By 2034, the value of the worldwide aspirin medicine market is projected to increase from US$ 2,938.2 million in 2024 to US$ 4,236.9 million. Over the next ten years, the aspirin medication market is anticipated to develop at a steady CAGR of 3.8%, which will fuel this projected rise.
The global market for aspirin drugs is strongly linked to the development and expansion of the healthcare sector and the research and development of aspirin drugs. Rising cases of cardiovascular diseases around the globe are expected to boost the demand for aspirin drugs. As per the data published by the World Health Organization (WHO) in June 2022, 32% of all deaths worldwide were due to CVDs in 2019, which is around 17.9 million people. Heart attack and stroke-related deaths exhibited 85% of these total deaths.
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Pharmaceutical manufacturers are concentrating on new drug discoveries, formulation of effective tablets, and experimentation with different drug dosages. Several patients widely accept aspirin due to their reputation as an effective medication for chronic diseases. Consequently, sales of aspirin drugs are predicted to observe a substantial rise over the expected period.
Key Takeaways:
Combination is the leading segment of aspirin drugs. The segment is predicted to hold a 68.0% market share in 2024. Increasing cases of strokes due to lifestyle changes are expected to contribute to this segment's growth. The tablet is set to lead in terms of indication of aspirin drugs, with a projected market share of around 44.8% by 2024. The increasing consumption of pills fuels product demand to relieve conditions like arthritis, pain, and swelling. By route of administration, the oral segment is leading in the global aspirin drug market. The segment is expected to expand at a projected CAGR of 3.5% CAGR through 2034. The market share of this segment is predicted to be 49.8% in 2024. Paediatric holds a substantial share in the aspirin drug market with a value share of 56.2%. The segment is predicted to increase at a CAGR of 3.8% through 2034. Retail pharmacies as a distribution channel hold the chief position. The segment is expected to expand at a CAGR of 3.4% through 2034. The United States is estimated to account for a dominant share of 25.7% in 2024. Regionally, the country is predicted to hold a massive share of 88.9% in the same year. Moreover, the regional market is expected to expand at a CAGR of 3.9%.
Significant Steps Undertaken by Leading Players
The market for aspirin drugs is fragmented, and several local, upcoming, and established players exist within the market. Key players are initiating marketing initiatives to educate the elderly about the benefits of aspirin drugs while also attempting to improve drugs with different specifications.
Recent Developments Advancing the Field of Aspirin Drug
In December 2022, Bayer announced that it would invest €100 million to enable the consumption of consumer health products, production, and sustainable innovation, including well-known brands like Aspirin, Claritin, Elevit, and Bepanthen. In February 2023, Bayer introduced a new aspirin campaign to raise awareness about the link between cardiovascular health and the stress of sports fandom.
Key Players:
Bayer AG Dr Reddy's Laboratories Sanofi S.A Abbott Laboratories Sunshine Laboratories India Limited ANI Pharmaceuticals, Inc Thermo Fisher Scientific, Advance Pharmaceutical Inc. Allegiant Health KEM Pharma LLC Globalimporter Inc. Par Pharmaceutical, Industria Quimica Andina Y Cia Sa Cardinal Health Nanjing pharmaceutical factory Co, ltd. JQC (Huayin) Pharmaceutical Co., Ltd. LNK International, Inc. Perrigo Company plc Zhenjiang Gaopeng Pharmaceutical CO,.Ltd. J.M. Loveridge Ltd Mayne Pharma Group Limited Eli Lilly and Company Shandong Xinhua Pharmaceutical Co Ltd Zhongnan Pharmaceutical Jilin Pharmaceutical Novacap Alfred Benzon As Noristan Ltd
Key Segments
By Product Type:
Alone Combination
By Dosage Form:
Tablet Capsules Injections Suppositories
By Route of Administration:
oral Rectal Parenteral
By Age:
Adult Pediatric
By Distribution channel:
Retail Pharmacies Hospital Pharmacies Online Pharmacies
By Region:
North America Latin America Europe South Asia East Asia Oceania The Middle East and Africa (MEA)
