(Reuters) - The market for weight-loss treatments is expected to see 16 new drugs vying for a slice of the lucrative business currently dominated by Novo Nordisk and Eli Lilly, according to estimates from analysts at Morningstar and Pitchbook. In a joint report published on Monday, analysts estimated the market for obesity treatments could expand to $200 billion by 2031. The 16 drugs could launch by 2029, with roughly $70 billion of the GLP-1 market coming from these new challengers. WHY IT'S IMPORTANT Surging demand for Novo's Wegovy and Lilly's Zepbound has sparked interest among competitors to test their own weight-loss treatments. Companies such as Amgen and Pfizer are currently testing their drug candidates in clinical trials. These developments come amid criticism from lawmakers over the high costs associated with these medications. The new entrants, however, are expected to drive down prices as they vie for market share, according to the report.