Proton pump inhibitors are popular drugs used to reduce stomach acid and provide relief from acid reflux and ulcers. Proton pump inhibitors work by inhibiting the pumping mechanism that produces stomach acid. They are frequently prescribed for conditions like GERD, acid reflux, duodenal ulcers, and gastric ulcers. Rising prevalence of gastrointestinal disorders such as GERD has been a major driver of growth for the proton pump inhibitors market. The global Proton Pump Inhibitors Market is estimated to be valued at US$ 3.29 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The market has witnessed robust growth due to the increasing prevalence of GERD. A recent study published in the American Journal of Gastroenterology reports that nearly 20% of the U.S. adult population experiences symptoms of GERD at least once a week. The prevalence of GERD is attributed to lifestyle choices like excessive alcohol consumption, eating large meals, intake of spicy or acidic foods, obesity and stress. As GERD is a chronic condition with no cure, the demand for proton pump inhibitors has grown steadily. Manufacturers are investing in R&D to develop improved formulations with more effective acid control and reduced side-effects to leverage the opportunities in this expanding market.
Segment Analysis
The global Proton Pump Inhibitors market size is dominated by the otc segment due to increasing preference for over-the-counter medications in self-limiting conditions like heartburn, sour stomach, and acid indigestion. Most PPIs available in the market are available as OTC medications without a prescription which has significantly boosted the sale of OTC PPI products.
Key Takeaways
The global Proton Pump Inhibitors market is expected to witness high growth due to the increasing prevalence of acid reflux diseases and growing geriatric population who are more prone to such diseases.
Regional analysis: North America currently dominates the global PPI market due to the rising cases of gastrointestinal disorders in the US and Canada. Moreover, the early availability of newer products and higher adoption of OTC drugs have contributed to the leading share of the North American region in the global market.
Key players operating in the Proton Pump Inhibitors market are Horizon Therapeutics plc, Ammonett Pharma LLC, Medison Pharma Ltd., Modern Dietetics Inc., Synageva BioPharma Corp., Medison Pharma Ltd., Swedish Orphan Biovitrum AB (Sobi), Entera Health, Inc., Dipharma Francis S.r.l., Ucyclyd Pharma, Inc. Swedish Orphan Biovitrum AB (Sobi) is one of the major players due to its strong product portfolio and global presence.
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