by The global Proton Pump Inhibitors Market is estimated to be valued at US$ 3.29 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Proton pump inhibitors (PPIs) are a group of medicines that work by reducing the amount of acid produced in the stomach. They are one of the most prescribed classes of medication. Common uses of PPIs include treatment of ulcers, gastroesophageal reflux disease (GERD), and prevention of nonsteroidal anti-inflammatory drug (NSAID)-induced ulcers. PPIs are available over-the-counter and by prescription as tablets, capsules, and liquid suspensions. Their efficacy in treating acid-related gastrointestinal disorders and low risk of side effects, when taken as directed, have made them preferred treatment options among physicians.
Market key trends:
Growing prevalence of acid related disorders like GERD and dyspepsia is driving the demand for PPIs. According to National Institute of Diabetes and Digestive and Kidney Diseases, approximately 60 million Americans experience symptoms related to gastroesophageal reflux disease (GERD) at least once a month. Easy availability of over-the-counter PPI products without prescription is contributing to increased self-medication and greater adoption among consumers. Manufacturers are developing lower strength dosage formulations of PPIs for lesser severe conditions whichprovide effective relief from symptoms with lower risk of side effects and cost of treatment. With patents of major PPI drugs expiring, availability of low-cost generic versions in the market is increasing volume sales and making PPI therapy affordable for larger patient pool.
Porter’s Analysis
Threat of new entrants: Low, as it requires high investment in R&D for new drug development and marketing and branding of drugs in highly competitive landscape.
Bargaining power of buyers: Moderate, as buyers have few alternatives and companies try to retain customers through loyalty programs and schemes.
Bargaining power of suppliers: Low, as raw materials for PPI production are commodity chemicals and suppliers do not have pricing power.
Threat of new substitutes: Low, as currently PPIs are most effective drugs to reduce stomach acid with no major substitute available.
Competitive rivalry: High, as the market is dominated by few big pharmaceutical companies having wide product portfolio and market reach globally.
Key Takeaways
The global Proton Pump Inhibitors Market is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing gastric disorders among aging population. The market size for 2023 is estimated to be US$ 3.29 Bn.
Regional analysis: North America dominates the global PPI market driven by rising healthcare expenditure and availability of advanced healthcare facilities. However, Asia Pacific is expected to witness fastest growth due to rising awareness, healthcare reforms and growing economy.
Key players operating in the Proton Pump Inhibitors market are AstraZeneca PLC/AB, Bayer AG, Pfizer Inc., Cadila Pharmaceuticals Limited, Eisai Pharmaceuticals India Pvt. Ltd, Santarus, Inc., Wyeth, LLC, Janssen Pharmaceutica, Takeda Pharmaceutical Company Limited, Sanofi S.A, Aurobindo Pharma, Perrigo Company plc, Dr. Reddy’s Laboratories, Aralez Pharmaceuticals Inc., RedHill Biopharma Ltd (ADR) and Cipla Limited. Key players are focused on new product launches and expansion in emerging markets through collaborations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
