Proton pump inhibitors (PPIs) are a type of antacid medication which block the production of acid in the stomach. They work by reducing the amount of acid that is released from glands in the lining of the stomach. PPIs are used to treat acid reflux disease, ulcers, and gastroesophageal reflux disease (GERD). They provide effective relief from acid-related diseases and help heal erosive esophagitis. Given their efficacy in reducing stomach acid, PPIs have become the standard treatment for acid-related disorders worldwide.
The proton pump inhibitors market is estimated to be valued at US$ 3.29 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
One of the key trends in the proton pump inhibitors market is rising prevalence of acid reflux disease. Acid reflux disease, which refers to conditions where stomach acid moves upward from the stomach into the esophagus, is becoming increasingly common worldwide. Major causes contributing to the rise in acid reflux disease include obesity, poor diet, smoking, alcohol consumption, and stress. According to a study published by University of Washington in 2020, the US saw almost a 60% surge in acid reflux disease diagnoses between 1995 and 2014. Growing prevalence of risk factors amid changed lifestyle practices is expected to significantly drive up demand for PPIs over the forecast period.
Threat of new entrants: Low- High capital requirement for R&D and manufacturing facilities increases the threat of new entrants in this market. Bargaining power of buyers: Moderate – Large retail buyers can negotiate on price with manufacturers. However, switching costs are less. Bargaining power of suppliers: Low – Fragmented supplier base gives manufacturers more negotiating power. Threat of new substitutes: Moderate – Substitute medicines continue to emerge but PPIs maintain strongholds due to superior efficacy and safety profile. Competitive rivalry: High – Market has limited patents and products are concentrated, intense price competition exists among key players.
The Global Proton Pump Inhibitors Market Size is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing prevalence of acid reflux diseases.
Regional analysis: North America dominated the Proton Pump Inhibitors Market in 2023 due to rising incidence of acid reflux diseases and high accessibility to advanced healthcare facilities. Asia Pacific is expected to witness fastest growth during forecast period owing to increasing healthcare expenditure and medical tourism in China and India.
Key players: Key players operating in the Proton Pump Inhibitors Market are AstraZeneca PLCAB, Bayer AG, Pfizer Inc., Cadila Pharmaceuticals Limited, Eisai Pharmaceuticals India Pvt. Ltd, Santarus, Inc., Wyeth, LLC, Janssen Pharmaceutica, Takeda Pharmaceutical Company Limited, Sanofi S.A, Aurobindo Pharma, Perrigo Company plc, Dr. Reddy’s Laboratories, Aralez Pharmaceuticals Inc., RedHill Biopharma Ltd (ADR) and Cipla Limited.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it