Omeprazole Market Trends

Growth Drivers

• Increasing Cases of Gastroesophageal Reflux – Omeprazole is a prescribed proton pump inhibitor (PPI) that aids in reducing acidity. Due to its effective results, this drug has been approved by regulatory agencies in order to cure heartburns as well as for the treatment of gastroesophageal reflux. Apart from the elderly population gastroesophageal reflux can affect youngsters as well which is boosting the growth of the omeprazole market. According to El-Serag et al.'s systematic review, gastroesophageal reflux prevalence in the US ranges from 18.1% to 27.8%.
• Increasing Awareness among People- Increasing awareness among people for the treatment of gastrointestinal diseases is also expected to drive market growth. For example, the International Foundation for Functional Gastrointestinal Disorders, a not-for-profit educational and research organization, helps improve the lives of people with chronic digestive disorders. The IFFGD enhances knowledge, supports research, and improves the education of individuals.
• Increasing prevalence of Duodenal Ulcers – An increasing number of patients who are suffering from peptic ulcers are in increased need of the treatment of the disease using the Omeprazole drug. Also, as per a report by Virtual Medical Centre, the most common disease in the world is peptic ulcer, around 10-15% of the population is affected globally. Men and the elderly population generally suffer from peptic ulcers. This factor is bolstering the market growth rapidly.

Challenges

• Increasing Alternative Drugs – Pantoprazole, lansoprazole, and esomeprazole are some of the alternative drugs of Omeprazole which are used widely around the world. Due to these alternatives in the market, the growth of the omeprazole market is expected to be hampered.
• Side Effects of the Drug
• Higher Cost of the Drug