Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSDecember 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.
Market Overview
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.
Growth Highlights based on Region during 2018-2027
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).
Market Segmentation Synopsis
By Dosage Form
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.
Market Drivers and Challenges
Growth Indicators
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.
Barriers
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.
Competitive Landscape
Some of the affluent industry leaders 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.
Increasing number of patients with gastrointestinal disorders amongst individuals is one of the major factors that are driving the growth of the market.
The market is anticipated to attain a CAGR of around 6% over the forecast period, i.e. 2019-2027.
North America is anticipated to hold the dominating share in the market.
the market in Europe is anticipated to provide more business opportunities for growth over the years to come.
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.
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.
The market is majorly segmented by dosage form, distribution channel, indication and by region.
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.
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.
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