LONDON--(BUSINESS WIRE)--According to Technavio Research Report "Proton Pump Inhibitors (PPIs) Market by product (OTC PPIs and prescription PPIs) and geographical regions (North America, Europe, Asia and ROW) is witnessed to grow by USD 3.24 billion, at a CAGR of 4% from 2019 to 2023”.
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Global Proton Pump Inhibitors (PPIS) Market: Rising prevalence of obesity
In recent times, an increase in GERD symptoms was observed in individuals who are overweight but continue to have a basal metabolic index (BMI) in normal ranges. Considering the rising cases of obesity, the medical cost of obesity is anticipated to increase heavily. Obesity is among the leading causes of various chronic diseases, which include cardiovascular diseases, type 2 diabetes, and certain types of cancer, resulting in premature death. In addition, there is an increasing trend of childhood obesity among children and adolescents, thus presenting an increased risk of poor health in these population sub-groups. Consequently, the rising prevalence of obesity increases the risk of being affected with esophageal and gastrointestinal-related diseases, which is anticipated to increase the demand for PPIs.
“Apart from the rising prevalence of obesity, the growing geriatric population is another major factor that is expected to boost market growth. Old age increases the risk of being affected by gastrointestinal problems and related comorbidities, which, in turn, will ensure continuous demand for PPIs", says a senior analyst at Technavio.
Global Proton Pump Inhibitors (PPIS) Market: Segmentation analysis
This market research report segments the global proton pump inhibitors (PPIs) market by product (OTC PPIs and prescription PPIs) and geographical regions (North America, Europe, Asia and ROW).
The North American region led the market in 2018, followed by Europe, Asia and ROW respectively. During the forecast period, the North American region is expected to maintain its dominance over the PPI market and register the highest incremental growth due to the presence of large pharmaceutical companies that offer both branded and generic PPIs. Moreover, the presence of a proper regulatory framework for the approval of new drugs in the region is helping the growth of the market in this region.
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Global Proton Pump Inhibitors (PPIS) Market: Reformulation of drugs
A key factor driving the growth of the market is the reformulation of drugs. Drug delivery systems such as transdermal patches, extended release (ER) formulations, and orally disintegrating tablets increase the efficacy of drugs either by increasing patient compliance or by increasing the bioavailability of the drug. Therefore, the reformulation of marketed drugs provides an opportunity to grab patent term extensions, which can delay the entry of generic versions into the market. Reformulation of solid dosage forms, such as tablets, can provide a window for titrating the dose as per the individual requirements. In addition, the reformulation of drugs helps vendors in maintaining their position in the global proton pump inhibitors (PPIs) market.
Few Major Players for the Proton Pump Inhibitors (PPIs) Market are:
- AstraZeneca Plc
- Bayer AG
- Johnson & Johnson Services Inc.
- Pfizer Inc.
- Takeda Pharmaceutical Co. Ltd.
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