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Global Esomeprazole Market Size, Industry Trends, Share and Forecast 2020-2026
The esomeprazole market is expected to witness a modest growth rate during the forecast period 2020-2026. It is a proton pump inhibitor used to treat acid-related diseases. The high incidence of gastroesophageal reflux disease (GERD) is the chief reason for the growth of the market all across the globe. Its branded version is sold as Nexium, by AstraZeneca plc. It is among the most revenue-generating drug all across the globe, as the Nexium has alone generated more than $52.5 billion in the last two decades.
The major share of the esomeprazole market is generated from the AstraZeneca plc, from the sales of Nexium. For instance, in 2019, the company generated revenue of around $1.5 billion from the sales of Nexium. The sales of the Nexium is decreasing every year as in 2018 and 2017, the revenue generated from the Nexium sales was $1.7 billion and $1.9 billion respectively. It is due to the increasing competition from the generic esomeprazole and sales of Nexium rights in Europe. In October 2018, AstraZeneca plc has sold its Nexium rights to Grünenthal GmbH for more than $700 million. Grünenthal GmbH generated a revenue of $160 million in 2019 by the sales of Nexium in 2019.
The esomeprazole market is consolidated in nature and a few major market players are operating in the market. Some other major market players include AbbVie Inc, Sanofi SA, Mylan NV, Novartis AG, Teva Pharmaceutical Industries Ltd., Grünenthal GmbH, Glenmark Pharmaceuticals Inc., and Mylan N.V. The market players are adopting growth strategies including mergers & acquisitions, product approvals, and partnerships & collaborations to gain a competitive edge in the market.
Moreover, many companies have got approval for manufacturing esomeprazole in the recent period. In May 2019, Glenmark Pharmaceuticals Inc. got the final US FDA approval for Esomeprazole Magnesium Delayed-Release Capsules USP, 20 mg, and 40 mg. The approval will aid the company to grow its business in the US. In the same month, Cadila Healthcare Ltd., got the US FDA approval to market Esomeprazole Magnesium Delayed-Release Capsules USP, 25 mg, and 40 mg. The company will manufacture the drug in its Ahmadabad, India facility. The most recent US FDA approval is given to Cipla Ltd. In March 2020, the company got the US FDA approval for Esomeprazole for Oral Suspension 10mg, 20mg, and 40mg. Due to the recent US FDA approvals, a downfall in the branded drug revenue is expected whereas a considerable growth in the generic market will be witnessed during the forecast period.
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.
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