Weight Loss Devices Market Report Scope & Overview:

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The Weight Loss Devices Market Size was valued at USD 5.30 Billion in 2023, and is expected to reach USD 8.50 Billion by 2032, and grow at a CAGR of 6.60% over the forecast period 2024-2032.

Increasing consciousness about obesity-related health-related problems and weight management benefits will corner the market growth. With the global prevalence of obesity almost tripling between 1975 and 2016 according to the World Health Organization (WHO), recent data suggests that in terms of adults, there are more than an estimated third of overweight followed by over a tenth classified as obese with new figures published for this year at just over 39% being overweight which increases by around another half to approximately. In the U.S., 2020 was an extremely bad year as Centers for Disease Control and Prevention (CDC) data showed that more than four in ten adults were obese, this represented a significant increase from other years. The CDC also notes that obesity-related conditions such as heart disease, stroke, type 2 diabetes, and certain types of cancer are some of the leading causes of preventable premature death.

Both governments and health organizations are promoting proactive measures targeted toward preventive health as well as weight management programs to counteract this ever-expanding predicament. As an example, the U.S. government's Healthy People 2030 initiative is looking to tackle obesity at the population level through strategies like public health approaches and community-based interventions. The increasing relevance of health and wellness which is coupled with burgeoning consumer realization about the perils associated with obesity has been a major driver for weight loss devices. Therefore, there is an upsurge in demand for weight loss devices as modern individuals are very keen to manage their weights by using the latest products and ultimately stay healthy the growth of the weight-loss market.

MARKET DYNAMICS:

KEY DRIVERS:

• Rising Awareness About the Health Risks Associated with Obesity and the Benefits of Maintaining a Healthy Weight Boosts Market Growth.

• Growing Interest in Fitness and Wellness Activities Supports the Demand for Fitness Tracking and Body Monitoring Devices.

RESTRAINTS:

• The Higher Cost of Advanced Weight Loss Devices and Surgical Procedures can be Prohibitive for some Consumers.

• Overreliance on Devices Without Proper Lifestyle Changes Can Lead to Suboptimal Results That Affect Consumer Satisfaction.

OPPORTUNITY:

• Increasing Demand for Personalized Health and Fitness Solutions Presents Opportunities for Developing Customized Weight Loss Devices and Programs.

• Development Of New Technologies Such as AI And Machine Learning for More Effective Weight Loss Solutions.

 KEY MARKET SEGMENTATION:

By Devices

Among weight loss devices, non-invasive body contouring has the largest share of 32% in 2023 due to its recent popularity among consumers looking for efficient and risk-free weight-loss solutions without surgery. Cryolipolysis (CoolSculpting), laser lipolysis, and ultrasound cavitation are some of the technologies that have come to promise tissue-selective adipocyte disruption with minimal downtime and discomfort. This is a fast-growing segment and demand for aesthetic treatments increases with advancements in technology. Safer alternatives are attractive to apprehensive customers when non-invasive body contouring devices offer fewer complications and are virtually in and out.

Their efficacy and patient comfort have been increased over time due to continuous innovations making them an even more popular tool. Moreover, there continues to be an increasing focus on aesthetic looks and body image that has driven even more people into these aesthetic treatments. Weight Loss Devices Market: Non-invasive body contouring is the Largest Segment - Fitness devices and wearables target general well-being but are not very effective; surgical devices have a higher risk profile with significant complications and recovery time when compared to non-surgical options.

By Indication

The obesity & weight management segment accounted for the largest share of 31% in 2023 owing to a global increase in obesity rates-with over 720 million adults classified as obese according to WHO figures as of October, 2021-has fueled strong demand for effective weight management solutions. Obesity also increases the risk of co-morbid metabolic conditions like type 2 diabetes, cardiovascular diseases, and some types of cancer motivating people to undertake weight loss programs for better health outcomes. To combat obesity and chronic disease prevention, governmental as well as healthcare initiatives such as the National Diabetes Prevention Program by CDC which propagates the use of weight management devices in not only curbing but also preventing health hazards caused due to being overweight drive demand across the global public domain constituting these individuals.

By Distribution Channel

In terms of the weight loss devices market, the online platforms segment was observed as the largest sales channel in 2023 and accounted for around 46%. The rise of e-commerce powers this dominance in a customer-first context. This is the trend when it comes to shopping for weight loss devices as well since online platforms offer consumers a whole library of them ready at hand from the safety and convenience of their homes. Recent analyses show growing online sales of weight loss, which is poised to account for a large market share in the next few years. Their global reach, detailed product information, and customer reviews available to consumers on their website as well as competitive pricing drive volumes. The COVID-19 pandemic also expedited the transition to online shopping so e-commerce has become even more powerful in this area. Retail stores, direct sales, and healthcare providers continue to remain leading channels although they cannot match the wider reach and convenience of online platforms which is why e-commerce is expected to be the largest and fastest-growing segment in the weight loss devices market.

REGIONAL ANALYSIS:

The North American weight loss devices market accounted for 40% of revenue in 2023. The factors responsible for this growth are a proliferation in obesity, more sedentary lifestyles, and expanded fitness demands among individuals. As of June 2021, the NIH presented a report according to which adult obesity rose from 41.9% to serious obesity reaching about 14.8%, and diabetes was increased to be as high. According to the CDC, obesity is a cause of preventable death and one of its leading causes of chronic diseases globally and in America. Comorbidities Bothersome Morbidity Accidental, Coincidence High-risk illnesses: cardiovascular diseases, type 2 diabetes, musculoskeletal disorders, and some cancers.

At the same time, weight management devices are designed to combat chronic diseases such as obesity and other critical issues enhancing the growth of the market in Canada. According to an article published in BMC in April 2021, one-third of the participants had multimorbidity for chronic diseases, and obesity or overweight was associated with a higher prevalence. Accordingly, increased rates of obesity and associated chronic diseases continue to drive the need for weight loss programs as well as other forms of obesity management. The market growth is attributed to increasing health concerns, high disposable income, and technical advancements.

Furthermore, fitness centers are established in this region which is predicted to increase the demand for sophisticated weight loss devices from health-conscious people, and thus demands for advanced products used in obesity treatment will drive this market. For example, the very first Mini Planet Fitness opened in Canada in July 2022. The gift of the fitness center included 28 pieces of cardio equipment including high-end treadmills and others.

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KEY PLAYERS:

The key market players include Fitbit Inc., Garmin Ltd., Philips Healthcare, Medtronic plc, Johnson & Johnson, Obalon Therapeutics, Inc., InBody Co., Ltd., iFit Health & Fitness Inc., Hologic, Inc., Nuvasive, Inc. & other players.

RECENT DEVELOPMENTS

• In November 2022, Powermax Fitness introduced Tech-Advanced fitness equipment in India, during November 2022. The latest release covers the premium elliptical cross trainers, Powermax EH 760, and commercial as well as semi-commercial motorized treadmills including all-new - for India market -Powermax TAC-3000, Powermax TAC-3500, TAC550 and TAC585.

• In March 2021, Matrix Launched a trio of cardio line-ups for Cardiovascular workouts and weight management; the performance series, endurance series & lifestyle series.