Global Aspirin Market Report 2022: Growing Demand for Branded Generics to Boost Sector - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Oct 4, 2022--
The "Global Aspirin Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global aspirin market size is estimated to augment at a CAGR of 2.40%, increasing from US$2.167 billion in 2020 to reach US$2.558 billion by 2027.
The growing active pharmaceutical ingredient industry, will contribute to propelling the market growth of acetylsalicylic acid as an active ingredient in drug formulations. China, from the APAC region, is estimated to hold a significant market share in the global API industry. The augmenting retail industry, along with booming e-commerce sales, is propagating market growth during the forecast period.
The presence of companies offering acetylsalicylic acid products is propagating market growth during the forecast period.
Bayer Aspirin has been an essential medicine for over 100 years. It helps alleviate pain and cardiovascular events prevention and has stood the test of time. In the form of a brand, AspirinT is among the highly trusted products by a range of customers worldwide compared to any other over-the-counter medicine for reducing pain. Based on its pain relief and anti-platelet effects, aspirin is listed as one of the essential medications by the World Health Organization.
The company's product portfolio includes Aspirin and Aspirin Cardio as its products. AspirinT falls under the category of consumer health and pharmaceuticals. Aspirin Cardio is designed explicitly for cardiology applications. With the growing number of cardiovascular diseases, aspirin is prescribed for blood thinning applications. A physician may prescribe a low-dose aspirin for the prevention of blood clots. This further aids in the reduction of stroke and heart attack risks. A patient who underwent surgery for the treatment of clogged arteries, including a bypass surgery or surgery for a stenting procedure, is mostly prescribed aspirin in the form of blood thinners for preventing blood clots. On the other hand, aspirin for consumer health includes the following applications namely headache, body pain, muscle pain, and fever.
The growing demand for branded generics will continue to propagate market growth during the forecast period.
The global branded generics market is projected to grow in the forecast period with the marketing approval by the FDA for several generic drug products in 2019. Hence, this will continue to strengthen the market growth during the forecast period. Generic drugs are comparatively cheaper than branded products; hence, poorer countries where people are unable to afford costly medical treatments are not capable of buying branded medicines that come under treatment costs post-treatment. Thus, the generic versions of aspirin will continue to soar the market growth in the forecast period. As per the USFDA, generic medicines are around 80 to 85% cheaper than branded versions.
Therefore, these medicines play an important role in offering cost-effective health care, further contributing to surging their use with time worldwide. As per the prescription audits statistics, generic medicines account for holding more than 80% share of the total medicines prescribed in the United States, the United Kingdom, China, and Australia (source: NIH, 2018).
The prevalence of headaches worldwide will fuel the market demand for analgesics, further augmenting the market growth during the forecast period.
As per the World Health Organization, headaches constitute the most common disorders of the nervous system. Most adults suffer from headaches frequently. One of the major reasons today can be attributed to the changing living conditions where there a high competition among people in every part of their life, be it child upbringing, choosing a career, and efforts to excel in every field they choose. Hence, this has created more tension, thus, soaring the stress level.
The demand for analgesics is gaining momentum with the evolving consumer lifestyle, further offering strong market growth prospects during the forecast period for immediate pain relief. One of the most consumed drugs containing aspirin as an active ingredient is disprin. The product is now available in different new variants also, one of them includes Disprin Direct.
Segmentation:By Product
- Prescription
- OTC
By Application
- Cardiovascular Disease
- Pain/Fever/Inflammation
By Distribution Channel
- Hospital and Retail Pharmacies
- Online Channels
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- UK
- Germany
- France
- Middle East and Africa
- UAE
- Israel
- Saudi Arabia
- Asia Pacific
- Japan
- China
- India
- South Korea
- Vietnam
- Indonesia
- Australia
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Global Aspirin Market Analysis, by Product
6. Global Aspirin Market Analysis, by Application
7. Global Aspirin Market Analysis, by Distribution Channel
8. Global Aspirin Market Analysis, by Geography
9. Competitive Environment and Analysis
10. Company Profiles
Companies Mentioned
- Bayer AG
- Hebei Jingye Chemical Co., Ltd.
- JQC (Huayin) Pharmaceutical Co., Ltd.
- Perrigo Company plc
- L.N.K. International Inc.
- Thermo Fisher Scientefic
- Taj Pharmaceuticals Limited
- Advance Pharmaceutical Inc.
- Allegiant Health
- KE
For more information about this report visit https://www.researchandmarkets.com/r/lqlctj
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KEYWORD:
INDUSTRY KEYWORD: HEALTH PHARMACEUTICAL
SOURCE: Research and Markets
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