The market for acid reducers is expected to be worth $23.1 billion in 2023 and grow at a 5.7% CAGR to $40.3 billion by the end of 2033. The acid reducer market refers to the pharmaceutical industry segment that manufactures and sells drugs that reduce the production of stomach acid in the human body. These medications are used to treat acid reflux, gastroesophageal reflux disease (GERD), and peptic ulcers.
Proton pump inhibitors (PPIs), histamine-2 receptor blockers (H2 blockers), and antacids are some of the most common types of acid reducers. PPIs are the most commonly prescribed acid reducers, and they work by inhibiting acid production in the stomach. H2 blockers work by inhibiting histamine, which stimulates acid production in the stomach. Antacids work by neutralising the stomach acid already present.
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Key Takeaways from Market Study
- The global acid reducer market is projected to expand at a CAGR of 5.7% and be valued at US$ 40.3 billion by 2033.
- The market expanded at 3.5% CAGR for the period (2018-2022).
- Under type, proton pump inhibitors are estimated to grow at a CAGR of 5.6%.
- Europe will dominate the worldwide market with 31.6% share in 2023.
- Consumption of acid reducers is expected to increase at CAGRs of 6.2% and 4.8% in South Asia & ASEAN and Europe, respectively.
Market participants are investing a fortune in research to uncover untapped opportunities and assess the market’s lucrative potential. Because of improved healthcare financing and policies by government organisations in many countries, including North America, the global market for acid reducers is expected to expand quickly. The less stringent regulations for over-the-counter medicines are another draw for manufacturers to the global market.
Aside from this, it seems a little harder for new entrants to establish themselves quickly due to the strong foothold of leading corporations in the local and global market.
Key companies in Acid Reducer Market
- Johnson & Johnson
- Reddy’s Laboratories
- Glenmark Generics
Regional Analysis Acid Reducer Market
The acid reducer market is analyzed on a global scale, with regional analysis focusing on major geographical regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
North America is the largest market for acid reducers, owing to the high prevalence of GERD and other gastrointestinal disorders in the region. According to the National Institute of Diabetes and Digestive and Kidney Diseases, approximately 20% of Americans experience symptoms of GERD each week, and PPIs are one of the most commonly prescribed medications in the United States.
Europe is also a significant market for acid reducers, with a high prevalence of GERD and a large aging population. According to the European Society for Swallowing Disorders, approximately 10-20% of the European population suffers from GERD.
The Asia Pacific region is expected to grow at the highest CAGR during the forecast period, due to factors such as the increasing prevalence of GERD and the rising healthcare infrastructure in the region. China and India are the largest markets in the Asia Pacific region for acid reducers.
Latin America and the Middle East and Africa are also expected to witness significant growth in the acid reducer market, due to the increasing prevalence of GERD and the growing demand for effective treatment options in these regions