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Proton Pump Inhibitors Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Proton Pump Inhibitors Market
According to The Business Research Company's, The proton pump inhibitors market size has grown steadily in recent years. It will grow from $3.3 billion in 2023 to $3.44 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to prevalence of gastroesophageal reflux disease (gerd), peptic ulcer disease incidence, rising aging population, changing lifestyles and dietary habits, increasing awareness and diagnosis..
The proton pump inhibitors market size is expected to see steady growth in the next few years. It will grow to $4.12 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to emerging markets adoption, growth in helicobacter pylori infections, patient education initiatives, strategic marketing and promotions. Major trends in the forecast period include integration with digital health solutions, global market expansion, focus on gastrointestinal health education, regulatory updates and safety measures, environmental impact considerations..
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Market Drivers and Trends:
The increasing prevalence of gastrointestinal disorders is expected to drive the growth of the proton pump inhibitors market. Gastrointestinal disorders refer to a collective term of diseases such as nausea, vomiting, food poisoning, and diarrhea that impact the overall biological functioning of the gastrointestinal (GI) tract. Proton pump inhibitors (PPIs) are commonly prescribed as a medication for treating heartburn and acid-related disorders. PPIs reduce the amount of stomach acid made by glands in the stomach lining. The increasing prevalence of gastrointestinal disorders contributes to proton pump inhibitors' growth. For instance, in September 2022, according to Cancer Australia, an Australia-based cancer control group to support cancer patients and raise awareness of the illness, Australia is predicted to see 2,572 new cases of stomach cancer in 2022 (1,661 male cases and 911 female cases). Similarly, in September 2022, according to a survey by the American Gastroenterological Association, a US-based medical association for gastroenterologists with more than 16,000 doctors and scientists as members, due to severe gastrointestinal symptoms, over 40% of Americans have stopped engaging in daily activities in the last year, such as working exercise (19%), finishing tasks (17%), and socializing with friends and family (16%). Therefore, the increasing prevalence of gastrointestinal disorders is expected to propel the growth of the proton pump inhibitors market.
Product innovation is a key trend gaining popularity in the proton pump inhibitors market. Major companies operating in the proton pump inhibitors market are focused on developing innovative products to strengthen their position and gain a competitive advantage. For instance, in March 2021, Xiromed LLC, a US-based generic division of Insud Pharmaceuticals, launched Omeprazole Delayed-Release Capsules, 20mg, a generic version of Prilosec, used to treat symptoms of gastroesophageal reflux disease (GERD) and other conditions caused by excess stomach acid. Omeprazole is a proton pump inhibitor used to treat gastric acid-related disorders such as gastroesophageal reflux disease (GERD), peptic ulcer disease, and other diseases characterized by the over secretion of gastric acid.
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Major Key Players of the Market:
AstraZeneca plc; Pfizer Inc.; Cadila Pharmaceuticals Limited; Eisai Pharmaceuticals India Pvt. Ltd; Wyeth LLC; Eli Lilly and Company; Bayer AG; Takeda Pharmaceutical Company; Santarus Inc.; Janssen Pharmaceuticals; GlaxoSmithKline plc; Changzhou Siyao Pharmaceuticals; Yangzhou Pharmaceutical; Sanofi S.A.; Johnson & Johnson; Novartis International AG; Teva Pharmaceutical Industries Ltd.; Mylan N.V.; Sun Pharmaceutical Industries Ltd.; Dr. Reddy's Laboratories Ltd.; Lupin Limited; Torrent Pharmaceuticals Ltd.; Zydus Cadila; Glenmark Pharmaceuticals Ltd.; Alkem Laboratories Ltd.; Cipla Limited; Hetero Drugs Limited; Intas Pharmaceuticals Ltd.; Macleods Pharmaceuticals Ltd.; Micro Labs Ltd.; Natco Pharma Limited; Panacea Biotec Ltd.; Strides Pharma Science Limited; Wockhardt Ltd.
Proton Pump Inhibitors Market 2024 Key Insights:
• The proton pump inhibitors market size will grow to $4.12 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%.
• Rising Incidence Of Gastrointestinal Disorders Fuels Surge In Proton Pump Inhibitors Market
• Xiromed's Innovative Entry Launch Of Omeprazole Delayed-Release Capsules Signals Advancements In Proton Pump Inhibitors Market
• North America was the largest region in the proton pump inhibitors market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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