Market Size of Proton Pump Inhibitors Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 4.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Proton Pump Inhibitors (PPIS) Market Analysis
The proton pump inhibitors market is poised to grow at a CAGR of 4.5% during the forecast period of the study.
Many researchers have found that proton pump inhibitors have increased the risk of COVID-19 in patients taking these medications. An article published by PubMed Central in February 2022, reported that proton pump inhibitors (PPI) use was marginally associated with a nominal but statistically significant increase in the risk of COVID-19 infection, and PPI use also increased the risk of poor outcomes in patients with COVID-19. This factor affected the market growth as patients undergoing proton-pump inhibitor therapy was advised to consume fewer medications and avoid these medications unless it is an emergency. Thus, COVID-19 has a significant impact on the growth of the studied market. However, currently, as the pandemic subsided and fewer people are getting infected with the virus, the studied market is expected to have favorable growth during the forecast period of the study.
Proton pump inhibitors are the gold standard medication for gastroesophageal reflux disease (GERD), and the increasing prevalence of GERD and the rising acceptance of novel drug delivery systems are the two most prominent factors driving the growth of the market.
Additionally, the risk factors, such as aging, obesity, delayed stomach emptying, changing lifestyles associated with smoking, and consumption of alcohol, coffee, fatty, and fried foods are the major reasons for the occurrence of GERD. Furthermore, according to the data published by WHO in October 2022, it is estimated that by 2030 1 in 6 people in the world will be aged 60 years or over, and by 2050, the world's population of people aged 60 years and older will double to 2.1 billion. With the increasing geriatric population, the usage of proton pump inhibitors is expected to increase as aging is a major risk factor for GERD. Hence, this factor is expected to enhance the market growth.
Furthermore, players in this market are developing novel products and coming up with new product launches to leverage market opportunities. For instance, in March 2021, Xiromed LLC, the New Jersey-based generic division of Insud Pharmaceuticals, launched Omeprazole Delayed-Release Capsules, 20mg, generic for Prilose. Such a launch of drugs is propelling the growth of the market.
Thus, the increasing prevalence of GERD, along with the growing risk factors are likely to increase the demand for proton pump inhibitors, which is expected to drive the market's growth. Also, the increasing shift from prescription to OTC drugs is driving the growth of the proton pump inhibitor market. However, the increasing use of generic products in the market and the side effects associated with the drugs may hamper the market growth.
