Various factors are propelling the performance enhancing drugs market growth. These factors, as stated by the MRFR report, include rising use of anabolic steroids to treat various medical conditions such as anemia, pain management, and certain types of breast cancer, availability of huge funds for research and development activities, and various benefits for athletes such as muscle enlargement and increased blood’s oxygen carrying capacity.
The global performance enhancing drugs market is predicted to grow at a 4.8% CAGR over the forecast period (2017-2023), as per the latest Market Research Future (MRFR) report. Performance enhancing drugs, simply put, are different substances, procedures, or chemical agents that are designed to offer advantages during athletic performance. These drugs affect the body in various ways, such as increasing the oxygen-carrying capacity of the blood and also enlarge muscles. Performance enhancing drugs helps the body in recovering from workouts quickly. This drug can be taken as a topical treatment, injection, or a pill.
On the contrary, the use of performance enhancing drugs leads to numerous side effects such as heart attack and masculinization and heart attack in females, and diminished sperm production and acne in males. This may impact the performance enhancing drugs market growth over the forecast period.
The Market Research Future report provides a wide segmental analysis of the performance enhancing drugs market based on products, types, and end users.
Based on types, the performance enhancing drugs market is segmented into nootropic, ergogenic aids, and others. The ergogenic aids segment is again segmented into human growth hormone, dehydroepiandrosterone (DHEA), anabolic steroids, and others. The nootropic segment is further segmented into choline and acetylcholine intermediates, ampakines, racetams, and others.
Based on products, the performance enhancing drugs market is segmented into patches, injections, pills, and others.
Based on end users, the performance enhancing drugs market is segmented into militaries, students, bodybuilders, athletes, and others.
Based on the region, the performance enhancing drugs market report covers the latest trends and growth opportunities across Europe, the Americas, the Asia Pacific (APAC), and the Middle East and Africa. Of these, the Americas will dominate the market over the forecast period. This is owing to the presence of well-developed economies having high per capita income, especially in Canada and the US, the two major contributors of the region. Moreover, the rising prevalence of breast cancer incidences is likely to push market growth as anabolic steroids is used for treating various forms of breast cancer.
The performance enhancing drugs market in Europe is predicted to have the second-largest share in the market over the forecast period. This is owing to rising acceptance of performance-enhancing drugs in the region and accessibility of funds for RD activities.
The performance enhancing drugs market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to the presence of immense opportunity in the market, continuously developing economies, and rising awareness about performance enhancing drugs. Moreover, immense growth opportunities in this region, the presence of constantly developing economies, and increasing awareness regarding fitness are also boosting the market growth.
The performance enhancing drugs market in the Middle East and Africa is predicted to have the least share in the market over the forecast period. This is owing to the presence of a poor economy in the African region. A major part of the market share is held by the Middle East, owing to huge healthcare expenditure and a well-developed healthcare sector.
Leading players profiled in the performance enhancing drugs market report include Eli Lilly and Company. (US), Onnit Labs, LLC. (US), Douglas Laboratories. (US), BrainAlert, LLC (US), Novo Nordisk A/S (Europe), AstraZeneca (Europe), Bayer AG (Europe), Balkan Pharmaceuticals (Europe), and Taj Pharmaceuticals Limited (India), among others. The major players in the market have acquired several strategies to strengthen their position and also create a footprint in the market. These include acquisitions, partnerships, joint ventures, agreements, high expense on RD activities, market initiatives, clinical trials, new product launches, and others.