The global weight loss services market share is expected to grow at a CAGR of 8.6% during the forecast period (2023–2031). In response to the flourishing prevalence of obesity, there is a surging demand for weight loss services driven by heightened health awareness. Obesity is one of the world's leading health problems, resulting in various complications. With the surging cases of obesity, the key participants in the market are taking initiatives to spread awareness regarding fitness to overcome obesity, boosting the weight loss services market growth.
Weight loss decreases total body mass by decreasing fluid, body fat, or lean mass. There are numerous applications for weight loss in healthcare, physical fitness, the military, fashion, sports, entertainment, wellness programs, weight loss clinics, treatments, and aviation. The chance of acquiring health disorders can be lowered by maintaining weight within a healthy range. Obesity is linked to illnesses like type 2 diabetes, heart disease, and several malignancies.
Weight loss helps improve cardiovascular health, enhance mobility, reduce the risk of chronic diseases, support mental health, increase energy, improve sleep quality, strengthen the immune system, reduce stress, and maintain hormonal balance. Accredited practicing dietitians, general practitioners, commercial weight loss programs, meal replacement programs (extremely low energy diets), and kilojoule-controlled meal programs all provide weight loss services.
|Fastest Growing Market||Europe|
|Largest Market||North America|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
Globally, obesity is a major health concern. 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. Since 1975, obesity has nearly tripled in prevalence. Therefore, the rapidly soaring obese population is expected to propel the market growth. Moreover, people suffering from obesity are more susceptible to health problems such as cardiovascular disorders, stroke, diabetes, high blood pressure, and kidney problems. These health issues compel individuals to undergo obesity treatment, facilitating market growth.
Following proper and regular workout routines and maintaining a healthy diet help minimize obesity. In addition, people prefer undergoing surgeries such as bariatric surgery, sleeve gastronomy, and gastric balloon surgery to get quicker outcomes. For example, as per the Australian Institute of Health and Welfare (AIHW), hospital admissions for weight loss surgeries in Australia increased to 22,713 in 2014. Therefore, the increasing incidence of obesity is anticipated to expedite market growth over the forecast period.
Major market players are undertaking several fitness campaigns and initiatives to raise awareness about fitness among people, which is expected to expedite expansion growth over the forecast period. For instance, in the United States, the Campaign to End Obesity has introduced the Treat and Reduce Obesity Act of 2017 to encourage people to adopt a healthy diet and utilize various equipment for proper exercise.
Additionally, major market players are launching new technologically advanced product lines to increase usage among youth. For instance, in October 2018, WW International, Inc. launched the WellnessWins member rewards program to encourage people to adopt healthy habits. It is an innovative app-based program that enables members to earn points by tracking their health activities, meals, and attendance at WW Wellness workshops; these points can be saved for discounts on various products and services. Similarly, in March 2018, WW International introduced WW Healthy Kitchen to encourage people to adopt and implement healthy habits at home and on the go. Such initiatives are predicted to propel the market growth over the forecast period.
The high cost of low-calorie diets is one of the major factors that may limit the market growth over the forecast period. Maintaining and following low-calorie diets regularly is almost unaffordable for most people. Long-term consumption of a low-calorie diet is also essential for positive outcomes. Similarly, if an individual opts for enrollment in fitness centers, following a healthy diet chart is one of the essential requirements, along with workouts, to achieve the desired outcome. Although major market players are trying to popularize such diets, people cannot afford them due to their high prices. This is expected to restrict the market growth.
Market leaders are concentrating on product and service innovation to endure the intense competition. For instance, Atkins Nutritionals and Chef launched a low-carb meal solution for health-conscious customers in October 2016. This product launch assisted the business in expanding its customer base. In addition, Nutrisystem, Inc. added a new line of daily vitamin packs to its South Beach Diet programs in July 2018. Such launches are expected to create opportunities for market growth.
Based on region, the global weight loss services market share is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
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. Major factors contributing to the growth of the North American market include increasing incidence of obesity, modern lifestyle, government reimbursement, and increasing healthcare expenditure. For instance, Medicare, the U.S. national health insurance program, covers bariatric surgical procedures such as laparoscopic banding and gastric bypass surgery. Medicare Part B provides coverage for obesity screening and counseling services, specifically targeting individuals with a Body Mass Index of 30 or more.
Furthermore, in Canada, the Weight Loss program started by Oral Aesthetic Advocacy Group, Inc. (OAAG) provides cost reimbursement for weight loss. Every year, the Weight Loss Grants Organization provides up to USD 3 million in reimbursement grants, thus driving the market growth. Additionally, according to the CDC, in 2015-2016, the prevalence rate of obesity was 39.8%, and about 93.3 million adults in the nation were suffering from obesity. Such factors are expected to increase the sales of weight loss services, thereby driving market growth.
