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Aspirin Market 2024 - Consumption Analysis, Business Overview And Upcoming Trends 2033
Aspirin Market
According to The Business Research Company's, The aspirin market size has grown steadily in recent years. It will grow from $2.47 billion in 2023 to $2.59 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to pain management and analgesic demand, cardiovascular health awareness, anti-inflammatory properties, preventive measures for stroke and heart attacks, treatment of fever and headaches, rheumatic fever and arthritis treatment..
The aspirin market size is expected to see strong growth in the next few years. It will grow to $3.2 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to rising incidence of chronic diseases, potential benefits in neurological disorders, pharmaceutical industry innovations, increased adoption in developing regions, growing popularity of self-care practices.. Major trends in the forecast period include cancer prevention research, combination therapies, personalized medicine approaches, customized dosage forms and delivery systems, telemedicine and self-care..
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Market Drivers and Trends:
The increasing prevalence of arthritis is expected to propel the growth of the aspirin market going forward. Arthritis is a medical condition in which a patient suffers from pain and swelling in the joints. Aspirin is a nonsteroidal anti-inflammatory medicine that helps people with chronic pain from arthritis and other conditions by reducing inflammation, reducing pain, and improving function. Increasing arthritis patients directly increases the use of aspirin. For instance, according to a report shared by the Centers for Disease Control and Prevention, a US-based national public health agency, 1 in 4 adults in the US were suffering from doctor-diagnosed arthritis, which is almost 58.5 million people. The number is expected to increase to 78.4 million by 2040. As a result, the increasing prevalence of arthritis is driving the growth of the aspirin market.
Product innovation is a key trend gaining popularity in the aspirin market. Major companies operating in the aspirin market are introducing innovative products such as VAZALORE liquid-filled aspirin capsules to sustain their position in the market. For instance, in August 2021, PLx Pharma, a US-based specialty pharmaceutical company, launched VAZALORE 325 mg and VAZALORE 81 mg liquid-filled aspirin capsules. The new product is the first US FDA-approved liquid-filled aspirin capsule and is beneficial in avoiding stomach erosions and ulcers as compared to immediate-release aspirin. VAZALORE is an innovative aspirin with a special delivery method created to protect the stomach, even while cardiologists continue to advise aspirin for their patients with cardiovascular disease. Compared to aspirin formulations that are enteric-coated and plain, VAZALORE delivers aspirin differently. Aspirin is released selectively from the capsule's unique complex, avoiding direct contact with the stomach. VAZALORE provides aspirin's potentially life-saving properties along with quick, dependable pain relief absorption.
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Major Key Players of the Market:
Bayer AG; Allegiant Health; Par Pharmaceutical; Cardinal Health Inc.; Nanjing pharmaceutical factory Co. Ltd.; JQC (Huayin) Pharmaceutical Co. Ltd.; LNK International Inc.; Bal Pharma Limited; Trumac Healthcare; Perrigo Company PLC; Alta Laboratories Ltd.; Zhenjiang Gaopeng Pharmaceutical Co. Ltd.; J.M. Loveridge Ltd.; Mayne Pharma Group Limited; St. Joseph's Aspirin; Teva Pharmaceutical Industries Ltd; Boehringer Ingelheim International GmbH; Cadila Healthcare Ltd.; Cipla Ltd.; Dr. Reddy's Laboratories Ltd.; GlaxoSmithKline plc; Hetero Labs Ltd.; Jubilant Generics Ltd.; Lupin Ltd.; Merck & Co. Inc.; Mylan N.V.; Novartis AG; Pfizer Inc.; Sanofi S.A.; Sun Pharmaceutical Industries Ltd.
Aspirin Market 2024 Key Insights:
• The aspirin market will grow to $3.2 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Arthritis Prevalence And The Driving Force Behind Aspirin Market Expansion
• The Rise Of Liquid-Filled Aspirin Capsules In The Market
• Asia-Pacific was the largest region in the aspirin 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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