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Market Forecast for Weight Loss and Correction Services in India

Release date 16.02.2021

Number of pages 56

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The relevance of research

Being overweight causes many diseases. With an increase in the amount of adipose tissue in the body, its destructive effect on many organs and systems intensifies. This often leads to serious complications that pose a threat to performance and even human life. It is known that obese patients are 3-4 times more likely than those with normal weight to develop diabetes, twice as likely to suffer from diseases of the liver and cardiovascular system.

Obesity is a systemic disease, so almost all organs and systems can suffer from it to one degree or another. Complications of obesity: metabolic syndrome, gastroesophageal reflux disease, type 2 diabetes mellitus, coronary heart disease, myocardial infarction, stroke, arterial hypertension, chronic venous insufficiency, cholecystitis, cholelithiasis, pancreatitis, arthritis, deforming osteoarthritis, herniated discs, oncological diseases, fatty degeneration of the liver, extreme obesity with alveolar hypoventilation, polycystic ovary syndrome, erectile dysfunction.

Many people cannot cope with such a set of problems on their own, so they turn to specialists. One of the areas of the market that specializes in solving the above problems is medical support for weight loss, in which their subgroups are distinguished.

Purpose of the study

Analysis of the state of the market for weight loss services, assessment of the market size, analysis of competitors, as well as identification of factors affecting the market for weight loss services

Content

Chapter 1. Economic characteristics of the market for weight loss and correction services

1.1. Market size
1.2. Market Growth Rate
1.3. Market trends
1.4. The main problems of the industry
1.5. Industry life cycle stage
1.6. Estimation of the number of buyers and their financial capabilities
1.7. Estimated consumption per capita
1.8. The pace of technological change and product innovation
1.9. Sales channels
1.10. Compact location of industry companies in certain regions

Chapter 2. General economic environment

2.1. Economic components
2.2. Social Components
2.3. Technological components
2.4. Political Components
2.5. STEP-analysis of the market

Chapter 3. Assessment of the degree of competition

3.1. Scale of competition (local, regional, national, global)
3.2. Number of competitors and relative market shares of the largest competitors
3.3. Competition from substitute products

Chapter 4 Industry Forecasts

4.1. Analysis of the impact of recent crises on the industry (the global crisis of 2008 and the currency crisis in India in 2014)
4.2. Analysis of the impact on the state aid industry at the current date
4.3. Studying scenarios for the development of the industry in terms of quarantine in connection with covid-2019
4.3.1. Single Quarantine Scenario (according to the Chinese release schedule)
4.3.2. Scenario of two quarantines
4.4. Analysis of existing cases of business restructuring in the industry

Chapter 5 Forecasting Methodology

5.1. Methods for forecasting key industry indicators
5.2. Sources of information for forecasting
5.3. Timing of forecasting

Research excerpt

Chapter 1. Economic characteristics of the market for weight loss and correction services

1.1. Market size

Diagram 2. The share of services for weight loss and correction in the cost of paid medical services to the population in India in 2013-2019,%

1.2. Market Growth Rate

Market growth rates in the period 2013-2019 allow us to state the annually increasing popularity of services for weight loss and correction.

According to the assessment and calculation of GidMarket, based on data from Rosstat, market operators, the volume of the weight loss and correction services market in India in 2019 amounted to … billion Rs., having increased by …% compared to 2018. At the same time, excluding inflation (increase in the cost of services), the market in 2019 increased by …% compared to 2018.

Diagram 3. Dynamics of the volume of the market for weight loss and correction services in India, million Rs., 2013−2019

Throughout the analyzed period, there has been an increase in the volume of the market in terms of money in current prices, with the exception of 2016, which is also confirmed by the growth rate of the services market minus inflation (…%). We can say that 2016 was the year of testing the strength of this type of service as a segment of commercial medicine in India.

We also note that until 2015 inclusive, the market grew at a rapid pace despite the high dynamics of the price level (…% annually), but already in 2017-2019. The market dynamics has become calmer, but still exceeds the rate of growth in the cost of services.

