Global Aspirin Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Product (Prescription, OTC), By Application (Cardiovascular Disease, Pain/Fever/Inflammation, Others), By Distribution Channel (Hospital And Retail Pharmacies, Online Channels), And By Geography- Forecasts From 2022 To 2027
- Published : Aug 2022
- Report Code : KSI061613836
- Pages : 140
The global aspirin market size is estimated to augment at a CAGR of 2.40%, increasing from US$2.167 billion in 2020 to reach US$2.558 billion by 2027.
Aspirin is also known as acetylsalicylic 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, as an anti-inflammatory drug, and is also used as a blood thinner. The drug is available as prescription aspirin or non-prescription, or OTC aspirin worldwide. However, due to certain side effects of aspirin, there are concerns that people are rethinking 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 developing specific healthcare products 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 also contributes to fuel the market growth in the forecast period. Cardinal Health is a global healthcare service and products company that deals in the development and manufacturing of an extensive line of hydrogels for varied end-use applications. These include ECG signalling, defibrillation, electrosurgical, wound care, cosmetics, and other applications. Hydrogel additives include aloe, vitamin A, C, and E, menthol, aspirin, camphor, lidocaine, green tea extract, and fragrances including cinnamon, essential oils, cucumber, and rose.
The growing API, i.e., active pharmaceutical ingredient industry, will further contribute to propelling the market growth of acetylsalicylic 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 booming e-commerce sales, is propagating 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 is that numerous consumers prefer online retailing to risk themselves by visiting offline stores. The market segmented on the basis of distribution channels is categorized as online and offline sales channels. 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 a high CAGR during the forecast period. The growing internet penetration worldwide is fueling the growth of online distribution channels in the forecast period.
The presence of companies offering acetylsalicylic acid products is propagating market growth during the forecast period.
Bayer Aspirin has been an essential medicine for over 100 years. It helps alleviate pain and cardiovascular events prevention and has stood the test of time. In the form of a brand, Aspirin™ is among the highly trusted products by a range of customers worldwide compared to any other over-the-counter medicine for reducing pain. Based on its pain relief and anti-platelet effects, aspirin is listed as one of the essential medications by the World Health Organization. The company's product portfolio includes Aspirin and Aspirin Cardio as its products. Aspirin™ falls under the category of consumer health and pharmaceuticals. Aspirin Cardio is designed explicitly for cardiology applications. With the growing number of cardiovascular diseases, aspirin is 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, including a bypass surgery or surgery for a stenting procedure, is mostly prescribed aspirin in the form of blood thinners for preventing blood clots. On the other hand, aspirin for consumer health includes 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 a 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 an active ingredient in various product variants. The company brands containing aspirin include chewable aspirin (orange flavour), chewable aspirin (cherry flavour), enteric-coated aspirin, and regular strength aspirin therapy.
Nanjing pharmaceutical factory Co, ltd. is an extensive 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 an area of 120,000 square meters 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 supplied around the globe include highly regulated markets, the United States, and the European Union. The company’s finished dosages plant spans an area of 70,000 square meters and deals in the production of tablets, capsules, and 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 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 than branded products; hence, 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. Thus, 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 branded versions. Therefore, these medicines play an important role in offering 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, in spite of the fact that generic medicines are exported in large volumes to other countries of the world, less than 50% of these medicines are prescribed by doctors. One of the primary reasons includes the lack of confidence in the quality of 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, generics consumption in India is mostly available in the form of branded generics only.
The prevalence of headaches 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 adults suffer from headaches 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 a career, and efforts to excel in every field they choose. Hence, this has created 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 includes Disprin Direct. Different types of headaches, as listed by the WHO, include migraine, tension-type headache, cluster headache, and medication overuse headache. According to the National Institutes of Health 2019 information, migraine affects more than 10% of the population. The prevalence is higher than diabetes, epilepsy, and asthma combined. Additionally, as per NIH information, around 1 to 2% of individuals worldwide suffer from chronic migraine. Also, around 2.5% of people suffering from episodic migraine progress to chronic migraine. Hence, such events will contribute to the surging 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.
ANI Pharmaceuticals, Inc. introduced Aspirin & Extended Release Dipyridamole Tablets, 25mg/200mg (the generic version of Aggrenox) in October 2019. This is the fifth generic medication that ANI has released in 2019.
Bayer announced in December 2021, that it will deploy €100 million to enable more sustainable research, manufacture, and utilization of its Consumer Health supplements, which include global names including Aspirin, Bepanthen, Claritin, and Elevit.
