February 24, 2024
Proton Pump Inhibitors Market

The growth of generic drug market is anticipated to open up the new avenue for Proton Pump Inhibitors Market

Market Overview:

Proton pump inhibitors are a class of medicines that work by reducing the amount of acid produced in the stomach. They are used in the treatment of conditions like acid reflux, ulcers, and Zollinger-Ellison syndrome. Common PPIs include omeprazole, esomeprazole, lansoprazole, dexlansoprazole, rabeprazole, and pantoprazole. They are available in oral forms like capsules, tablets, and injections. PPIs provide effective relief from acid-related problems and allow for healing of damaged tissues in the esophagus.

The 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 Dynamics:

The growth of the proton pump inhibitors market is driven by factors like rising geriatric population prone to acid-related diseases, high prevalence of gastrointestinal disorders, and increasing adoption of over-the-counter PPI products. The geriatric population is more susceptible to acid-related disorders like gastric ulcers and GERD due to reduced functioning of stomach linings. Moreover, changing lifestyle with increased consumption of spicy and Junk food has led to a surge in gastrointestinal issues like acid reflux. This is further augmenting the usage of PPIs for symptomatic relief. The availability of generic OTC PPI formulations without prescription is also fueling the market growth by increasing accessibility. Furthermore, the introduction of long-acting PPI formulations such as capsule and liquid forms are witnessing increased demand for their convenience in consumption and better compliance.

Segment Analysis

The proton pump inhibitors market is dominantly segmented by drug type into pantoprazole, omeprazole, lansoprazole, esomeprazole, dexlansoprazole. Among these, omeprazole has been the leader generating the highest revenue for the market due to high patient affinity and wide availability as over the counter drug along with prescription drug. It has been prescribed worldwide for conditions like erosive esophagitis, symptomatic gastroesophageal reflux disease or peptic ulcer disease.

PEST Analysis

Political: Government regulations around prescription and marketing of PPI drugs impact the market. Economic: Increasing healthcare costs has led to higher demand for generic drugs, benefitting the market growth. Social: Rising global prevalence of acid reflux diseases and ulcers is a key driver. Technological: Advancements in drug delivery systems like extended release formulations aid treatment effectiveness.

Key Takeaways

The Global Proton Pump Inhibitors Market Size is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing prevalence of acid reflux diseases and growing geriatric population susceptible to such disorders. North America is expected to dominate the market during the forecast period due to increasing awareness regarding acid reflux diseases and technological developments in drug delivery.

The North America region is projected to be the fastest growing as well as dominating regional market owing to increasing cases of acidity disorders in countries like U.S. and Canada on account of changing lifestyle, rising geriatric population and growing adoption of proton pump inhibitor drugs.

Key players operating in the Proton Pump Inhibitors Market are AstraZeneca PLC, 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.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it