1.3. Market trends

The main trends and features of the market for weight loss and correction services in India are:
Prospects of the paid medical services market.
The paid medical services market today is one of the most promising and rapidly developing in the Indian economy, this is due to its demand and social significance. As for the structure of paid medicine by types of services provided, it is extremely uneven. The considered services for weight loss and correction occupy about 0,65% of the industry of paid medical services for the population.
The market for weight loss and correction services throughout the analyzed period showed growth in monetary terms at current prices.

In the future, the market volume will grow, however, due to the difficult economic situation, the growth will largely be determined by the level of consumer inflation.
...

1.4. The main problems of the industry

The main issues in the industry include:
− The growth of the market volume is constrained by the limited incomes of the main consumer groups and the dynamics of the decline in real incomes of the population in 2014−2016. and in 2020
− Services for weight reduction and correction are not of primary importance for the population, while the frequency of use of services is uneven, there is a strong dependence on the group of consumers.
− The main limiting factor in the growth of consumer interest is the consumer's fear that the expected result will not match the real one after completing the weight loss and correction program.
...

1.5. Industry life cycle stage

The market for weight loss and correction services in India has not reached saturation yet, it is in the stage of...

1.6. Estimation of the number of buyers and their financial capabilities

Not everyone can constantly maintain their body in perfect shape, which leads to serious consequences in the future - obesity. As a result, there are various diseases of the body, disorders in the nervous system and discomfort. It is no secret that obesity is a global problem of modern society, which is relevant regardless of social and professional affiliation, area of residence, age and gender. In 2019, the global population amounted to … million people, of which obese: … million people. Most of the world's obese people live in a few countries, in fact, half of them are in the top 10 countries. Table 1 shows the indicator - the average BMI. Body mass index (BMI) is the ratio of body weight in kg to the square of height in m.
...

1.7. Estimated consumption per capita

The volume of consumption of weight loss and correction services per capita was estimated by GidMarket on the basis of the ratio of the volume of the market for weight loss and correction services to the population of India. As can be seen in the chart, per capita consumption of weight loss and correction services in India … during 2014-2019.
...

1.8. The pace of technological change and product innovation

The pace of technological change and innovation in the weight loss and correction market can be described as moderate.
Most often, research in this area is aimed at improving the existing methods of losing weight with the help of diets (combinations of products are being studied, calorie content is calculated, etc.), the release of improved equipment for hardware correction of the figure, etc., however, there are more cardinal methods.
...

1.9. Sales channels

The target audience for companies providing services for weight loss and correction are citizens and individuals. They independently turn to clinics and slimming specialists, therefore, it is logical to consider channels for promoting the services of such companies as sales channels.
...

1.10. Compact location of industry companies in certain regions

The structure of the market for weight loss and correction services across the union territories and the distribution of industry companies across the country is extremely heterogeneous. The leader in this segment of commercial medicine is …, which accounts for approximately …% of the total weight loss and correction services market in India, of which slightly less than a quarter (…%) is accounted for by ...
...

Diagram 6. Compactness of location of companies in the industry in certain regions in 2019, %

As of 2020, the average population density in India was … persons/km². The lowest population density among the states of India (less than 1 person / km²): ... (... person / km²), ... (... person / km²), ... (... person / km²), ... (... person. /km²), …

Chapter 2. General economic environment

Let's consider the main factors influencing the market and, accordingly, demand. Among such factors are: economic, demographic (social), technological, political and legal.

2.1. Economic components

GDP (gross domestic product) is used to determine the rate of economic development of any state. GDP is a macroeconomic indicator that reflects the total value of goods, works and services that were produced and provided in the country in a year. Gross domestic product is the main indicator on the basis of which the level and pace of the country's economic development are determined.
...

The impact of the crisis that began in 2008 led to a decline in GDP by 7,8% in 2009, but then the growth rate was quite high until 2012 inclusive.

Further, until 2014, the growth rate was positive, but constantly decreasing, and in 2015 it was less than zero. In 2015, which was the peak of the crisis in the state, the decline in GDP was 2% compared to the previous year 2014, and since the dynamics of GDP is directly proportional to the well-being of citizens, this indicates a drop in family incomes, a reduction in demand, and an increase in prices. It also led to a decline in production and employment.
...

