eurostat, obesity and weight problems are rising in the European Union (EU), with 51.6% of the EU population being overweight in 2014. According to the World Diabetes Foundation, diabetes accounted for 9.0% of healthcare spending in Europe in 2015. In addition, the market growth in this region can be attributed to various government initiatives and rising diabetes awareness. For example, Germany is a member of the International Diabetes Federation (IDF), which aims to influence policy, raise diabetes awareness, and improve health. Thus, the factors above are likely to stimulate market expansion. Key Highlights The global weight loss services market is expected to grow at a CAGR of 8.6% during the forecast period (2023–2031). Based on equipment, the global weight loss services market is bifurcated into fitness equipment and surgical equipment. The fitness equipment segment dominates the global market and is projected to exhibit a CAGR of 8.9% over the forecast period. Based on services, the global weight loss services market is divided into fitness centers, slimming centers, consulting services, surgery, and other services. The surgery segment is the most significant contributor to the market and is predicted to exhibit a CAGR of 7.71% throughout the forecast period. Based on payment, the global weight loss services market is segmented into government, private insurance, and out-of-pocket. The out-of-pocket segment owns the highest market share and is estimated to exhibit a CAGR of 8.5% during the forecast period. North America is the most significant global weight loss services market shareholder and is anticipated to exhibit a CAGR of 7.11% during the forecast period. Competitive Players The key global weight loss services market players are Atkins Nutritionals, Inc.; Nutrisystem, Inc.; Apollo Endosurgery, Inc.; Johnson Health Tech; Herbal Life International, Inc.; WW International, Inc.; Amer Sports; Cynosure, Inc.; Kellogg Co.; and Diet Health, Inc. Market News In April 2023, Eli Lilly and Company announced that tirzepatide (10 mg and 15 mg) produced greater weight loss than placebo after 72 weeks of treatment in the SURMOUNT-2 study. In September 2023, Novo Nordisk, a Danish pharmaceutical company, introduced its weight-loss injection Wegovy in Britain to increase its market share and meet growing demand. Global Weight Loss Services Market: Segmentation By Equipment Fitness Equipment Surgical Equipment By Services Fitness Centers Slimming Centers Consulting Services Surgery Other Services By Payment Government Private Insurance Out of Pocket By Regions North America Europe Asia-Pacific Latin America The Middle East and Africa