SEATTLE, Dec. 17, 2018 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global omeprazole market is estimated to be valued at US$ 2,668.4 million in 2017, and is projected to exhibit a CAGR of 5.2% over the forecast period (2018 – 2026).
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Key Trends and Analysis of the Omeprazole Market:
Market players are actively investing in research for developing novel medications for treating duodenal or gastric ulcers, and chronic heartburn thus bolstering the market growth. For instance, on December 11, 2018, Dr. Reddy’s Laboratories launched omeprazole delayed-release tablets, which are store-brand equivalent of Prilosec OTC tablets in the U.S. market.
Furthermore, market players are focused on developing innovative technologies to offer treatment for heartburn. For instance, in April 2018, Perrigo Company plc. and its partner Dexcel Pharma Technologies, Ltd., launched Omeprazole delayed release orally disintegrating tablets (ODT) 20mg, with innovative MelTech melt-in-your-mouth technology for treating frequent heartburn. An innovative technology provides an affordable option in the OTC category.
However, increasing adoption of alternative proton pump inhibitor drugs such as lansoprazole, rabeprazole, pantoprazole, and esomeprazole to treat heartburn, gastric, and duodenal ulcers and other conditions are expected to hinder the market growth.
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Key Market Takeaways:
- The omeprazole market is expected to exhibit a CAGR of 5.2% during the forecast period (2018 – 2026), attributed to increasing number of people suffering from duodenal or gastric ulcers and gastroesophageal reflux disease (GERD).
- Market growth is attributed to approval and launch of inexpensive generic drugs and adoption of omeprazole in combination with antibiotics to treat ulcers associated with H.pylori bacteria. According to a study published by Healthline Medical Affairs, 2017, H.pylori bacteria infects around 60% of the world adult population and are responsible for the majority of ulcers in the stomach and small intestine.
- Furthermore, positive outcomes in clinical trials of omeprazole in combination with other medications are expected to propel the demand for drug in near future. For instance, on December 3, 2018, RedHill Biopharma Ltd. announced the Phase 3 results from the ERADICATE Hp2 study with Talicia capsule. Talicia capsule combines antibiotics and proton pump inhibitor omeprazole, which was found effective in the treatment of Helicobacter pylori infection. The company plans to commercialize Talicia in the second-half of 2019.
- Some of the major players operating in the global omeprazole market include Astrazeneca Plc., Sandoz, Inc., Mylan N.V., Apotex, Inc., Dr. Reddy’s Laboratories, Inc., Impax Laboratories, Inc., Perrigo Company Plc, Santarus, Inc., Watson laboratories, Inc., and Lek Pharmaceuticals d.d.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.