Table 6. Average producer prices and CPI for selected types of industrial goods in India at the end of the period in 2014-2020 (January-March), rupees per unit, %

2.2. Social Components

During 2010-2018, there is an increase in the population. The increase in …% in 2015 compared to the previous year 2014 is due, in addition to natural growth and growth due to migration, by joining the territory of the state of the Republic of Crimea and the city of Sevastopol. However, at the beginning of 2018, the population growth rate fell to …% compared to the previous 2017, in 2019 (as of January 1.01.2019, 2017) the population growth stopped, the level returned to the value of .
...

General trends in macroeconomic indicators can also be traced in such a value as real incomes of the population, which determine the level of effective demand. Diagram 13 shows the dynamics of the growth rate of this indicator.

From 2014 to 2017, there is a downward trend in real incomes of the population and living standards. In 2014, the real incomes of the population fell by …%, in 2015 – by …%, and in 2016 by another …% compared to the previous year. But in 2017, we can observe a decrease in the rate of decline of this indicator to …%. According to Rosstat data, the growth rate of real disposable income in 2018 amounted to …% instead of the projected …%, which indicates no growth in the purchasing power of the population. At the end of 2019, there was a slight increase in real incomes. For the period from 2014 to 2019, the base rate was …%.
...

Maintaining a healthy lifestyle is one of the trends of modern society. A healthy lifestyle includes various components, among which are:
- Nutrition: moderate, corresponding to the physiological characteristics of a particular person, awareness of the quality of the products used;
- Movement: a physically active life, including special physical exercises, taking into account age and physiological characteristics;
- Hygiene of the body: observance of the rules of personal and public hygiene.
...

2.3. Technological components

The market of medical services, and the analyzed segment is a part of it, is highly subject to innovative processes. Medicine today is the vanguard of science. New technologies, modern equipment, the production of the latest generation of drugs, the latest research in understanding the functioning of the human body at the gene level have a huge impact on the development of the medical services market. The market for weight loss and correction services is forced to follow this trend. The introduction of new technologies requires large investments and does not always bring the expected financial effect.

It should be noted the high level of import dependence in the market of services for weight loss and correction. The Ministry of Industry and Trade of India presented a report on its work in 2018 and plans for 2019, in particular, in the field of import substitution in the medical devices and equipment market. In 2018, the share of domestic producers in the market increased by …% to … billion Rs., however, imported products are still in the lead. At the same time, according to various sources, the market volume in 2018 is estimated at … billion Rs., respectively, the main (…%) share is occupied by foreign manufacturers.
...

2.4. Political Components

The industry has a developed legal framework. The laws of India governing medical activities in India, incl. on a reimbursable basis:
...

Tax benefits:
Exemption from taxation on the value added tax of medical services (VAT) paras. 2 p. 2 art. 149 NC of India;
0% income tax rate for organizations engaged in medical activities (Art. 284.1 of the Tax Code of India);
...

Credit policy. Today it is quite difficult to imagine the progressive development of the economy without the active participation of the credit system. It should also be noted that the assessment of the availability of credit resources for both legal entities and individuals is a significant indicator that allows assessing not only the demand for credit funds, but can also serve as a reflection of the real economic situation both in the region and in the economy as a whole.
...

2.5. STEP-analysis of the market

Let's summarize the main factors influencing the market in the framework of the Step-analysis.
...

Chapter 3. Assessment of the degree of competition

3.1. Scale of competition (local, regional, national, global)

Global Competition: …
National Competition: …
Regional competition: …
Local competition: ...
Thus, in the market for weight loss and correction services in India, the most pronounced ...

