Global Pharmaceutical Suppositories Market - 2022-2029
The global pharmaceutical suppositories market size was valued US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).
Suppositories are solid drug dosage forms specifically designed for insertion into bodily cavities other than the mouth. They can be inserted into the rectum, vaginal canal, or urethra, among other places. Following implantation, these things are meant to melt or dissolve in the cavity fluids, releasing the medicine. Suppositories are classified as a rectal suppository, vaginal suppository, or urethral suppository, depending on where they are inserted. Suppositories can help with site action. It does not include the first-pass effect, which protects the medication from metabolism. In the case of bitter or disagreeable medications, suppositories might be utilized as a drug delivery method. Suppositories are frequently used in pediatrics to alleviate constipation-like symptoms.
Increasing expenditure on the healthcare sector in developed countries and the geriatric population drives the pharmaceutical suppositories market. The rectal route is an excellent drug delivery option in these populations. Due to benefits such as quick absorption of various low molecular weight drugs and the potential for absorption into the lymphatic system, increased demand for suppositories is expected to boost market growth during the forecasted period.
The increase in the geriatric population in the market will drive the market growth
The fraction of the world's population aged 60 and up will nearly double from 12 percent to 22 percent between 2015 and 2050. By 2023, the number of persons aged 60 and more will outweigh youngsters under five. By 2050, 80% of the world's elderly will live in low- and middle-income countries. The population is aging at a considerably higher rate than in the past. (Source: World Health Organization). Thus, they are more likely to be prone by infectious diseases which will boost the pharmaceutical suppositories market.
Moreover, due to benefits such as fast absorption of various low molecular weight medications and the possibility for absorption into the lymphatic system, growing demand for suppositories is expected to boost market growth over the anticipated period. Furthermore, the suppositories industry is predicted to increase due to better physical and chemical stability, neutrality toward mucosal membranes, and full compatibility with virtually all active substances.This contributes to the growth of the global pharmaceutical suppositories market.
Low demand in underdeveloped countries is likely to hamper the market growth
In developing economies, research and development spending primarily rely on funding from outside sources. Although governments and private bodies try to fund research programs, many research firms and academic institutes face budget constraints. They cannot afford advanced and high-priced equipment and technologies, which harms the growth of these industries and their expansion in developing countries.
COVID-19 Impact Analysis
In late December, the Coronavirus (COVID-19) was found in Wuhan, Hubei Province, China. The condition is caused by SARS-CoV-2 (severe acute respiratory syndrome coronavirus 2), which is spread from person to person. COVID-19 disrupted the production of pharmaceutical suppositories in 2020 due to a halt in the raw material distribution chain. Furthermore, lockdown diverted the staff required for manufacturing factories to house quarantine or lockdown, resulting in the major manufacturing plants being shut down. Due to disruption in the distribution chain, the pharmaceutical sector recorded financial troubles, labor scarcity, and an increase in the demand and supply imbalance, the overall impact of the COVID-19 pandemic on the pharmaceutical suppositories market as unfavorable.
The rectal suppository segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
The market is divided into urethral suppositories, rectal suppositories and vaginal suppositories. In 2020, the rectal suppository generated the most revenue. This is due to a greater emphasis on the development of rectal suppository. Major factors influencing the market growth include an increase in the prevalence of diseases such as hemorrhoids and constipation and an increase in investments by rectal suppositories manufacturers. Furthermore, the growing geriatric population and the increased demand for suppositories dosage forms have influenced companies to focus on the development of pharmaceutical suppositories.
According to the HD Treatment Center, roughly half of all Americans have hemorrhoids by 50, and only a small percentage of those people seek treatment. Hemorrhoids affect roughly 10.4 million people in the United States, with 1 million new cases diagnosed each year. Surgery is required in 10% to 20% of new cases. Hemorrhoids are believed to be influenced by age, with the likelihood of hemorrhoids increasing as a person gets older. Hemorrhoids most commonly affect people over the age of 30; however, they can affect anyone at any age. These factors are driving the growth of this segment.
North America region holds the largest market share of global pharmaceutical suppositories market
North America will account for the significant share in terms of revenue of the pharmaceutical suppositories market because of the region's well-developed healthcare industry, presence of top manufacturers, and high suppositories adoption rate. Moreover, there is an increase in geriatrics, a rise in the number of people suffering from constipation and hemorrhoids, and an improvement in the region's healthcare infrastructure. Furthermore, the United States is widely regarded as the world's top spender on healthcare facilities and research. During the projected period, the reasons mentioned above will contribute to the growth of the pharmaceutical suppositories market.
The Asia Pacific area has the second-largest market share. Aside from technology developments, the pharmaceutical suppositories service category is predicted to increase at a phenomenal rate over the study's forecast period. In addition to the areas mentioned above, Europe and South America held a significant market share in the worldwide pharmaceutical suppositories market throughout the study period.
The pharmaceutical suppositories market is fiercely competitive, with several main players. Few big firms currently dominate the market in terms of market share. Several companies have been identified to be investing in their R&D to develop unique and sophisticated therapeutic medications. Some of the key players which are contributing to the growth of the market include Pfizer Inc, Bliss Gvs Pharma Ltd, Cadila Healthcare Ltd, Church And Dwight UK Ltd, Glenmark Pharmaceuticals Limited, Cosette Pharmaceuticals Inc, Intas Pharmaceuticals Ltd, Novartis International AG, Sanofi. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the pharmaceutical suppositories market globally. For instance Februray 2020, Zydus Cadila receives approval from the United States Food and drug administration to market Mesalamine suppositories.
In November 2019, Cosette Pharmaceuticals, Inc., a generic pharmaceutical company focused primarily on extended topical and suppository products, announced that it would commercialize Migergot® (ergotamine tartrate and caffeine suppositories) in the United States.
Bliss GVS Pharmaceuticals Ltd
Overview: Bliss GVS Pharma Ltd is a pharmaceutical firm established in India. Pharmaceutical items are manufactured, marketed, traded, and exported by the company. Outside of India accounts for the majority of its revenue. Lonart, P-Alaxin, Funbact, and Lofnac, among others, are some of the company's brands. Tablets, suspensions, suppositories, and injections are among the pharmaceutical goods available.
Anomex Suppository: Anal fissures and hemorrhoids are treated with Anomex Suppository, a prescription treatment that contains a combination of medications. It relieves redness, irritation, edema, and allergic responses. It also reduces the sensation of pain.
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