by 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 Overview:
Proton pump inhibitors (PPIs) are a type of medication which are used to reduce the amount of acid produced in the stomach. They are typically used to treat conditions where excess stomach acid causes damage, such as acid reflux, ulcers, and intestine/ stomach inflammation. Some common PPIs include omeprazole, lansoprazole, pantoprazole, rabeprazole, and esomeprazole. PPIs work by irreversibly blocking the enzyme hydrogen-potassium adenosine triphosphatase which is present on parietal cells of the stomach. This reduces acid secretion. They are usually prescribed to treat conditions of excess stomach acid such as acid reflux and ulcers.
Market Dynamics:
The growth of the proton pump inhibitors market is primarily driven by the rising prevalence of gastroesophageal reflux disease (GERD) across the world. GERD is a digestive disorder that occurs when stomach acids and other stomach contents flow back into the esophagus. According to a study published in 2018, approximately 20% of the US population suffers from GERD symptoms weekly. Another study projected that over 30-40% of the Western world will be diagnosed with GERD at some point during their life. Higher prevalence is contributing to increased diagnosis and treatment rates with PPI drugs. Secondly, increasing awareness and adoption of over-the-counter PPI drugs without prescription is also fueling the demand. Many patients opt for nonprescription PPI use for occasional heartburn relief rather than visiting a doctor. This growing self-medication trend is supporting market expansion.
Segment Analysis
The proton pump inhibitors market is dominated by the omeprazole sub segment which holds over 35% market share. Omeprazole is a widely prescribed medication for treating acid reflux and ulcers. It is preferred due to its effectiveness and faster healing effects compared to H2 blockers.
PEST Analysis
Political: The regulations around drug development and pricing vary across countries. This affects the entry of global pharmaceutical companies in different markets.
Economic: Changes in the economic conditions can impact disposable income levels and healthcare spending. A recession may lead to lower sales of PPIs drugs which are usually not emergency medications.
Social: Growing incidences of lifestyle diseases like acidity, ulcers and heartburn have increased the social acceptance and demand for PPI drugs. Social media influence has also improved awareness about acid reflux treatment.
Technological: Advanced drug delivery mechanisms and targeted drug releases have allowed for development of newer PPIs with improved efficacy and lesser side effects than existing drugs. Combination of PPIs with other compounds is also an area being researched.
Key Takeaways
The global Proton Pump Inhibitors Market is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing prevalence of acid reflux disease and peptic ulcers. The market size is projected to reach US$ 4.36 Bn by 2030.
North America dominates the PPI market currently due to high consumption of anti-ulcerants and higher diagnosis rates. Within North America, the US market holds the largest share owing to increasing healthcare expenditure and sedentary lifestyle diseases. However, Asia Pacific region is expected to showcase highest growth prospects during the forecast period supported by rising income levels, healthcare reforms and growing elderly population.
Key players operating in the Proton Pump Inhibitors market are 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. These companies are focusing on developing novel drug delivery mechanisms and fixed-dose combinations to improve treatment efficacy and compliance.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
