Press release
Global Proton Pump Inhibitors Market Set for Rapid Growth And Trend, by 2024
Increasing acceptance of novel drug delivery systems and rising prevalence of peptic ulcer and other gastro-intestinal disorders are driving the proton pump inhibitors market considerably. Consumers in isolated regions tend to prefer the common antacids to deal with ulcer & gastro-intestinal disorders, which restrains the proton pump inhibitors market. Also, the increasing use of generic drugs in the proton pump inhibitors market can hamper the growth of the market. Increasing consumer acceptance of novel drug delivery systems and launching of new products is always an opportunity for the proton pump inhibitors market.
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The proton pump inhibitors market can be segmented according to drug types. They are Omeprazole, Rabeprazole, Pantoprazole, Lansoprazole, Dexlansoprazole, Esomeprazole, and Others. Esomeprazole is the most widely prescribed drug for gastric ulcer in the proton pump inhibitors market. The segment dominated the proton pump inhibitors market in 2015 attributed to its potency, efficacy, and its wide distribution in the market. Dexlansoprazole & Rabeprazole were the second most widely prescribed medication types after Esomeprazole in 2015.
Omeprazole is estimated to gain higher share during the forecast period, which is attributed to its availability in generic and over-the-counter form, and its cost-effectiveness. The patent license of drug Nexium (Esomeprazole) expired in the year 2015, which is the major reason for the likely domination of Omeprazole & Lansoprazole in the proton pump inhibitors market during the forecast period.
Overall, the market share of non-generic drugs has declined while the value of the generic drug market is expected to rise which can propel the proton pump inhibitor market. Continued usage of generic drugs of the Omeprazole segment is expected to raise the market share, which can surpass Nexium drug segment during the forecast period.
Geographically, the proton pump inhibitors market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America had the dominant market share in 2015, which is attributed to increase in prevalence of gastrointestinal disorders in the region and consistent launch of new products. However, the Asia Pacific market is estimated to grow at a higher CAGR by 2016- 2024. The Asia Pacific market is flooded with many gastrointestinal drug products and there is a large patient pool with gastro intestinal problems. This can create a need for curative drugs and this is anticipated to drive the proton pump inhibitors market in the region remarkably.
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The major players in the proton pump Inhibitors market are AstraZeneca, Takeda Pharmaceuticals, Wyeth Pharmaceuticals, Eisai Pharmaceuticals India Pvt. Ltd., Teva Pharmaceuticals, Cadila Pharmaceuticals, Pfizer, Eli Lilly and Company, and Janssen Global Services, LLC. Consistent launching of new products is the strategy followed by key players to deal with the competition in the proton pump inhibitors market.
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