April 24, 2024

The Growing Global Sildenafil Drug Market is driven by Rising Prevalence of Erectile Dysfunction

The drug works by inhibiting phosphodiesterase type 5, an enzyme that promotes breakdown of cGMP, which regulates blood flow in the penis. The increase in cGMP causes relaxation of smooth muscle cells in the corpus cavernosum and allows inflow of blood. This results in an erection. The drug is taken orally and takes about 30–60 minutes to produce desirable effects. Common side effects include headaches, heartburn, back pain, muscle pains, nasal congestion and flushing. Sildenafil enhances this natural mechanism of erection in the penis and can be an effective treatment option.

The global market is primarily driven by the rising prevalence of erectile dysfunction worldwide. As per estimates, over 30 million American men experience some form of erectile dysfunction. The condition is also common among aging men with studies finding that about 40% of men aged 40 and 70% of men aged 70 suffer from this condition. Erectile dysfunction not only impacts physical health but also affects mental well-being and relationships. Thus, the availability of effective treatment options like sildenafil drugs are driving the adoption.

The global sildenafil drug market is estimated to be valued at US$ 3.35 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the major trends in the sildenafil drug market is increasing launches of generic versions. As the patent for Viagra expired in several regions across 2013-2020 timeframe, it opened opportunities for other companies to launch generic versions of sildenafil under different brand names. These generics are significantly more affordable as compared to the branded formulation. According to research, generics on an average are nearly 80-85% cheaper than their branded counterparts. Increased availability of low-cost generics have boosted the access of sildenafil drugs to a wider population base thereby supporting growth of this market.

Porter’s Analysis
Threat of new entrants: The Sildenafil Drug Market currently has moderate barriers to entry due to the established brand value of existing players and requirement of large capital investments for R&D.
Bargaining power of buyers: Buyers have moderate bargaining power in this market due to the availability of substitute products and differentiated nature of offerings by different manufacturers.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute raw materials and partnerships between manufacturers and suppliers.
Threat of new substitutes: Threat of new substitutes is low as sildenafil offers advantages over other erectile dysfunction medications.
Competitive rivalry: The market is highly competitive due to presence of many generic and branded players.

Key Takeaways
The Global Sildenafil Drug Market Size is expected to witness high growth over the forecast period. The market size is projected to grow from US$ 3.35 Mn in 2024 to US$ 5.0 Mn in 2031, registering a CAGR of 5.0% during the forecast period.

Regional analysis: North America is expected to dominate the global Sildenafil Drug market over the forecast period. This is attributed to high sildenafil drug consumption in the US and rising awareness about erectile dysfunction treatment. Asia Pacific is expected to exhibit the fastest growth owing to large patient pool, increase in healthcare expenditure, and penetration of generic drugs in the region.

Key players: Key players operating in the Sildenafil Drug market include Baker Hughes Company, Schlumberger Limited, Weatherford, DIAMOCO Group, Conquest Drilling, QMax, ChemFor, Dynamic Drilling Fluids, Halliburton, Newpark Resources Inc., AES Drilling Fluids, NOV Inc., Stellar Drilling Fluids. LLC, Secure Energy, Total Energies, and Valence Drilling Fluids, LLC. Manufacturers are focusing on expanding their product portfolio and geographic presence through mergers & acquisitions and partnerships with local players.

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