Europe is estimated to exhibit a CAGR of 8.01% over the forecast period. Europe held a significant share of the weight loss services market, owing to rising awareness about the diseases caused by obesity. According to Eurostat, obesity and weight problems are rapidly increasing in the European Union (EU), and in 2014, 51.6% of the EU's population was overweight. Moreover, according to the World Diabetes Foundation, in 2015, 9.0% of the healthcare expenditure in Europe was on diabetes. Such factors are expected to drive the growth of the global market. Furthermore, the market development in this region can also be attributed to various government initiatives and rising awareness about diabetes. For instance, Germany is a member of the International Diabetes Federation (IDF), which aims to influence policies, increase awareness about diabetes, and improve health. Thus, the factors above are likely to boost the market expansion.
Asia-Pacific's weight loss services market is anticipated to witness lucrative development over the forecast period. The regional market expansion can be ascribed to the changing lifestyle, increasing liking for fast food, and rising number of obesity and diabetes cases. Moreover, governments and public associations are undertaking various initiatives to raise awareness about diabetes. For instance, in the latest diabetes campaign, the Diabetes Association of Thailand has used confectionary items to create frightful images. The major focus of this campaign is to create awareness about how high blood sugar levels can reduce the body's ability to heal and detect infections. Such initiatives are expected to boost the regional market growth.
Latin America's weight loss services market is driven by increasing health consciousness and a growing willingness to spend on healthy lifestyles. Moreover, according to IDF Diabetes Atlas 8th Edition, in 2017, approximately 26 million adults aged 20 to 79 had diabetes in this region. It also reported that 40.0% of these cases were undiagnosed. Moreover, increasing awareness and government initiatives are expected to drive market growth. In addition, the increasing incidence of obesity in Latin America is boosting the market growth. According to a United Nations report, obesity is 3.6 million annually, as low-income individuals prefer cheaper food with high fat and sugar content. Therefore, the increasing incidence of obesity will likely boost the demand for fitness equipment in the region.
The Middle East and Africa weight loss services market is anticipated to exhibit considerable growth, owing to rising awareness about healthy lifestyles and increasing household spending on weight loss equipment and services. Moreover, according to the World Health Observatory report by the WHO, nine Middle Eastern countries have the highest obesity statistics ranking among adults aged 18 and above. This boosts the market growth.
The global weight loss services market is segmented by equipment, services, and payment.
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. Increasing usage of fitness equipment globally and growing awareness about health and fitness among people are expected to positively influence the market over the forecast period. Similarly, major market players are undertaking various initiatives, such as launching new, technologically advanced equipment and connected fitness devices and organizing fitness campaigns, which is anticipated to drive the market. For instance, in August 2017, Peloton launched its home cardio bike with a 22-inch touchscreen display and is compatible with an iOS application for recording and tracking performance. These factors are expected to drive the market. This segment is further subdivided into cardiovascular training equipment, strength training equipment, and infrared light therapy equipment.
The expansion of the surgical segment is anticipated to be bolstered by a rise in bariatric and noninvasive surgeries. The need for these operations is growing as obesity rates rise across all age groups. The high cost of fitness equipment, high membership costs of health clubs and gyms, and long-term programs often restrict people from engaging in and maintaining exercise regimes. Thus, people prefer surgical procedures in such cases as these provide rapid results. This segment is subdivided into bariatric surgery equipment and noninvasive surgical equipment.
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. Common weight loss surgeries include laparoscopic adjustable gastric banding, sleeve gastrectomy, Roux-en-Y gastric bypass, and biliopancreatic diversion with duodenal switch. In addition, faster recovery and low risk of adverse effects are major advantages driving the market. For instance, according to ASMBS, the sleeve gastrectomy rate increased from 53.61% to 59.39% from 2015 to 2017 globally. Therefore, the segment is expected to grow considerably over the forecast period.
Various initiatives undertaken by major market players on yoga, aerobics, and a healthy diet are among the major aspects anticipated to fuel slimming center segment growth over the forecast period. For instance, in December 2018, Peloton initiated yoga and meditation programs to encourage more people to adopt such services. Yoga and aerobics are considered one of the most effective ways to reduce fat compared to gyms and pose a much lower risk of adverse effects. Therefore, slimming centers are preferred over fitness clubs and centers.
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. Weight loss surgeries, like a gastric balloon, endoscopic sleeve gastroplasty, and tummy tuck, are generally not covered under insurance procedures, which limits their adoption. Since insurance companies partially fund insurance-covered surgeries, patients prefer undergoing these surgeries. However, services such as fitness centers, slimming centers, and consulting services do not have insurance coverage. Therefore, people have to bear the expenses out of pocket. Moreover, increasing awareness about health and fitness is expected to boost the demand for these services. Therefore, considerable segment growth is anticipated over the forecast period.
The rising number of weight loss surgeries due to increasing obesity among all age groups is one of the major factors responsible for the private insurance segment growth. Gastric bypass, lap band surgeries, and gastric sleeve are usually covered by private insurance, as they are expensive procedures. For instance, gastric bypass costs only around USD 3,500 with insurance, whereas it costs around USD 24,000 without insurance. Since these surgeries offer effective outcomes, they are preferred. For instance, according to the Australian Institute of Health and Welfare (AIHW), hospital admissions for weight loss surgery in Australia grew from 9,300 in 2005-2006 to 22,713 from 2014 to 2015.