(Bloomberg) -- Goldman Sachs Group Inc. sees growing potential for the global market for weight-loss drugs by the end of the decade.

The obesity market — currently dominated by Novo Nordisk A/S and Eli Lilly & Co. — is now set to reach $130 billion by 2030, according to Goldman Sachs analysts led by Chris Shibutani. That’s up from a prior forecast of $100 billion. 

The boosted projection underscores the building momentum in the weight-loss market as more drug developers race to tap its potential, while established companies aim to expand their hold. Goldman cited recent developments including the approval of Lilly’s drug Zepbound, the label expansion of Novo’s blockbuster Wegovy and manufacturing investments by both drugmakers.

The update “reflects our assessment of the impact of certain events that have occurred since our last published estimate across several key domains that factor importantly in our forecasting assumptions,” the analysts wrote in a note Thursday.

Read more: Why Weight-Loss Drugs Are Billion-Dollar Blockbusters: QuickTake

The analysts also increased their prediction for how many US adults will take drugs for chronic weight-loss management, to 19 million from 15 million. The number doesn’t include patients treated for Type 2 diabetes. 

Wall Street’s appetite for the weight-loss space has been raging over the past year, catapulting Lilly and Novo to record highs. The investment rush has cemented Indiana-based Lilly as the world’s biggest health-care company by market value and has helped establish Danish drugmaker Novo as the most valuable listed company in Europe.

Goldman still sees Lilly and Novo sustaining their market lead and retaining about 80% of the global market through 2030. However, they note that Lilly may have a slight advantage over Novo in market share.

--With assistance from Lisa Pham.

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