by Proton pump inhibitors (PPIs) are a group of medicines that work by reducing the amount of acid produced in the stomach. PPIs are widely used in treatment of acid related diseases such as heartburn, ulcers, and gastroesophageal reflux disease. Some commonly used PPIs include omeprazole, lansoprazole, esomeprazole, pantoprazole, and rabeprazole. PPIs are available both by prescription as well as over-the-counter drugs. The global proton pump inhibitors market is dominated by prescription PPI drugs. However, increased self-medication trend and rising preference for convenience has boosted sales of over-the-counter PPI drugs in recent years.
The global proton pump inhibitors market is estimated to be valued at US$ 3.8 bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers fueling growth of the proton pump inhibitors market is increasing adoption of over-the-counter PPI drugs. Self-diagnosis and self-medication has become increasingly popular among consumers owing to busy lifestyles and preferences for convenience. This has boosted sales of OTC PPI drugs which do not require prescription. According to Coherent Market Insights analysis, the sales of OTC PPI drugs is expected to grow at a higher pace during the forecast period compared to prescription PPI drugs. The report also states that multinational companies are strategically shifting focus towards OTC PPI drugs which have higher profit margins than prescription drugs. Further, private label brands offering low-cost generic alternatives are gaining traction. This is expected to intensify market competition and price war during the forecast period.
Segment Analysis
Proton Pump Inhibitors (PPI) Market is dominated by the oral segment, which holds around 80% share of the overall market. Oral PPI drugs are more effective in relieving symptoms of gastroesophageal reflux disease (GERD) and peptic ulcer disease. They start working quickly within one hour of intake and maintain intragastric pH above 4. This suppresses the production of gastric acid for a prolonged duration of up to 24 hours, a key reason for the segment’s large share.
PEST Analysis
Political: Regulations related to manufacturing, quality standards, and safety approval of PPI drugs vary across regions which can impact market dynamics.
Economic: Rising healthcare expenditure along with growing geriatric population suffering from acid reflux diseases is driving market growth. However, patent expiries of major drugs impacts revenues of companies.
Social: Changing lifestyles and diets have led to an increase in problems like acidity, ulcers etc. boosting demand for PPI drugs. Also, growing awareness regardingacid reflux treatment options aids market expansion.
Technological: Developments in drug delivery systems like sustained/controlled release formulations help improve medication effectiveness and patient compliance.
Key Takeaways
The Global Proton Pump Inhibitors Market Share is estimated to be valued at US$ 3.8 bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.
Regional analysis: North America dominates the PPI market currently due to high prevalence of acid reflux diseases and growing awareness levels. The Asia Pacific region is projected to witness the fastest growth attributed to rising healthcare infrastructure and growing geriatric population in countries like China and India.
Key players: Key players operating in the PPI market are Horizon Therapeutics plc, Ammonett Pharma LLC, Medison Pharma Ltd., Modern Dietetics Inc., Synageva BioPharma Corp., Medison Pharma Ltd., Swedish Orphan Biovitrum AB (Sobi), Entera Health, Inc., Dipharma Francis S.r.l., Ucyclyd Pharma, Inc. These players are focusing on new product launches and partnerships with regional companies for business expansion and stronger market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
