The major factors driving the proton pump inhibitors market include the increasing prevalence of gastroesophageal reflux disease (GERD) and the rising acceptance of novel drug delivery systems.
- Gastroesophageal reflux disease is a chronic condition, where the stomach content comes back up into the esophagus, resulting in either symptoms or complications. The most frequently reported symptoms of GERD are heartburn, a burning discomfort that begins behind the breastbone and radiates to the neck and throat, and acid regurgitation, which is characterized as a bitter, sour-tasting fluid.
- In addition to the increase in prevalence, the number of people with risk factors, such as obesity, tobacco use, and others, is also increasing in almost every part of the world. Obesity, which is the major risk factor of GERD, is increasing rapidly in developed countries, such as the United States, the United Kingdom, and others.
- The increasing prevalence of GERD, along with the growing risk factor population, is likely to lead to the growth in demand for proton pump inhibitors, which in turn, may drive the market. Also, the increasing shift from prescription to OTC drugs is driving the proton pump inhibitors market.
Key Market Trends
The Esomeprazole Segment is Expected to Account for the Largest Market Share
Nexium is one of the leading revenue-generating drugs globally, and it is used to treat the symptoms of GERD, heartburn, and other disorders involving excessive stomach acids. The drug was being sold as a prescriptive drug till before March 28, 2014, the date when FDA approved it as an OTC drug. The shift from being a prescription-only drug to being sold as an over-the-counter (OTC) drug is likely to be a major driving force for the sales of the drug in the near future. There are several benefits associated with OTC drugs, such as low price, enhanced accessibility, and no regular monitoring. As OTC drugs are sold without any prescription, the consumer need not go to any doctor for a prescription, which reduces the overall cost, and hence, these drugs have the potential to increase their adoption rate. Accessibility is another vital factor for the consumption of any medicine, and better accessibility may definitely result in more revenue. However, OTC drugs have some disadvantages as well. As they can be purchased without any prescription, anyone can buy as many as they want and leave the scope for their overuse.
Additionally, there are several minor side effects, such as nausea, headaches, dry mouth, diarrhea, allergic reaction, and others, as well as some major side effects, such as kidney disease, dementia, and others, associated with its use, which can affect the adoption rate, and hence, can be the restraining factors for the growth of the market.
North America is Expected to Account for Largest Market Share
North America holds a major share in the proton pump inhibitors market and is expected to show a similar trend over the forecast period, without significant fluctuations. There is a rising prevalence of GERD in the United States, Canada, and Mexico. Furthermore, GERD affects up to 20% of adults in the United States, therefore making the disease an important concern. Proton pump inhibitors are the widely prescribed drugs, and increased PPI use has been observed in the US ambulatory settings. Furthermore, many firms are expected to spend heavily on promoting their brands. The widespread use of these has recently gained attention from the American Board of Internal Medicine’s campaign to promote the appropriate use of PPIs.
The proton pump inhibitors market is a fragmented one, owing to the presence of various players in the market. The market players are focusing on acquiring the market share by focusing on the aggressive advertisements and awareness programs among the patients. The major key players in the market include AstraZeneca, Bayer AG, Cadila Pharmaceuticals, GlaxoSmithKline PLC, Johnson & Johnson, and Pfizer.
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