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.
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.
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).
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.
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.
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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.