by Proton pump inhibitors are a group of medicines that work by reducing the amount of acid produced in the stomach. They are commonly used to treat acid reflux, ulcers, and gastrointestinal disorders. Growing prevalence of acid related diseases such as gastric ulcers and gastroesophageal reflux disease (GERD) has increased the demand for PPIs significantly. For instance, according to the American College of Gastroenterology, approximately 60 million Americans experience reflux symptoms at least once a month.
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 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing number of new product launches coupled with rising investments in research and development of advanced PPIs by key players are fueling the market growth. For instance, in May 2021, Swedish pharmaceutical company Sobi received approval from European Commission for Ryeqo (falecalcitriol), a new product indicated for the treatment of secondary hyperparathyroidism in adult patients with chronic kidney disease on dialysis. Such new product launches are expanding treatment options for various acid related disorders. Moreover, growing marketing activities by the manufacturers to raise awareness about acid reflux and associated disorders is creating high demand for PPIs. However, the availability of alternative therapies and physicians shifting towards non-drug treatments can restrain the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat is low as Proton pump inhibitors market size requires high R&D investments and established distribution channels.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of generics and brand alternatives.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitute raw materials.
Threat of new substitutes: The threat is moderate as new drug delivery methods and alternative drugs are being researched.
Competitive rivalry: The rivalry is high among existing players to launch new indications and expanded formulations.
Key Takeaways
The global Proton Pump Inhibitors market is expected to witness high growth.
Regional analysis: North America dominates the market currently due to high prescription rates of PPIs for gastroesophageal reflux disease. Europe is the second largest market for proton pump inhibitors owing to growing geriatric population and rising prevalence of acid reflux diseases.
Key players operating in the Proton Pump Inhibitors 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. Key players are focusing on new product launches and geographical expansion to gain competitive edge in the market.
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