The Sildenafil Drug Market is estimated to be valued at US$ 2.9 Bn or Billion in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sildenafil drug belongs to the class of PDE5 inhibitors and is used for the treatment of erectile dysfunction and pulmonary arterial hypertension in males. It works by blocking the action of PDE5 enzyme and relaxing the blood vessels. The commonly known brand name for sildenafil is Viagra and it is available as oral tablets of 25 mg, 50 mg, and 100 mg dosage. The drug has major applications for improving sexual performance and functions in adult males.
Market Dynamics:
Increasing prevalence of lifestyle diseases such as obesity, diabetes and cardiovascular diseases is expected to drive the growth of sildenafil drug market. Dietary and lifestyle changes have led to surge in the incidence of such diseases that increases the risk of erectile dysfunction. According to WHO, around 422 million people worldwide have diabetes and 1.5 million death are caused due to cardiovascular diseases each year.
Second major driver is the patent expiry of blockbuster drug Viagra and entry of generic versions in the market. Viagra lost its patent protection in many regions in 2013 which allowed other companies to launch generic equivalents at much lower price. Growing demand for low-cost drugs have accelerated the sales of generic sildenafil tablets. Affordable drugs have increased the accessibility to wider population base.
Segment Analysis
The Global Sildenafil Drug Market Size is segmented into 25 mg, 50 mg, and 100 mg. The 100 mg sub-segment dominates the market due to its wide use for treating erectile dysfunction in middle-aged and elderly men. It contains a higher concentration of sildenafil citrate which produces better results in curing ED issues compared to lower dosages.
PEST Analysis
Political: The regulations around patent expirations and pricing pressures have increased the scope of generic drugs which is positively impacting the sildenafil market.
Economic: Rising per capita disposable incomes and growing health awareness are increasing healthcare spending around ED treatment globally, driving market revenue.
Social: Reduction of stigma around ED issues and willingness to seek treatment have boosted demand. Support groups are creating social acceptance for such medical conditions.
Technological: Enhancements in drug delivery mechanisms like orally disintegrating tablets are improving patient compliance for sildenafil medications.
Key Takeaways
The global sildenafil drug market is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing awareness about ED treatment options and availability of generic drugs.
North America dominates the sildenafil drug market owing to the growing old age population susceptible to erectile dysfunctions. The supportive reimbursement structure for ED prescriptions also contributes to market growth in this region.
Asia Pacific is expected to be the fastest growing regional market due to the rising healthcare spending of nations like China and India. Increased formulary listing of generic sildenafil drugs will aid regional expansion.
Key players operating in the sildenafil drug market are Pfizer, Teva Pharmaceuticals, Aurobindo Pharma, Alembic Pharmaceuticals, Torrent Pharmaceuticals, Lupin, Dr Reddy’s Laboratories, Zydus Cadila, Amneal Pharmaceuticals, Hetero, Apotex, Mylan, Ajanta Pharma, Sun Pharmaceutical, Cipla, Novartis, Eli Lily, Sanofi, Bayer, GlaxoSmithKline. The launch of generic versions after patent expiration has increased competitiveness.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
