Omeprazole, a drug belonging to proton pump inhibitors (PPIs) class, is used to decrease the amount of acid produced in the stomach. It was discovered in 1979 and appears on the World Health Organizations’ List of Essential Medicines. According to the NHS Business Services Authority (NHSBSA) statistics, over 2 million items of omeprazole were prescribed in the U.K. in March 2018 alone. It is one of the most prescribed medications across the globe. According to drug usage statistics published by ClinCalc, the number of omeprazole prescription in the U. S. increased from 26 million to 70 million from 2006 to 2016. Omeprazole is used alone or prescribed in combination with other medications. It is used to treat gastroesophageal reflux disease (GERD), ulcers, and other conditions caused due to excessive stomach acid. Frequent flow of stomach acid into the esophagus, which irritates the lining of esophagus, can cause GERD. Omeprazole is used with other medications in treatment of infections caused by H. pylori bacteria. The common side effects of omeprazole include tomach pain, flatulence, nausea, vomiting, diarrhea, and headache. Increase in prevalence of peptic and duodenal ulcers and rise in awareness regarding gastrointestinal disorder in developing countries are expected to propel the omeprazole market during the forecast period. Side effects associated with omeprazole are likely to hamper the omeprazole market during the forecast period.
The global omeprazole market can be segmented based on dosage form, indication, distribution channel, and region. In terms of dosage form, the omeprazole market can be classified into capsule, powder, tablet, and suspension. The tablet segment held a dominant share of the market in 2017 and is expected to continue this trend during the forecast period, as tablets are inexpensive, easy to handle, and coated with sugar to mask the unpleasant taste.
Based on indication, the global omeprazole market can be segregated into duodenal ulcers, gastric ulcers, GERD, erosive esophagitis, and others. The duodenal ulcers segment dominated the market in 2017 due high prevalence of these ulcers across the globe. The segment is expected to continue to account for a large share of the omeprazole market during the forecast period. In terms of distribution channel, the global omeprazole market can be divided into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment dominated the market in 2017 due to easy availability of medications in hospitals. The segment is expected to continue to dominate the omeprazole market from 2018 to 2026.
Based on region, the global omeprazole market can be categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2017 due to the increase in incidences of H.pylori infection, which cause ulcers. Peptic ulcer disease (PUD) affects approximately 4.5 million people in the U.S. annually. Approximately 10% of the U.S. population suffer from duodenal ulcer. The market in Asia Pacific is anticipated to expand at a substantial CAGR owing to the rise in prevalence of H.pylori infection.
Major players operating in the global omeprazole market include Zydus Cadila, Sandoz International GmbH, Apotex Inc., AstraZeneca, Dr. Reddy’s Laboratories Ltd., Perrigo Company plc., Impax Laboratories, LLC, and Mylan N.V.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.