Omeprazole, a proton pump inhibitor (PPI), is a drug that is used to reduce the amount of acid produced in the stomach. Omeprazole can be taken alone or in combination with other drugs. It is used to treat gastroesophageal reflux disease (GERD), ulcers, and other diseases caused due to excessive stomach acid. Gastroesophageal reflux disease (GERD) is a chronic digestive disorder in which stomach acid enters the esophagus and irritates the esophageal lining, resulting in inflammation. Due to this condition, acid reflux develops, which can be severe and last for a long time. The drug is approved by the regulatory agencies for the treatment of heartburn. In addition, omeprazole is used to promote healing of esophageal damage caused by stomach acid (erosive esophagitis). Omeprazole is used in combination with antibiotics such as amoxicillin and clarithromycin, which are used to treat ulcers caused by the Helicobacter pylori.
COVID-19 Impact Analysis
COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are expected to witness a significant growth in the future, owing to the demand for vaccine and treatment drugs for COVID-19. This, in turn, is expected to have a significant impact on the global omeprazole market.
Top Impacting Factors
- Rising number of patients who are suffering from gastrointestinal disorders fuels the growth of the market. Increase in number of FDA approval drugs, adoption of sedentary lifestyle, rise in number of obese people globally, and surge in the geriatric population are some factors, which boost market growth of the omeprazole market. Increasing awareness for the treatment of several gastrointestinal disorders contributes toward the market growth.
- In addition, increase in healthcare expenditure, rise in research & development activities conducted by many pharmaceutical companies, launches of novel developed drug propel the growth of the omeprazole market.
- However, increasing adoption of alternative proton pump inhibitor drugs such as pantoprazole, lansoprazole, and esomeprazole to treat heartburn, gastric, and duodenal ulcers is expected to hamper the market growth of omeprazole market.
Market Trends
New Product Launches to Flourish the Market
In April 2018, Perrigo Company Plc. and its partner Dexcel Pharma Technologies Ltd. launched omeprazole delayed release orally disintegrating tablets (ODT) 20mg, with innovative MelTech melt-in-your-mouth technology for treating frequent heartburn.
In December 2018, Red Hill Biopharma announced the phase 3 results of talicia capsule combining antibiotics and proton pump inhibitor omeprazole, intended for the treatment of helicobacter pylori infection.
In December 2018, Dr. Reddy’s Laboratories launched omeprazole delayed-release tablets, which are store-brand equivalent of prilosec OTC tablets in the U.S. market.
Surge in Usage of Omeprazole
Increasing prevalence of acid refluxes, respiratory disorders, heart-related issues boosts the usage of omeprazol. Increasing cases of duodenal ulcers and peptic ulcers augments the use of omeprazole market. According to a survey by the Virtual Medical Center, peptic ulcer is the most common disease occurring in about 10-15% of the global population at a time. It is common in men and more common in elderly people. The survey further stated that duodenal ulcers are four times more common than gastric ulcers.
Key Benefits of the Report
- This study presents the analytical depiction of the omeprazole market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Omeprazole Market Report
- Which are the leading market players active in the omeprazole market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What is omeprazole market?
- What is omeprazole market prediction in the future?
- Who are the leading global players in the omeprazole market?
- What are the current trends and predicted trends?
- What are the key benefits of the omeprazole market report?
Omeprazole Market Report Highlights
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