Antacids Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The antacids market is expected to register a CAGR of 3.7% over the forecast period.
The COVID-19 pandemic is expected to have a significant impact on the Antacids market. According to the research article published in the American Journal of Gastroenterology, 2020, a retrospective, propensity-matched observational study of consecutive COVID-19-positive patients between February 24, 2020, and May 13, 2020, was conducted to compare outcomes in patients hospitalized with coronavirus receiving famotidine therapy with those not receiving famotidine. The results from the study revealed that the use of Famotidine (which is used in treating symptoms of acid reflux and heartburn), in hospitalized COVID-19 patients was found to be associated with a lower risk of mortality, lower risk of the combined outcome of mortality, and intubation, and lower levels of serum markers for severe disease in hospitalized patients with COVID-19. Hence, the increasing studies related to the use of antacids in treating COVID-19 are expected to impact the studied market growth over the forecast period.
The propelling factors for the growth of the antacids market include the growing geriatric population suffering from Gastroesophageal Reflux Disease (GERD), poor lifestyle choices leading to higher incidences of acidity, and side effects of drugs like non-steroidal, anti-inflammatory drugs.
According to a United Nations World Ageing 2019 report, in 2019, there were around 703 million people aged 65 years or over in the global population. This number is projected to double to 1.5 billion in 2050. Globally, the share of the population aged 65 years or over increased from 6% in 1990 to 9% in 2019, and 65% of the geriatric population has to deal with acid reflux. This acts as one of the major factors boosting the antacid market globally. There has been an increase in the geriatric population and this is one of the most favorable growth factors for the antacids market as the demographic is highly vulnerable to peptic ulcers and gastroesophageal reflux disorders.
In the elderly population, the acidic complications recurrent infrequently, which makes it a unique challenge for both the primary care provider and the gastroenterologist. In addition, such patients often suffer from several symptomatic disorders, such as erosive esophagitis, Barrett esophagus, and esophageal cancer, in which a combination of therapies are used for the treatment and the use of antacids significantly rises in such cases.
In addition, there is also growth in e-commerce that is likely to augment the demand for antacids through online retailing channels over the next few years. Therefore, the rising popularity of e-commerce and surge in the number of online medicine providers are expected to positively impact the market's overall growth. However, the growing number of alternatives available in the market to antacids and the ignorance of people towards the symptoms of acidity is expected to have a negative impact on the market growth.
The presence of a variety of chewable tablets in the market with different flavors that help to improve patient adherence to the medication is expected to contribute to the growth of the segment. Tablets also provide the correct amount of dosage to the patients and they are easy to store. These factors can be attributed to the segment growth over the forecast period. Tablets are the most widely used solid dosage forms as it is the cheapest oral dosage form, and easy to handle, use and carry. Additionally, the growing geriatric population is expected to drive the market growth as the elderly population is more prone to gastrointestinal disorders. According to the data from the World Population Prospects, 2019 revision, by 2050, one in six people in the world may be over the age of 65 years (16%), an increase from one in 11 in 2019 (9%), globally. Furthermore, the major market players are focusing on Research and Development activities, to bring new and reliable products to the market, and are also focusing on product launches. For instance, in January 2019, Dr Reddy's laboratories launched generic omeprazole delayed-release tablets for the treatment of heartburn in the United States. Also, In April 2018, Perrigo launched a new, orally disintegrating omeprazole tablet for the treatment of frequent heartburn. Thus, owing to the above-mentioned factors, the market studied is expected to grow significantly.
The North American Antacids market is expected to grow significantly due to the growing geriatric population and lifestyle changes leading to gastrointestinal problems among the American population. Also, the growing trend toward self-medication in North American countries such as the United States is increasing the demand for over-the-counter digestive products, such as antacids. Antacids are the most common over-the-counter products purchased in the United States. Some of the antacid brands in the country include Nexium 24 hour, Prilosec OTC, Zantac 150, and Tums. According to the study published in the American Journal of Gastroenterology, in 2018, out of 71,812 individuals who participated in the survey, 61% reported having more than one Gastrointestinal symptom in the given week. The most reported symptom is heartburn/reflux. Similarly, according to the Centers for Disease Control and Prevention (CDC) 2018 statistics, the total number of adults diagnosed with ulcers in the United States found to be 14.8 million. The number of population with ulcers is proportional to the population suffering from GERD. Additionally, according to the research article published in StatPearls, 2021, GERD is one of the most common gastrointestinal disorders, with a prevalence of approximately 20% of adults in western countries and the estimated prevalence of GERD in the United States was between 18.1% to 27.8%. Thus, owing to the high prevalence of gastrointestinal disorders and increasing awareness of Over-the-Counter antacids for self-medication among the American population is expected to help in the significant growth of the studied market in the region over the forecast period.
The Antacids market is moderately competitive and the overall market faces intense competition over the forecast period due to the presence of multinational players and small to medium-sized companies entering into the market. The major players of the studied market are Johnson and Johnson, GlaxoSmithKline plc, Sanofi S.A., Bayer AG, and Sun Pharmaceuticals Ltd among others. The key players have adopted strategies such as strategic acquisitions, collaborations, and partnerships, that will help them expand their geographical presence and will strengthen their business position as well.