Global Antacids Market to Surpass US$18.7 bn by 2025
Development of novel therapies and new formulations of existing drugs is what leading players in this market are concentrating on to gain competitive advantage. Other key growth strategies adopted by key players include strategic acquisitions, collaborations, and partnerships that will not only help them expand their geographical presence but will help strengthen their business position as well.
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As per estimates of a report by TMR, the global antacids market will clock a 3.7% CAGR between 2017 and 2025 to reach a valuation of US$18.7 bn by 2025 end. Proton pump inhibitors stood as the leading drug class segment in 2016 and the trend is anticipated to continue over the forecast period. The others distribution channel that constitutes online pharmacy and online drug store led the overall market in 2016. Rising popularity of e-commerce and surge in the number of online medicine providers are estimated to positively impact the segment’s expansion. Geography-wise, Europe emerged as the most lucrative market for antacids in 2016 due to the rising incidence of gastro esophageal reflux diseases.
“Considering the changing dietary habits and growing geriatric population worldwide, the global antacids market is anticipated to be on the rise in the upcoming years,” explains a TMR analyst. As per statistics of the Asian Development Bank, the population of individuals above the age of 60 years in Asia is projected to touch 923 million by 2050. The elderly population that is more susceptible to gastroesophageal reflux diseases (GERD) and peptic ulcers is anticipated to account for significant demand for antacids in the region. The intake of medication for other medical conditions, which are associated with acid reflux and excess acid production, also account for significant demand for antacids among this population. Further, as per statistics by the World Bank, Japan recorded the highest proportion of geriatric population in 2014; 25% population was above the age of 65 years and above in the same year. This is acting in favor of the growth of Asia Pacific antacids market.
Apart from this, the increasing incidence of heartburn, acidity, and gastro esophageal reflux diseases, and changing lifestyle are stoking growth of the worldwide market for antacids. For instance, according to a study published in Gut (BMJ journal), the prevalence of GERD in Europe ranges from 8.8% – 25.9%. Countries in Northern Europe account for a high prevalence of gastro intestinal and gastro esophageal diseases over countries in Southern Europe.
Self-medication is a common practice for occasional heartburn and acidity and the easy availability of antacids over the counter is also having a positive influence on the market’s growth. This is because antacids suppress the stomach acid either by neutralizing it or by inhibiting the acid production in stomach.
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However, on the flip side, prolonged use of proton pump inhibitors are associated with serious side effects such as kidney failure. The availability of generics in emerging and underdeveloped markets and over-reliance on over the counter drugs are inhibiting the market’s expansion in these regions.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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