The global Sildenafil Drug Market is estimated to be valued at US$ 2.9 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
It helps to achieve and maintain an erection during sexual activity by increasing blood flow to the penis. The oral drug provides an easy way of treatment for ED and enhances sexual performance.
Market key trends:
One of the key trends in the sildenafil drug market is the increasing generic competition. Many patents of branded sildenafil drugs have expired and this has led to the launch of various generic versions. The availability of affordable generic drugs has increased volume sales and patient accessibility. This has significantly brought down the prices of sildenafil drugs. Another major trend is the launch of novel drug delivery formulations such as sublingual and buccal films to improve efficacy and onset of action.
Segment Analysis
The sildenafil drug market is segmented based on medication type, distribution channel, and region. By medication type, the generic sildenafil segment currently dominates the market as it offers the drug at affordable prices compared to branded drugs. By distribution channel, retail pharmacies contribute the highest revenue as patients prefer purchasing from local pharmacies due to ease of access and personalized care and consultation.
Key Takeaways
The Global Sildenafil Drug Market Size is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing prevalence of erectile dysfunction among aging men. Erectile dysfunction affects around 30 million men in the US alone.
By region, North America is expected to dominate the sildenafil drug market during the forecast period. This is attributed to high awareness regarding treatment options for erectile dysfunction and availability of healthcare facilities in the region. However, Asia Pacific is anticipated to exhibit the highest CAGR over the next few years due to rising healthcare expenditure and increasing patient pool in major markets like India and China.
Key players operating in the sildenafil drug market are Pfizer, Teva Pharmaceuticals, Aurobindo Pharma, Alembic Pharmaceuticals, Torrent Pharmaceuticals, Lupin, Dr Reddy€TMs Laboratories, Zydus Cadila, Amneal Pharmaceuticals, Hetero, Apotex, Mylan, Ajanta Pharma, Sun Pharmaceutical, Cipla, Novartis, Eli Lily, Sanofi, Bayer, GlaxoSmithKline. Major players are focusing on developing new formulations and line extensions to strengthen their market position.
Read Our More Blogs : https://www.rapidwebwire.com/sildenafil-drug-market-size-share-analysis-2023-2030/
Comments
0 comment