PUBLISHER: The Business Research Company | PRODUCT CODE: 1274391
PUBLISHER: The Business Research Company | PRODUCT CODE: 1274391
“Aspirin Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on aspirin market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for aspirin? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The aspirin market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Major players in the aspirin market are Bayer AG, Allegiant Health, Par Pharmaceutical, Cardinal Health, Inc., Nanjing pharmaceutical factory Co. Ltd., JQC (Huayin) Pharmaceutical Co., Ltd., LNK International, Inc., Bal Pharma Limited, Trumac Healthcare, Perrigo Company PLC, Alta Laboratories Ltd., Zhenjiang Gaopeng Pharmaceutical Co., Ltd., J.M. Loveridge Ltd., Mayne Pharma Group Limited and St. Joseph's Aspirin.
The global aspirin market is expected to grow from $2.36 billion in 2022 to $2.45 billion in 2023 at a compound annual growth rate (CAGR) of 4.14%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The aspirin market is expected to grow to $2.92 billion in 2027 at a CAGR of 4.41%.
The aspirin market consists of sales of capsules, chewable, and coated tablets. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Aspirin is a non-steroidal anti-inflammatory drug used to treat fever and minor aches. The chemical name of aspirin is acetylsalicylic acid (ASA). It is used for treating conditions such as arthritis and to reduce the chance of problems like heart attack and stroke.
Asia-Pacific was the largest region in the aspirin market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The two major types of product of aspirin are prescription and OTC. Prescription drugs are drugs that can only be bought through a certified physician's prescription. By route of administration, it is segmented into oral, rectal, and parenteral. Several dosage forms of aspirin are tablets, capsules, injections, and suppositories. Aspirin is used in numerous applications, such as cardiovascular disease, pain, fever, inflammation, and others. These are used by various end-users, such as hospitals, clinics, and other end-users.
The increasing prevalence of arthritis is expected to propel the growth of the aspirin market going forward. Arthritis is a medical condition in which a patient suffers from pain and swelling in the joints. Aspirin is a nonsteroidal anti-inflammatory medicine that helps people with chronic pain from arthritis and other conditions by reducing inflammation, reducing pain, and improving function. Increasing arthritis patients directly increases the use of aspirin. For instance, according to a report shared by the Centers for Disease Control and Prevention, a US-based national public health agency, 1 in 4 adults in the US were suffering from doctor-diagnosed arthritis, which is almost 58.5 million people. The number is expected to increase to 78.4 million by 2040. As a result, the increasing prevalence of arthritis is driving the growth of the aspirin market.
Product innovation is a key trend gaining popularity in the aspirin market. Major companies operating in the aspirin market are introducing innovative products such as VAZALORE™ liquid-filled aspirin capsules to sustain their position in the market. For instance, in August 2021, PLx Pharma, a US-based specialty pharmaceutical company, launched VAZALORE™ 325 mg and VAZALORE™ 81 mg liquid-filled aspirin capsules. The new product is the first US FDA-approved liquid-filled aspirin capsule and is beneficial in avoiding stomach erosions and ulcers as compared to immediate-release aspirin. VAZALORE is an innovative aspirin with a special delivery method created to protect the stomach, even while cardiologists continue to advise aspirin for their patients with cardiovascular disease. Compared to aspirin formulations that are enteric-coated and plain, VAZALORE delivers aspirin differently. Aspirin is released selectively from the capsule's unique complex, avoiding direct contact with the stomach. VAZALORE provides aspirin's potentially life-saving properties along with quick, dependable pain relief absorption.
In August 2021, Philip Morris International (PMI), Inc., a US-based tobacco company, acquired OtiTopic for an undisclosed amount. This acquisition is a part of PMI's strategic objective to expand its pipeline of inhaled therapies and respiratory medication delivery Beyond Nicotine by utilizing its knowledge, scientific know-how, and inhalation capabilities. OtiTopic is a US-based respiratory drug development company with a late-stage inhalable acetylsalicylic acid (ASA) treatment for acute myocardial infarction. OtiTopic is a developer of an inhaled formulation of aspirin dry powder.
The countries covered in the aspirin market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The aspirin market research report is one of a series of new reports from The Business Research Company that provides aspirin market statistics, including aspirin industry global market size, regional shares, competitors with a aspirin market share, detailed aspirin market segments, market trends and opportunities, and any further data you may need to thrive in the aspirin industry. This aspirin market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.