Omeprazole Market: Introduction
• Omeprazole, a drug belonging to proton pump inhibitors (PPIs) class, is used to decrease the amount of acid produced in the stomach. It was discovered in 1979 and appears on the World Health Organizations’ List of Essential Medicines. According to the NHS Business Services Authority (NHSBSA) statistics, over 2 million items of omeprazole were prescribed in the U.K. in March 2018 alone. It is one of the most widely prescribed medications across the globe. According to drug usage statistics published by ClinCalc, the number of omeprazole prescription in the U. S. increased from 26 million to 70 million from 2006 to 2019.
• Omeprazole is utilized alone or prescribed in combination with other medications. It is used to treat gastroesophageal reflux disease (GERD), ulcers, and other conditions caused due to excessive stomach acid. Frequent flow of stomach acid into the esophagus, which irritates the lining of esophagus, can cause GERD. Omeprazole is employed with other medications in the treatment of infections caused by H. pylori bacteria.
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Key Drivers, Restraints, and Opportunities of Global Omeprazole Market
• Rising cases of duodenal ulcers is anticipated to fuel the omeprazole market. As per the survey by Virtual Medical Centre, 2016, peptic ulcer is a highly common disease, occurring in about 10% to 15% of the global population at a time. It is common in geriatric patients. The survey also stated that duodenal ulcers are four times more common than gastric ulcers. Furthermore, rising awareness activities for the treatment of gastrointestinal disorders by various organizations is a major factor propelling the market. For instance, the International Foundation for Functional Gastrointestinal Disorders (IFFGD), a non-profit education and research organization supports to improve the life of people affected by chronic digestive conditions. IFFGD improves awareness and supports research for the treatment of gastrointestinal disorders and educate individuals. Positive outcomes of omeprazole in the clinical trials in H.pylori eradication therapy is anticipated to boost the demand for omeprazole during the forecast period. For instance, in December 2018, RedHill Biopharma announced the Phase 3 results of Talicia capsule combining antibiotics and proton pump inhibitor omeprazole for the treatment of Helicobacter pylori infection.
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• The common side-effects of omeprazole include stomach pain, flatulence, nausea, vomiting, diarrhea, and headache. Increase in prevalence of peptic and duodenal ulcers and awareness about gastrointestinal disorder in developing countries is expected to propel the omeprazole market during the forecast period. Side-effects associated with omeprazole are likely to hamper the omeprazole market during the forecast period.
North America to Capture Major Share of Global Omeprazole Market
Based on region, the global omeprazole market can be categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2020 due to the increase in incidences of H.pylori infection, which causes ulcers. Peptic ulcer disease (PUD) affects approximately 4.5 million people in the U.S. annually. Approximately 10% of the U.S. population suffers from duodenal ulcer. The market in Asia Pacific is anticipated to expand at a substantial CAGR owing to a rise in prevalence of H.pylori infection in the region.
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Furthermore, attractive discount programs offered by various online portals to delivers a cost-effective option for the prescription product is anticipated to propel the market. For instance, SingleCare, an online service for prescriptions, partners with major pharmacies in the U.S. and assists patients to save around 80% on prescription cost, thereby providing access to affordable treatment. Additionally, generic omeprazole is covered by most Medicare and insurance plans.
Key Players Operating in Global Omeprazole Market
The global omeprazole market is highly fragmented, with the presence of various key players. A large number of manufacturers hold a major share in their respective regions. Major players operating in the global omeprazole market are:
• Astrazeneca Plc.
• Sandoz, Inc.
• Mylan N.V.
• Apotex, Inc.
• Dr. Reddy’s Laboratories, Inc.
• Impax Laboratories, Inc.
• Perrigo Company Plc
• Santarus, Inc.
• Watson laboratories, Inc.
• Lek Pharmaceuticals d.d.
• Aurobindo Pharma Limited
• Amneal Pharmaceuticals LLC,
• Salix Pharmaceuticals
• Spansules Pharma
• Systacare Remedies
• Sainor Laboratories
• Allergan plc.
• Others
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