3.2. Number of competitors and relative market shares of the largest competitors

Services for correction and weight loss offer:
1. Medical centers and clinics that specialize only in weight loss and correction services;
2. Multidisciplinary medical centers and clinics offering weight loss and correction services;
3. Sanatoriums and resorts offering body cleansing and weight loss programs;
4. Beauty salons and SPA-salons;
5. Health and fitness centers, as well as centers with the prefix ""fitness and yoga"", offering weight loss services (individual training plus the development of a nutrition program for the client);
6. Groups and communities on the Internet that help to lose weight by supporting each other's members, and part of the considered market for weight loss and correction services that operates only on the Internet.
As regards the last two groups: for group number 5, the additional services of nutritionists in health and fitness centers are a relatively new trend; group number 6 can be considered the shadow sector of the market for weight loss and correction services, since it is extremely difficult to collect statistical information on these participants.
...

3.3. Competition from substitute products

If we consider the market from the point of view of segments of medicine, then as such there are no substitute services on it: there is internal competition between methods of correction and weight loss.
Considering the high saturation of the weight loss services sector, we will consider the methods and their combinations offered to the consumer by the players in this market segment:
...

Figure 19 shows the structure of the weight loss and correction services market in India.

Diagram 19. Market structure of weight loss and correction services by type in 2019, %

Chapter 4 Industry Forecasts

4.1. Analysis of the impact of recent crises on the industry (the global crisis of 2008 and the currency crisis in India in 2014)

In the first half of 2020, many markets felt the impact of the pandemic and the onset of the economic crisis. Let us analyze data on the impact of recent crises on the market for weight loss and correction services (the global crisis of 2008 and the currency crisis in India in 2014).
...

Analysis of the impact of the 2008-2009 crisis to the market of correction and weight loss services is extremely difficult due to the lack of information in open sources, for example, even on the revenue of the largest operators. At the same time, judging by the fact that the market volume in 2013 was only … billion Rs. (at … billion Rs. in 2019), volumes 2008-2009 were limited to a few ... rupees. However, since the market was in its early growth stage and consumer interest was just beginning to emerge and develop, the pace of the industry likely remained positive.
...

4.2. Analysis of the impact on the state aid industry at the current date

At the end of March 2020, the government identified 22 industries that will be the first to receive state support in the context of the economic crisis and the coronavirus pandemic: the government commission on improving the sustainability of the Indian economy, chaired by First Deputy Prime Minister Andrey Belousov, approved a list of sectors of the economy most affected by the deteriorating situation in in connection with the spread of a new coronavirus infection, to provide priority targeted support.

Based on the results of consultations with the business community, the Ministry of Economic Development of India submitted the following sectors for approval to the Commission: air transportation, airport activities, trucking; culture, organization of leisure and entertainment; physical culture and health-improving activities and sports; activities of travel agencies and other organizations in the field of tourism; hotel business; public catering, organizations of additional education and non-state educational institutions; organizing conferences and exhibitions; activities for the provision of personal services to the population (repair, laundry, dry cleaning, hairdressing and beauty salon services). The list of industries was approved by the Government of India Decree No. 3 dated April 2020, 434.
...

4.3. Studying scenarios for the development of the industry in terms of quarantine in connection with covid-2019

4.3.1. Single Quarantine Scenario (according to the Chinese release schedule)

Forecasting the development of the market for weight loss and correction services in India is impossible without understanding the economic situation in the country, as well as the impact of the spread of the covid-19 virus and the measures taken.
The main difference between the current crisis of 2020 and the previous ones is the introduction of quarantine measures, a regime of self-isolation due to the development of the coronavirus pandemic in the world and in India, which led to the temporary closure of clinics or a significant restriction of their activities.

The forecast for the development of the market for services for weight loss and correction in 2020 under the scenario of one quarantine is based on taking into account the factor of a decrease in demand for services in April-June 2020.
...

4.3.2. Scenario of two quarantines

GidMarket analysts predict that in 2020 the market volume will drop in current prices by …%, in comparable prices –…%, the market volume will be equal to … billion Rs. In 2021, the market expects an average increase of about …% in current prices and …% in comparable prices. At the end of 2021, the market will not exceed the level of 2019. Due to the “…” of 2020-2021, in 2022 the size of the weight loss and correction market will still exceed the level of 2019, but the growth rate will be low due to a deep drop in real incomes of the population in the previous 2 years. Growths expected in 2023 and 2024 will be driven half by inflation and half by increased demand for services in physical terms. By the end of 2024, the market will exceed … billion Rs.

