Anti-Inflammatory Drugs Market Witness High Growth
Anti-inflammatory drugs are used for the treatment of inflammation and associated symptoms. These drugs help reduce pain, swelling, and stiffness caused by inflammation. Some common anti-inflammatory drugs include ibuprofen, naproxen, and corticosteroids. The global anti-inflammatory drugs market is gaining traction owing to the rising prevalence of arthritis and other chronic inflammatory conditions.
The global anti-inflammatory drugs market is estimated to be valued at US$ 102248.44 million in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The global anti-inflammatory drugs market is driven by the increasing geriatric population who are more prone to inflammatory diseases. As per estimates, by 2050 approximately 16% of the global population will be aged 65 and above. Growing prevalence of arthritis is another major factor boosting the anti-inflammatory drugs market growth. For instance, according to Arthritis Foundation, by 2040 approximately 78 million adults in the US will have doctor-diagnosed arthritis.
Market Opportunity:
The rising prevalence of inflammatory diseases presents a major market opportunity for players in the anti-inflammatory drugs market. For example, research suggests the global prevalence of rheumatoid arthritis has increased from 0.24% in 1990 to 0.54% in 2017. Furthermore, arthritis is the leading cause of disability worldwide. With limited treatment options available, there exists significant unmet need which anti-inflammatory drug manufacturers can capitalize on by developing novel and more effective drugs. This will help bring relief to millions suffering from inflammatory conditions and drive the market growth over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the anti-inflammatory drugs market requires significant R&D investment and regulatory approvals. However, large pharmaceutical companies can leverage existing infrastructure to enter this market.
Bargaining power of buyers: The bargaining power of buyers is high as anti-inflammatory drugs are prescribed by physicians and end-users have many established brands to choose from for treating conditions. This allows buyers to negotiate on price and demand value-added benefits.
Bargaining power of suppliers: The bargaining power of suppliers is moderate given the availability of raw material suppliers and contract manufacturing organizations for anti-inflammatory drugs. However, suppliers may gain leverage if their specialty ingredients have limited alternatives.
Threat of new substitutes: The threat of new substitutes is moderate as alternative treatment options exist for certain conditions like physiotherapy, psychotherapy etc. However, drugs remain first line of treatment for many inflammatory conditions.
Competitive rivalry: The competitive rivalry is high among major pharmaceutical companies owing to intensive competitive pricing and promotion strategies to gain market share.
SWOT Analysis
Strength: Well-established distribution channels, diversified product portfolios, global presence and significant financial resources allow key players to leverage economies of scale.
Weakness: High R&D costs and regulatory approvals associated with new drug development exert pricing pressures. Patent cliffs challenge revenues of major drugs.
Opportunity: Rising incidence of chronic inflammatory diseases worldwide due to sedentary lifestyles and aging population increases market demand. Emerging markets offer high growth potential.
Threats: Increased biosimilar competition erodes revenues of blockbuster drugs upon patent expiration. Stringent cost control measures and healthcare reforms in developed nations impacts profitability.
Key Takeaways
The Global Anti-Inflammatory Drugs Market Growth is expected to witness high over the forecast period supported by the increasing prevalence of chronic inflammatory conditions globally. The global anti-inflammatory drugs market is estimated to be valued at US$ 102248.44 million in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030.
North America dominated the anti-inflammatory drugs market in 2023 owing to the rising disease burden and availability of advanced healthcare facilities in the region. However, Asia Pacific is anticipated to register the highest CAGR from 2023 to 2030 driven by expanding medical infrastructures, growing health awareness and rising disposable incomes in major countries like China and India.
Key players operating in the anti-inflammatory drugs market are Pfizer, Inc., GlaxoSmithKline plc, Johnson & Johnson Services Inc., Merck & Company, Inc., Novartis AG, Amgen, Inc., AstraZeneca plc, Eli Lily and Company, AbbVie Inc., F. Hoffmann-La Roche AG, Bristol Myers Squibb Company, Biogen Inc., Sun Pharmaceutical Industries Ltd, Mylan, Inc., Aurobindo Pharma Limited, and Dr. Reddy€TMs Laboratories. Key players aim to develop novel formulations and combinations to gain leadership positions in this dynamic market.
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