The antacids market was anticipated to grow with a CAGR of 3.7% during the forecast period, 2020 - 2025. The propelling factors for the growth of the antacids market include the growing geriatric population suffering from Gastroesophageal Reflux Disease (GERD), poor lifestyle choices leading to higher incidences of acidity, and side effects of drugs like non-steroidal, anti-inflammatory drugs.
The group of people aged 60 years or higher is rising at a rate of approximately 3% every year and 65% of the geriatric population have to deal with acid reflux. This acts as one of the major factors boosting the antacid market globally. There has been an increase in the geriatric population and this is one of the most favorable growth factors for the antacids market as the demographic is highly vulnerable to peptic ulcers and gastroesophageal reflux disorders.
In the elderly population, the acidic complications recurrent infrequently, which makes it a unique challenge for both the primary care provider and the gastroenterologist. In addition, such patients often suffer from several symptomatic disorders, such as erosive esophagitis, Barrett esophagus, and esophageal cancer, in which a combination of therapies are used for the treatment and the use of antacids significantly rises in such cases.
In addition, there is also growth in e-commerce that is likely to augment the demand for antacids through online retailing channels over the next few years. Therefore, the rising popularity of e-commerce and surge in the number of online medicine providers are expected to positively impact the overall growth of the market.
Key Market Trends
Tablet, by Formulation Type, is Expected to be the Major Contributor to the Market Over the Forecast Years
Tablet expected to be the largest segment due to the presence of variety chewable tablets in the market with different flavors that help to improve the patient adherence to the medication, which in turn is expected to contribute to the growth of the segment. Tablets also provide the correct amount of dosage to the patients and they are easy to store. These factors can be attributed to the segment growth over the forecast period. In addition, the liquid dosage form is also one of the favored choices for children and the elderly population due to its pleasant taste. This factor is also anticipated to propel the market growth.
The major factor propelling the segment growth is the increasing geriatric population and the sedentary lifestyle the population is leading. According to data from World Population Prospects, 2019, one in six people in the world will be over age 65. By 2050, one in four persons living in Europe and Northern America could be aged 65 or over.
Asia-Pacific holds the Fastest Growth and is Expected to Follow Similar Trend over the Forecast Period
Asia-Pacific is expected to be the largest and fastest-growing regional segment during the forecast period due to the high unmet clinical needs, availability of effective treatment methods, rising disposable income, and consumer awareness about the availability of these products. In addition, the presence of key players is anticipated to contribute to the market growth over the forecast period. China and India are expected to be the dominant regions due to the improvements in the healthcare sectors.
The overall market faces intense competition over the forecast period due to the presence of multinational players and small-scaled companies. The other key growth strategies adopted by key players include strategic acquisitions, collaborations, and partnerships that will help them expand their geographical presence and will strengthen their business position as well.
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