Diagram 21. Forecast of the volume of the market for weight loss and correction services in 2020 - 2024 – in the scenario of two quarantines

4.4. Analysis of existing cases of business restructuring in the industry

Undoubtedly, the current situation associated with the spread of the coronavirus and the economic crisis, which led to a decrease in real incomes of the population, has become the leading factor negatively affecting the market volume and the revenue of its participants. Under these conditions, for successful business in the market of services for weight loss and correction, you can use:
Active advertising campaigns.
Given the vast target audience, an advertising campaign can be very diverse: banners on the Internet, commercials on television and city billboards, promotion in social networks, etc.
Advertising services is also effective in search engines, so potential consumers can quickly find contact information.
...

List of diagrams and figures

Figure 1. Pathological changes and syndromes associated with overweight
Diagram 2. The share of services for weight loss and correction in the cost of paid medical services to the population in India in 2013-2019,%
Diagram 3. Dynamics of the volume of the market for weight loss and correction services in India, million Rs., 2013−2019
Figure 4. Industry life cycle stage
Diagram 5. Volume of consumption in the market of services for weight reduction and correction per capita, 2014-2019, Rs./person
Diagram 6. Compactness of location of companies in the industry in certain regions in 2019, %
Figure 7. The ratio of median income to the cost of a fixed set of goods and services
Figure 8. Population density of Indian regions as of 01.01.2020, person/sq. km
Chart 9. Dynamics of India's GDP, 2007-2019, 1st half of 2020, % to the previous year
Chart 10. Monthly dynamics of the US dollar against the rupee, 2015-2020 (Jan-Oct), Rs. for 1 US dollar
Diagram 11. Population dynamics in India as of January 1, 2010-2020, million people, %
Diagram 12. Population forecast in India for the period 2021-2024, million people
Chart 13. Dynamics of real incomes of the population of India, 2011 - 2020 (Q1 and Q2), % to the previous year
Diagram 14. The share of physical culture and sports services in the volume of paid services to the population,%, 2012−2019
Figure 15. Healthy lifestyle monitoring in India in 2019
Chart 16. Dynamics of the average interest rate on loans, 2015-2020 (Jan-Jun), %
Diagram 17. Shares of the largest competitors in the market for weight loss and correction services in 2019, %
Diagram 18. Dynamics of the total revenue of the largest operators in the market for weight loss and correction services (TOP-5) in India, 2015-2019, billion Rs.
Diagram 19. Market structure of weight loss and correction services by type in 2019, %
Diagram 20. Forecast of the volume of the market for weight loss and correction services in 2020 - 2024 – under the scenario of one quarantine, million Rs.
Diagram 21. Forecast of the volume of the market for weight loss and correction services in 2020 - 2024 – in the scenario of two quarantines

List of tables

Table 1. Top 10 countries by number of obese people, million people, 2019
Table 2. Classification of obesity by body mass index
Table 3. Distribution of total cash income of the population in India by 20% population groups in 2012-2019, Rs., %
Table 4. Average monthly nominal accrued wages of employees across the full range of organizations by states of India in April 2019 and April 2020, Rs.
Table 5. Sales (promotion) channels for products, 2019, units rev.
Table 6. Average producer prices and CPI for selected types of industrial goods in India at the end of the period in 2014-2020 (January-March), rupees per unit, %
Table 7. Urban and rural population in India in 2014-2019, million people, %
Table 8. Weighted average interest rates of credit institutions on credit operations in rupees, excluding PJSC Sberbank (% per annum), 2015-2020 (Jan-Jun)
Table 9. STEP analysis of factors influencing the market for weight loss and correction services
Table 10. The main companies participating in the market for weight loss and correction services in 2019
Table 11. Assessment of the impact of recent crises on the industry
Table 12. Analysis of the impact on the industry of the state aid proposed to date

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