by The global Proton Pump Inhibitors Market is estimated to be valued at US$ 2.9 billion in 2020 and is expected to exhibit a CAGR of 4.30% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Proton pump inhibitors (PPIs) are a class of drugs used to reduce the production of stomach acid and are primarily prescribed to patients suffering from acid reflux, gastroesophageal reflux disease (GERD), and other acid-related disorders. These drugs work by blocking the hydrogen/potassium adenosine triphosphatase enzyme system present in the gastric parietal cells, which reduces the secretion of acid into the stomach.
PPIs are available both as prescription and over-the-counter drugs. Some of the key products in this market include esomeprazole, omeprazole, lansoprazole, pantoprazole, and rabeprazole. They are commonly prescribed for a wide range of gastrointestinal disorders and are also used in combination with antibiotics for the treatment of Helicobacter pylori infection.
B) Market Dynamics:
1. Driver: Increasing Prevalence of Gastrointestinal Disorders
The increasing prevalence of gastrointestinal disorders, such as GERD, peptic ulcers, and Barrett’s esophagus, is one of the major factors driving the growth of the proton pump inhibitors market. Factors such as unhealthy lifestyles, excessive consumption of alcohol and tobacco, and poor dietary habits have led to a rise in the incidence of these disorders. According to the American College of Gastroenterology, approximately 15-20% of the population in the United States experiences symptoms of GERD at least once a week.
2. Opportunity: Growing Geriatric Population
The growing geriatric population is another key opportunity for the proton pump inhibitors market. Elderly individuals are more susceptible to gastrointestinal disorders due to aging-related changes in the digestive system. The aging population is projected to increase significantly in the coming years, especially in developed countries. According to the United Nations, the global population aged 60 years or above is expected to reach 2.1 billion by 2050, which presents a lucrative opportunity for the market players to cater to the healthcare needs of this population segment.
C) Segment Analysis:
The proton pump inhibitors market can be segmented based on product type, distribution channel, and region. Based on product type, omeprazole is expected to dominate the market due to its wide availability as both prescription and over-the-counter drug. It is cost-effective and has proven efficacy in acid suppression. Omeprazole is commonly prescribed for the treatment of GERD and peptic ulcers.
D) PEST Analysis:
Political: Government regulations and healthcare policies play a crucial role in the market growth of proton pump inhibitors. Stringent regulations regarding the approval and sale of prescription drugs by regulatory authorities impact the market dynamics.
Economic: The economic factors such as healthcare expenditure, insurance coverage, and availability of reimbursement policies influence the market growth. The increasing healthcare spending and favorable reimbursement policies in developed countries contribute to market growth.
Social: The changing lifestyle patterns, adoption of unhealthy eating habits, and increasing awareness about acid-related disorders among individuals contribute to the market growth of proton pump inhibitors.
Technological: Advancements in drug delivery methods and formulations have led to the development of more targeted and efficient proton pump inhibitors. Technological advancements in this field are expected to drive market growth in the coming years.
E) Key Takeaways:
– The global Proton Pump Inhibitors Market is expected to witness high growth, exhibiting a CAGR of 4.30% over the forecast period, due to increasing prevalence of gastrointestinal disorders and growing geriatric population.
– Regionally, North America is expected to dominate the market due to the high prevalence of GERD and a well-established healthcare infrastructure. Asia Pacific is expected to be the fastest-growing region due to the rising awareness about gastrointestinal disorders and increasing healthcare expenditure.
– Key players operating in the global proton pump inhibitors market include 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.
In conclusion, the proton pump inhibitors market is expected to witness significant growth in the coming years, driven by the increasing prevalence of gastrointestinal disorders and the growing geriatric population. However, the market dynamics may be influenced by political regulations, economic factors, social trends, and technological advancements. Market players need to capitalize on the opportunities provided by these drivers and stay ahead in this competitive landscape.
