The 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sildenafil drug is used for the treatment of erectile dysfunction and pulmonary arterial hypertension. It works by helping to increase blood flow to the penis during sexual stimulation. The generic versions of Sildenafil drugs are increasingly being adopted due to their cost-effectiveness as compared to branded products.
Market key trends:
Rising adoption of generic drugs: Generic versions of Sildenafil are significantly cheaper than branded counterparts. The patent for Pfizer's Viagra expired in several countries allowing other companies to manufacture generic versions. According to IQVIA Institute, generic drugs saved $265 billion for the U.S. healthcare system in 2019. The increasing availability and acceptance of generic drugs is expected to boost the market growth over the forecast period. While branded products still dominate the market, the patent expiries and launch of affordable generic alternatives are expected to shift more volume towards generics. This is anticipated to considerably reduce treatment costs and foster market expansion.
Porter's Analysis
Threat of new entrants: The threat of new entrants is relatively low as developing and manufacturing sildenafil drug requires significant investment and regulatory approvals. Bargaining power of buyers: The bargaining power of buyers is moderate as sildenafil drug is available as a generic version from multiple manufacturers. Bargaining power of suppliers: The bargaining power of suppliers of raw materials is moderate as suppliers have limited differentiation. Threat of new substitutes: The threat of new substitutes is low as sildenafil drug is the most commonly prescribed oral medication for treatment of erectile dysfunction. Competitive rivalry: Intense competition between generic manufacturers continues to drive down prices.
SWOT Analysis
Strengths: Sildenafil drug is the most commonly prescribed and affordable treatment option for erectile dysfunction. Weaknesses: Patented drug of Pfizer loses exclusivity leading to erosion of brand loyalty. Opportunities: Increasing prevalence of lifestyle diseases and growth in geriatric population presents an opportunity. Threats: Entry of new alternatives and negative publicity over side effects pose a threat.
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. North America dominates the global sildenafil drug market currently and is expected to continue its dominance over the forecast period. This is attributed to growing elderly population suffering from lifestyle diseases in the region. However, Asia Pacific is likely to witness the highest growth rate over the forecast period owing to rising healthcare expenditure and large patient pool in developing countries such as China and India.
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. Generic drug makers have captured a major share of the market by offering cost-effective alternatives. Intense competition between these players is lowering prices, benefiting patients.
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