Antacids Market to Exhibit a 3.7% CAGR from 2017 to 2025
The global antacids market has been displaying steady growth, and going forward it is likely to remain this way. The growth of the antacids market is primarily driven by changing dietary habits and growing geriatric population worldwide. The intake of medication for health conditions and increasing incidence of gastro esophageal reflux diseases generally among geriatrics is driving the demand for antacids among this population. For instance, the highest proportion of geriatrics in Japan in 2014, as per statistics of the World Bank is acting in favor of the Asia Pacific antacids market.
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The trend of self-medication for occasional heartburn and acidity and the easy availability of antacids over the counter is also driving the sales of antacids.
Providing headwinds to the market is serious side effects associated with the prolonged use of antacids such as proton pump inhibitors and H2 antagonists and the rising popularity of generic drugs in underdeveloped and developing countries.
A report by Transparency Market Research (TMR), estimates the global antacids market will clock a 3.7% CAGR between 2017 and 2025, for the market to become worth US$18.7 bn by the end of 2025.
The global antacids market could be segregated according to drug class, formulation type, distribution channel, and region. The leading segment for each category that could create ample opportunities for market players are studied as well in this report. On the basis of drug class, the market could be classified into proton pump inhibitors, H2 antagonist, and acid neutralizers. Amongst all, proton pump inhibitors led the market in 2016 and the trend is anticipated to continue over the forecast period. This is mainly because of their efficacy and easy availability as prescription and over the counter drugs as affordable price. However, acid neutralizers are expected to emerge as a significant segment on the back of their extensive use for occasional heartburn and acidity and due to their availability in a range of formulations and flavors.
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Depending upon formulation type, the global antacids market could be classified into tablet, liquid, powder, and others. Tablet was the leading segment in 2016 and is anticipated to hold on to its dominant position over the forecast period. Safety, convenience in administration and storage, and low cost factor are the chief factors aiding the growth of tablet segment of the market. The others segment, on the other hand, that comprises products such as melt in mouth micro granules and thin films is anticipated to display a robust CAGR over the forecast period.
On the basis of distribution channel, the segments into which the global antacids market is divided are hospital pharmacies, retail pharmacies, and others. Of them, the others segment which include online pharmacy and drug store led the market in 2016. Rising adoption of e-commerce and increasing number of online medicine providers are fuelling this segment’s expansion.
The global antacids market has been classified geographically into five key regions, namely North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. Europe held the leading share of the overall market in 2016 due to factors such as increasing incidence of gastro esophageal reflux diseases and growing geriatric population. The region being home to some of the key players is also stoking growth of this regional market.
Asia Pacific stood as the second-leading market for antacids in 2016. The region is predicted to clock a robust 4.5% CAGR between 2017 and 2025 to account for the second-leading revenue through this period. China and India are key domestic markets in the region due to improvement of healthcare services.
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Leading players in the global antacids market profiled in this report include AstraZeneca, Bayer AG, Boehringer Ingelheim GmbH, Dr. Reddy’s Laboratories Ltd., GlaxoSmithKline plc, Johnson & Johnson, Pfizer Inc., Procter & Gamble, Reckitt Benckiser Group plc, Sanofi, Sun Pharmaceuticals Ltd., Takeda Pharmaceutical Company Ltd., and Valeant Pharmaceuticals among others.
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