The global aspirin market is estimated to augment at a CAGR of 2.53% increasing from USD1.979 billion in 2019 to reach USD2.299 billion by the end of 2025.
Aspirin, also known as acetyl salicylic acid (ASA). The versatility of the chemical is propelling the market growth during the forecast period. Common applications include reducing fever, as a pain reliever, anti-inflammatory drug, and is also used as a blood thinner. The drug is available in the form of prescription aspirin or non-prescription or OTC aspirin worldwide. However, due to certain side-effects of aspirin, there are concerns where people are re-thinking regarding the drug uptake without prescription. This factor might act as a restraint on hampering the market growth during the forecast period. In some cases, for example, in the development of specific healthcare product like hydrogels by the multinational company, Cardinal Health, aspirin is utilized as one of the additives. Such product formation incorporating aspirin as one of their ingredients are also contributing to fueling the market growth in the forecast period. Cardinal Health is a global healthcare services and products company that deals in the development and manufacturing of an extensive line of hydrogels for varied end-use applications. These include ECG signaling, defibrillation, electrosurgical, wound care, cosmetics and other applications. Hydrogel additives include aloe, vitamin A, C, and E, menthol, aspirin, camphor, lidocaine, green tea extract, fragrances including cinnamon, essential oils, cucumber, and rose.
The growing API, i.e. active pharmaceutical ingredient industry will further contribute to propel the market growth of acetyl salicylic acid as an active ingredient in drug formulations. China from the APAC region is estimated to hold a significant market share in the global API industry. The augmenting retail industry along with the booming e-commerce sales is propagating the market growth during the forecast period. During COVID-19, it was observed that Amazon sales of essential items including aspirin in the United states soared by over two times in the first two weeks of March 2020. The main reason being that numerous consumers preferred online retailing than risking themselves by visiting to the offline stores. The market segmented on the basis of distribution channel is categorized as online and offline sales channel. Offline is estimated to hold a significant market share during the forecast period, while online sales channel is accounted to be the fastest-growing with high CAGR during the forecast period. The growing internet penetration worldwide is fueling the growth of online distribution channel in the forecast period.
The presence of companies offering acetyl salicylic acid products is propagating the market growth during the forecast period.
Bayer Aspirin is an important medicine for over 100 years. It is useful for alleviating pain, cardiovascular event prevention, and has stood the test of time. In the form of brand, Aspirin™ it is among the highly trusted products by a range of customers worldwide in comparison to any other over the counter medicine for reducing pain. On the basis of its pain relief and anti-platelet effects, aspirin is listed as one of the essential medications by the World Health Organization. The company product portfolio includes Aspirin and Aspirin Cardio as its products. Aspirin™ falls under the category of consumer health and pharmaceuticals. Aspirin Cardio is specifically designed for cardiology applications. With the growing number of cardiovascular diseases, aspirin are prescribed for blood thinning applications. A physician may prescribe a low dose aspirin for the prevention of blood clots. This further aids in the reduction of stroke and heart attack risks. A patient who underwent surgery for the treatment of clogged arteries that include a bypass surgery or surgery for stenting procedure are mostly prescribed aspirin in the form of blood thinners for preventing blood clots. On the other hand, aspirin for consumer health include the following applications, namely headache, body pain, muscle pain, and fever.
Par Pharmaceutical, a generic pharmaceutical company offers quality medicines to a range of customers. These drug products are of high-quality and cost-effective achieved through excellence in innovation, development, manufacturing, and commercialization. The company manufactures aspirin & extended release dipyridamole capsules as one of the crucial products in its generic product portfolio.
Allegiant Health manufactures and markets over the counter drugs and nutritional supplements. The company is formed as a result of spin-off from a division of A&Z pharmaceutical Inc, which is a leading US manufacturer and markets OTC drugs.
Under its analgesics section, the company uses aspirin as active ingredient in various product variants. The company brands containing aspirin include, chewable aspirin (orange flavor), chewable aspirin (cherry flavor), enteric coated aspirin, and regular strength aspirin therapy.
Nanjing pharmaceutical factory Co, ltd. is a large and integrated API, finished dosage and fine chemicals manufacturer with robust research and development capabilities. From the finished dosages section, the company manufactures aspirin enteric-coated tablets. While from the APIs section, the company manufactures aspirin for non-steroidal anti-inflammatory drugs and anti-platelet aggregation drugs category. The company’s API manufacturing site spans over an area of 120,000 square meter consisting of six dedicated and multi-purpose workshops coupled with abundant land for expansion. The production and quality systems are operated as per the cGMP requirements. The API commodities are supplied round the globe that include highly regulated markets, the United States and the European Union. The company’s finished dosages plant spans an area of 70,000 square meter and deals in the production of tablets, capsules, granules, in addition to the production of small volume injections and lyophilized powder for injections. All the products are available at a competitive price for the customers.
The growing demand for branded generics will continue to propagate the market growth during the forecast period.
The global branded generics market is projected to grow in the forecast period with the marketing approval by the FDA for several generic drug products in 2019. Hence, this will continue to strengthen the market growth during the forecast period. Generic drugs are comparatively cheaper to the branded products, hence, for poorer countries where people are unable to afford costly medical treatments are not capable of buying branded medicines that come under treatment costs, post-treatment, hence, the generic versions of aspirin will continue to soar the market growth in the forecast period. As per the USFDA, generic medicines are around 80 to 85% cheaper than the branded versions. Hence, these medicines play an important role in offering a cost-effective health care; further contributing to surging their use with time worldwide. As per the prescription audits statistics, generic medicines account for holding more than 80% share of the total medicines prescribed in the United States, the United Kingdom, China, and Australia (source: NIH, 2018). In India, inspite of the fact that generic medicines are exported in large volumes to the other countries of the world, less than 50% of these medicines are prescribed by the doctors. One of the major reasons include the lack of confidence in the unbranded generic medicine quality. Hence, the trend of branded generics is gaining momentum, further fueling the market demand for branded aspirin in the forecast period. Additionally, the generics consumption in India are mostly available in the form of branded generics only.
The prevalence of headache worldwide will fuel the market demand for analgesics, further augmenting the market growth during the forecast period.
As per the World Health Organization, headaches constitute the most common disorders of the nervous system. Most of the adults suffer from headache frequently. One of the major reasons today can be attributed to the changing living conditions where there a high competition among people in every part of their life, be it child upbringing, choosing career, and efforts to excel in every field they choose. Hence, this has led to creating more tension, thus, soaring the stress level. The demand for analgesics is gaining momentum with the evolving consumer lifestyle, further offering strong market growth prospects during the forecast period for immediate pain relief. One of the most consumed drugs containing aspirin as an active ingredient is disprin. The product is now available in different new variants also, one of them include Disprin Direct. Different types of headaches as listed by the WHO include, migraine, tension-type headache, cluster headache, and medication overuse headache. According the National Institutes of Health 2019 information, migraine is known to affect more than 10% of the population. The prevalence is higher in comparison to diabetes, epilepsy, and asthma combined. Additionally, as per NIH information around 1 to 2% of the individuals worldwide are suffering from chronic migraine. Also, around 2.5% people suffering from episodic migraine are progressing to chronic migraine, hence, such events will contribute to surging the market growth with the soaring demand for pain relievers in the forecast period. One can find aspirin in three different formats, standard tablets to swallow with water, soluble tablets that can be dissolved in a glass of water, and enteric-coated tablets, consumption is done by swallowing whole with water.
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