The global omeprazole market size was valued at US$ 2,668.4 million in 2017, and is expected to exhibit a CAGR of 5.2% over the forecast period (2018 – 2026).
Omeprazole is a commonly prescribed proton pump inhibitor (PPI) to reduce acidity. The drug is approved by the regulatory agencies for the treatment of heartburn and other symptoms associated with gastroesophageal reflux disease (GERD). Omeprazole is also used to promote healing of erosive esophagitis (esophageal damage caused by stomach acid). Omeprazole is used in combination with antibiotics such as amoxicillin and clarithromycin for treating ulcers caused by the H. pylori bacteria.
Increasing prevalence of duodenal ulcers is expected to propel growth of the omeprazole market. According to a survey by Virtual Medical Center, 2016, 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.
Also, increasing awareness activities for the treatment of gastrointestinal disorders by various organizations is a major factor bolstering market growth. For instance, the International Foundation for Functional Gastrointestinal Disorders (IFFGD), a nonprofit education and research organization helps to improve the life of people affected by chronic digestive conditions. IFFGD enhances awareness, supports research, for treating gastrointestinal disorders and educate individuals.
Download the PDF brochure:
Positive outcomes of omeprazole in the clinical trials in H.pylori eradication therapy is expected to propel the demand for omeprazole over 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, intended for the treatment of Helicobacter pylori infection.
North America is expected to hold a dominant position in the global omeprazole market. This is owing to increasing number of people affected by H.pylori infection, which in turn is expected to increase the risk of gastric and duodenal ulcers. According to the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), Health Information Center, 2014, about 30 to 40 percent of people in the U.S. suffer from the H. pylori infection, thus increasing the risk of duodenal and gastric development.
Furthermore, attractive discount programs offered by various online portals to provide a cost-effective option for the prescription product is expected to drive market growth. For instance, SingleCare, an online service for prescriptions, partners with the major pharmacies in the U.S. help patients to save around 80% off on prescription cost, thus providing access to affordable treatment. Also, generic omeprazole is covered by most Medicare and insurance plans.
Major players operating in the global omeprazole market include, 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., and Lek Pharmaceuticals d.d.
Moreover, the players are focused on providing customers with high quality and value alternatives for treating gastric diseases. In 2015, Aurobindo Pharma Limited received the U.S. Food & Drug Administration approval to manufacture and market omeprazole delayed-release capsules. The drug is therapeutically equivalent to the reference listed drug product (RLD) Prilosec of AstraZeneca Pharmaceuticals.
Click To Reading More On Omeprazole Market
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
Coherent Market Insights
1001 4th Ave,
Seattle, WA 98154
Visit our news Website: https://www.coherentwire.com