Global Laxatives Market Is Estimated To Witness High Growth Owing To Increasing Geriatric Population
The global Laxatives Market is estimated to be valued at USD 6.5 billion in 2022 and is expected to exhibit a CAGR of 6.00% over the forecast period 2023-2032, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The Laxatives Market is driven by the increasing incidences of constipation across the globe. Constipation is a common gastrointestinal disorder that affects people of all ages. The rise in sedentary lifestyle, lack of physical activity, unhealthy diet, and stress are some factors contributing to the increasing occurrences of constipation. Laxatives are widely used to relieve constipation by promoting bowel movements. These products are available in various forms such as tablets, capsules, powders, and liquids, catering to the diverse needs of consumers.
B) Market Dynamics:
- Increasing Incidences of Constipation: The growing prevalence of constipation among the global population is a major driving factor for the laxatives market. According to the World Gastroenterology Organization, up to 27% of the worldwide population suffers from constipation. The aging population and the rising adoption of unhealthy lifestyles are contributing to the higher incidences of constipation.
- Rise in Geriatric Population: The increasing geriatric population is another significant factor driving the laxatives market. Elderly individuals are more prone to constipation due to age-related changes in the digestive system, reduced physical activity, and the use of multiple medications. As the elderly population continues to grow, the demand for laxatives is expected to increase significantly.
C) Segment Analysis:
The Laxatives Market can be segmented based on product type, distribution channel, and region. Among the product type segment, the bulk-forming laxatives dominate the market due to their ability to add bulk to the stool and promote regular bowel movements. These laxatives are safe for long-term consumption and are widely prescribed by healthcare professionals. The ease of availability and affordability of bulk-forming laxatives also contribute to their dominance in the market.
D) PEST Analysis:
- Political: The Laxatives Market is influenced by government policies and regulations regarding the manufacturing, distribution, and advertising of pharmaceutical products.
- Economic: The economic factors, such as healthcare expenditure, disposable income, and insurance coverage, impact the affordability and accessibility of laxatives.
- Social: Changing lifestyle patterns, increasing awareness about gastrointestinal disorders, and the growing acceptance of self-medication are social factors affecting the market.
- Technological: The advancements in drug delivery systems, formulation techniques, and manufacturing processes contribute to the growth of the laxatives market.
E) Key Takeaways:
- The global Laxatives Market is expected to witness high growth, exhibiting a CAGR of 6.00% over the forecast period, due to increasing incidences of constipation and the rise in the geriatric population.
- Regionally, North America is the fastest-growing and dominating region in the market, driven by the high prevalence of constipation and the availability of a wide range of laxative products.
- Key players operating in the global Laxatives Market include Mylan N.V., Teva Pharmaceutical Industries Ltd., F. Hoffmann-La Roche Ltd., Sanofi, Pfizer Inc., GlaxoSmithKline plc, Merck & Co., Inc., AstraZeneca, Johnson & Johnson Private Limited, Novartis AG, Hikma Pharmaceuticals PLC, Lupin, Fresenius Kabi AG, Aurobindo Pharma, Cipla Inc., Bausch Health Companies Inc., Dr. Reddy's Laboratories Ltd., Amneal Pharmaceuticals LLC., Apotex Inc., and Eli Lilly and Company.
In conclusion, the global Laxatives Market is poised for significant growth due to the increasing incidences of constipation and the growing geriatric population. The market is expected to be driven by the demand for effective and convenient solutions to relieve constipation symptoms. However, government regulations and evolving consumer preferences may pose challenges to market players.
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