COVID-19 Impact on Global Aspirin Market
COVID-19 had a mixed impact on the global aspirin market. The fast emergence and spread of pandemic COVID-19 resulted in import limitations on active pharmaceutical ingredients and medications from China, among other things. However, for those with covid illness, recurring headaches were a typical symptom, along with a cold and cough, and demand for aspirin surged as a result.
Global Aspirin Market Scope:
|Market size value in 2020||US$2.167 billion|
|Market size value in 2027||US$2.558 billion|
|Growth Rate||CAGR of 2.40% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Product, Application, Distribution Channel, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Bayer AG, Hebei Jingye Chemical Co., Ltd., JQC (Huayin) Pharmaceutical Co., Ltd., Perrigo Company plc, L.N.K. International Inc., Thermo Fisher Scientefic, Taj Pharmaceuticals Limited, Advance Pharmaceutical Inc., Allegiant Health, KEM Pharma LLC|
|Customization scope||Free report customization with purchase|
- By Product
- By Application
- Cardiovascular Disease
- By Distribution Channel
- Hospital and Retail Pharmacies
- Online Channels
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
Q1. What will be the aspirin market size by 2027?
A1. The global aspirin market is estimated to reach a market size of US$2.558 billion in 2027.
Q2. What are the growth prospects for the aspirin market?
A2. Aspirin Market is estimated to augment at a CAGR of 2.40% during the forecast period.
Q3. What is the size of the global aspirin market?
A3. The aspirin market was valued at US$2.167 billion in 2020.
Q4. How is the global aspirin market segmented?
A4. The global aspirin market has been segmented by product, application, distribution channel, and geography.
Q5. What factors are anticipated to drive the aspirin market growth?
A5. The presence of companies offering acetyl salicylic acid products is propagating the aspirin market growth during the forecast period.
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Aspirin Market Analysis, by Product
6. Global Aspirin Market Analysis, by Application
6.2. Cardiovascular Disease
7. Global Aspirin Market Analysis, by Distribution Channel
7.2. Hospital and Retail Pharmacies
7.3. Online Channels
8. Global Aspirin Market Analysis, by Geography
8.2. North America
8.2.1. North America Aspirin Market, By Product, 2020 to 2027
8.2.2. North America Aspirin Market, By Application, 2020 to 2027
8.2.3. North America Aspirin Market, By Distribution Channel, 2020 to 2027
8.2.4. By Country
184.108.40.206. United States
8.3. South America
8.3.1. South America Aspirin Market, By Product, 2020 to 2027
8.3.2. South America Aspirin Market, By Application, 2020 to 2027
8.3.3. South America Aspirin Market, By Distribution Channel, 2020 to 2027
8.3.4. By Country
8.4.1. Europe Aspirin Market, By Product, 2020 to 2027
8.4.2. Europe Aspirin Market, By Application, 2020 to 2027
8.4.3. Europe Aspirin Market, By Distribution Channel, 2020 to 2027
8.4.4. By Country
8.5. Middle East and Africa
8.5.1. Middle East and Africa Aspirin Market, By Product, 2020 to 2027
8.5.2. Middle East and Africa Aspirin Market, By Application, 2020 to 2027
8.5.3. Middle East and Africa Aspirin Market, By Distribution Channel, 2020 to 2027
8.5.4. By Country
220.127.116.11. United Arab Emirates
18.104.22.168. Saudi Arabia
8.6. Asia Pacific
8.6.1. Asia Pacific Aspirin Market, By Product, 2020 to 2027
8.6.2. Asia Pacific Aspirin Market, By Application, 2020 to 2027
8.6.3. Asia Pacific Aspirin Market, By Distribution Channel, 2020 to 2027
8.6.4. By Country
22.214.171.124. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. Bayer AG
10.2. Hebei Jingye Chemical Co., Ltd.
10.3. JQC (Huayin) Pharmaceutical Co., Ltd.
10.4. Perrigo Company plc
10.5. L.N.K. International Inc.
10.6. Thermo Fisher Scientefic
10.7. Taj Pharmaceuticals Limited
10.8. Advance Pharmaceutical Inc.
10.9. Allegiant Health
10.10. KEM Pharma LLC
Hebei Jingye Chemical Co., Ltd.
JQC (Huayin) Pharmaceutical Co., Ltd.
Perrigo Company plc
L.N.K. International Inc.
Thermo Fisher Scientefic
Taj Pharmaceuticals Limited
Advance Pharmaceutical Inc.
KEM Pharma LLC
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