Introduction:
Digestive remedies are products used to treat gastrointestinal disorders, such as constipation, indigestion, diarrhea, and nausea. These remedies are available in different forms, including tablets, capsules, liquids, and powders. The digestive remedies market has been growing steadily over the past few years due to an increase in the prevalence of gastrointestinal disorders, a rise in healthcare awareness, and the launch of new and innovative products.
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Market Overview:
The Global Market for Digestive Remedies is expected to be of valuation US$ 19,009.5 Million in the year 2023 which is set to reach a valuation of US$ 28,165.74 Million by the end of the forecast period by expanding at a value CAGR of ~4.0%. The market growth is attributed to the increasing prevalence of gastrointestinal disorders, growing geriatric population, and increasing awareness about the benefits of preventive healthcare.
Drivers and Restraints:
The global digestive remedies market is driven by several factors such as the increasing prevalence of gastrointestinal disorders, growing geriatric population, rising healthcare awareness, and the launch of new and innovative products.
However, the market growth is also restrained by factors such as the side effects associated with some digestive remedies, the availability of alternative treatments, and the high cost of some prescription medications. The market players are working towards addressing these challenges to further expand the market.
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Segmentation:
The digestive remedies market can be segmented into product type, distribution channel, and region.
Based on product type, the market can be categorized into laxatives, anti-diarrheal, anti-emetics, H2 antagonists, proton pump inhibitors (PPIs), and others. The laxatives segment dominated the market in 2020, and this trend is expected to continue during the forecast period due to the increasing prevalence of constipation and bowel disorders.
Based on distribution channel, the market can be divided into hospital pharmacies, retail pharmacies, and online pharmacies. The retail pharmacies segment held the largest market share in 2020, owing to the high number of retail pharmacies across the globe.
Regional Analysis:
Geographically, the digestive remedies market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the market in 2020, owing to the high prevalence of gastrointestinal disorders and the presence of major market players in the region. The Asia Pacific region is expected to witness significant growth during the forecast period, owing to the increasing awareness about gastrointestinal disorders and the rising geriatric population in the region.
Key Players:
Some of the key players operating in the digestive remedies market include Johnson & Johnson, Inc., Bayer AG, Sanofi, Procter & Gamble Co., Jiangzhong Pharmaceutical Co Ltd, Abbott Laboratories Inc., Reckitt Benckiser Group Plc (RB),Takeda Pharmaceutical Co Ltd., Pfizer, GlaxoSmithKline Plc, Menarini Group, Taisho Pharmaceutical Holdings Co Ltd., Purdue Pharma LP, Others (Available on Request). These companies are focusing on product innovation, partnerships, and mergers and acquisitions to expand their market share and strengthen their position in the market.
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Conclusion:
The digestive remedies market is growing steadily due to the increasing prevalence of gastrointestinal disorders, rising healthcare awareness, and the launch of new and innovative products. The market is expected to witness significant growth during the forecast period, driven by the increasing geriatric population and the growing trend towards preventive healthcare. Key players are investing in product innovation and partnerships to strengthen their position in the market.
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