In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
December 2018: Dr. Reddy’s Laboratories Ltd. announced that it has launched in the United States market the Omeprazole Delayed-Release Tablets (20mg), which is an OTC store-brand, and is equivalent of Prilosec OTC® (omeprazole delayed-release) tablets (20mg).
October 2019: AstraZeneca plc announced to sell Losec (omeprazole) and its associated brands’ global commercial rights to Cheplapharm Arzneimittel GmbH. The sold rights exclude China, Japan, the U.S. and Mexico.
The growth of the global omeprazole market is thriving on the back of the growing number of elderly population around the world, who are also responsible for the increasing prevalence of acid refluxes, respiratory disorders, heart-related issues and others, coupled with the rising number of obese people globally. Obesity results in various types of esophageal disorders, out of which, to cure the GERD type, omeprazole is widely used. Additionally, growing focus on innovation and development for low-cost generics by the pharmaceutical manufacturers and the associated opportunities generated from such advancements are additionally anticipated to contribute towards the growth of the global omeprazole market.
The global omeprazole market reached a value of around USD 1900 million in the year 2018 and is expected to garner a value of around USD 3300 million by the end of 2027 by growing with a CAGR of around 6% across the globe over the forecast period 2019-2027. Further, the worldwide market of omeprazole is anticipated to achieve an absolute $ opportunity of around USD 1200 million during the forecast period.
The global omeprazole market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, the market of North America is primarily driven by the U.S. and Canada, where U.S. held the dominant market share of around 59% in the year 2018. Additionally, the market in North America, which held a market share of around 38% in the year 2018, is expected to expand by observing the growth rate of ar0und 1.6x over the forecast period, which in turn is estimated to have a positive effect on the demand for omeprazole in the long run.
Further, Germany, U.K., Russia, France and Italy are some of the prominent countries that are driving the growth of the Europe omeprazole market, where Germany accounted for the largest market share of around 22% in the year 2018. Additionally, the market in Germany is anticipated to cross a value of around USD 220 million by the end of 2027 by growing at a CAGR of around 5.5% over the forecast period. Further, the market in Benelux, in Europe, is anticipated to grow with the highest CAGR of around 7% over the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global omeprazole market has been segmented on the basis of dosage form into capsule, tablet and powder. The capsule segment with around 52% in the year 2018, occupies the largest market of omeprazole across the globe. Additionally, the capsule segment is anticipated to cross a value of around USD 1800 million by the end of 2027 by registering the highest CAGR of around 6.5% over the forecast period. On the other hand, the tablet segment is anticipated to grow with a moderate CAGR of around 6% over the forecast period.
Omeprazole is a prescribed proton pump inhibitor (PPI) that aids in reducing acidity. Moreover, this drug has been approved by the regulatory agencies for curing heartburns as well as for the treatment of diseases linked with the gastro-esophageal reflux disease (GERD). Increasing number of patients who are suffering from peptic ulcers, are in an increase need for the treatment of the disease by the use of omeprazole drug, which is anticipated to drive the growth of the market. Additionally, rising awareness for the treatment of several gastrointestinal disorders, backed by the support of the government of nations for increasingly spending on healthcare infrastructure, are also some of the factors anticipated to drive the growth of the global omeprazole market.
Presence of alternatives, such as antacids, which are also used for the treatment of GERD, as well as to neutralize the acid in the stomach, are some of the factors anticipated to impact negatively towards the growth of the global omeprazole market.
Ans: Increasing number of patients with gastrointestinal disorders amongst individuals is one of the major factors that are driving the growth of the market.
Ans: The market is anticipated to attain a CAGR of around 6% over the forecast period, i.e. 2019-2027.
Ans: the market in Europe is anticipated to provide more business opportunities for growth over the years to come.
Ans: The major players in the global omeprazole market are Dr. Reddy’s Laboratories Ltd., AstraZeneca plc, Sandoz International GmbH, Mylan N.V., Apotex, Inc., Amneal Pharmaceuticals LLC, Perrigo Company plc, Salix Pharmaceuticals and Allergan plc.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is majorly segmented by dosage form, distribution channel, indication and by region.
Ans: The capsule segment, which is a sub-segment of the dosage form segment, held the largest market share of around 52% in the year 2018 and is anticipated to display significant growth opportunity.
Ans: Growing concerns for the use of alternative drugs, such as antacids is one of the major factors anticipated to act as a barrier towards the growth of the global omeprazole market.