Suppositories Market Size Worth $2.73 Billion by 2031: The Brainy Insights
The rising number of product launches is offering lucrative opportunities for suppositories market growth. The high suppositories adoption rate and the rising investments in the healthcare & pharma industry are also expected to propel the market growth in this region over the upcoming year. North America emerged as the largest global suppositories market, with a 45.39% market revenue share in 2023.
Newark, Feb. 24, 2023 (GLOBE NEWSWIRE) — Brainy Insights estimates that the suppositories market will grow USD 1.73 billion in 2023 and reach USD 2.73 billion by 2031. In just eight years, the growing acceptance of various drug dosage forms, high demand for technological innovations, and the high suppositories adoption rate is helping to drive market growth. Further, the higher spending by manufacturers on R&D to offer advancements in minimally invasive drug delivery systems is also anticipated to drive market growth during the forecast period.
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Key Insight of the suppositories Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the suppositories market. Key factors favouring the growth of the suppositories market in North America include the rapidly evolving technology, the presence of top manufacturers, and rising chronic diseases among the elderly population are helping to boost the market growth in this region. Further, the increasing incidence of skin disorders & diabetes, rising healthcare spending, along with technological advancements are expected to drive market growth in this region.
The hydrophilic segment is expected to augment the suppositories market during the forecast period.
The hydrophilic segment held the largest market share in 2023 and is expected to continue during the forecast period owing to the increasing geriatric population and pediatric patients worldwide.
The rectal segment market size is 0.71 billion in 2023
The rectal segment is anticipated to dominate the market over the forecast period owing to the growing emphasis on developing rectal suppositories. Further, by 2031, the vaginal segment will likely dominate the market due to the increasing demand for effective and safe contraception methods.
The hemmorhoids segment market size is 0.45 billion in 2023
The hemmorhoids segment is anticipated to dominate the market over the forecast period owing to the growing cases of hemorrhoids and increasing preference for inpatient procedures.
The hospital segment accounted for the largest market share of 29.27% in 2023
The hospital segment held the largest share in the global suppositories market, owing to the improving quality of hospital services.
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Advancement in market
For example, in Nov 2019, Cosette Pharmaceuticals Company announced the acquisition of G&W Laboratories to develop its product line by containing liquid suppositories in its portfolio.
Driver: The increase in the prevalence of acute and chronic disorders:
The rising prevalence of chronic diseases is the driving factor of market growth. Furthermore, the increasing awareness about healthcare, advancing healthcare infrastructure & technologies, and favourable reimbursement policies are helping to propel the market growth. Additionally, changing lifestyles, rapid globalization, adopting unhealthy habits, lack of physical activity and rising tobacco & alcohol consumption are helping to boost the market growth over the upcoming year. Moreover, the increasing disposable income and rapidly increasing global geriatric population are expected to propel the market growth over the forecast period.
Restraint: The several stringent regulations:
The shortage of healthcare providers and uneven distribution of healthcare facilities & resources in urban & rural regions hamper the market growth during the forecast period. Moreover, the inadequate knowledge & preparedness for medical therapy due to a feeling of embarrassment restraining the market growth. Apart from this, the several stringent regulations imposed by the international governments in the industry and the reluctance of patients to prefer rectal drug delivery are expected to hamper the market growth in this region over the forecast period.
Opportunity: The increasing expenditure on the healthcare sector in developed countries:
The rising expenditure on the healthcare sector in developed countries is helping to drive market growth during the forecast period. Furthermore, the impact of individual income on health is also essential. The higher income can result in better health by facilitating access to good sanitation, better nutrition, preventative treatment, safe water, and affordable quality healthcare. Also, the rising per capita spending on healthcare by developed nations is stimulating market growth. Moreover, the higher spending by manufacturers on R&D to offer advancements in minimally invasive drug delivery systems are also a driving factor of the market growth over the forecast period.
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Some of the major players operating in the suppositories market are:
• AMCAPHARM Pharmaceutical GmbH
• Aenova Group
• Church and Dwight UK Ltd
• LGM Pharma
• SCHALI Pharma AG.
• Bayer Ag
• Bliss GVS
Key Segments cover in the market:
By Base Type:
By Product Type:
• Vaginal Dryness
• Erectile Dysfunction
• Birth Control
• Nursing Home
• Home Care
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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