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Gastric Ulcers Market Outlook, Market Share, Size, Growth Status And Forecast To 2033
Gastric Ulcers Market Outlook
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According to The Business Research Company's, The gastric ulcers market size has grown strongly in recent years. It will grow from $4.07 billion in 2023 to $4.29 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to the rising prevalence of helicobacter pylori infections, increasing use of nonsteroidal anti-inflammatory drugs (NSAIDs), growing geriatric population globally, rising awareness campaigns for gastric ulcer prevention and increasing incidence of stress-related disorders.
The gastric ulcers market size is expected to see strong growth in the next few years. It will grow to $5.34 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to improvements in diagnostic techniques, adoption of unhealthy dietary habits, advancements in treatment options, including proton pump inhibitors (PPIs), aging population contributing to higher disease burden and expansion of healthcare infrastructure in emerging markets. Major trends in the forecast period include shift towards combination therapies for enhanced efficacy, growing preference for minimally invasive treatment procedures, integration of digital health solutions in disease management, rising demand for over-the-counter (OTC) ulcer medications and expansion of personalized medicine approaches in ulcer treatment.
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Market Drivers and Trends:
The increasing geriatric population is expected to propel the growth of the gastric ulcers market going forward. The geriatric population refers to individuals typically aged 65 years and older, characterized by specific health considerations related to aging. The increase in the geriatric population is due to advancements in healthcare, leading to longer life expectancy and declining birth rates in many regions globally. Gastric ulcers are common in the geriatric population due to increased use of NSAIDs and decreased mucosal protection, often leading to higher risks of complications. For instance, in October 2022, according to the World Health Organization, a Switzerland-based health agency, the global population aged 60 years and over is set to increase significantly, from 1 billion in 2020 to 1.4 billion by 2030, reaching 2.1 billion by 2050. Concurrently, the number of individuals aged 80 or older is expected to triple, reaching 426 million by 2050. Therefore, the increasing geriatric population is driving the growth of the gastric ulcers market.
Major companies operating in the gastric ulcer market are focusing on developing innovative drugs, such as generic versions of capsules, to serve customers better. Generic capsule refers to a medication in capsule form that contains generic active ingredients such as proton pump inhibitors (PPIs), H2-receptor antagonists, or other ulcer-healing agents used to treat or manage gastric ulcers. For instance, in September 2021, Dr. Reddy's Laboratories, an India-based pharmaceutical company, launched a generic version of the stomach ulcer drug Librax (Chlordiazepoxide Hydrochloride and Clidinium Bromide capsules) in the US market. This move expands the range of pharmaceutical products available to patients in the US. It offers a more cost-effective option for treating stomach ulcers and related gastrointestinal conditions than the branded drug Librax.
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Major Key Players of the Market:
Pfizer Inc., Merck & Co Inc., AbbVie Inc., Sanofi S.A., AstraZeneca plc, Abbott Laboratories, Novartis AG, GlaxoSmithKline plc, Takeda Pharmaceutical Co. Ltd, Amgen Inc., Boehringer Ingelheim, Viatris Inc., Daiichi Sankyo Company Limited, Eisai Co. Ltd, Cadila Pharmaceuticals, Dr. Reddy's Laboratories Ltd., Hikma Pharmaceuticals PLC, Lupin Limited, Yuhan Corporation, Daewoong Pharmaceutical Co. Ltd, Cadila Healthcare Ltd, Novitium Pharma LLC
Gastric Ulcers Market 2024 Key Insights:
• The gastric ulcers market size is expected to see strong growth in the next few years. It will grow to $5.34 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
• Increasing Geriatric Population Fuels Gastric Ulcers Market Growth
• The Rise Of Generic Capsules In The Gastric Ulcer Treatment Market
• North America was the largest region in the gastric ulcers market in 2023
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