June 18, 2024
Biologics Market

High Prevalence of Erectile Dysfunction to Boost Growth of the Sildenafil Drug Market

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 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Sildenafil is a phosphodiesterase type 5 (PDE5) inhibitor used for treating erectile dysfunction and pulmonary arterial hypertension. It helps increase the blood flow to the penis and helps achieve and maintain the erection during sexual activity. The prevalence of erectile dysfunction has been increasing significantly due to sedentary lifestyle, obesity, diabetes and cardiovascular diseases. According to Harvard Health Publishing, approximately 30 million men in the United States have erectile dysfunction with increasing age being one of the main contributing factors. Sildenafil is one of the commonly prescribed drugs for erectile dysfunction owing to its effectiveness and safety profile.

Market key trends:

One of the major trends in the Global Sildenafil Drug Market Size is the availability of generic versions of sildenafil. The patent on sildenafil expired in 2012 and since then many generic drug manufacturers have launched generic versions of sildenafil under different brand names at significantly lower prices compared to the branded versions. This has increased access and affordability of treatment. Another key trend is the emerging new drug delivery system and formulations of sildenafil. Research is ongoing to develop new delivery systems such as buccal films, transdermal patches etc. for faster onset of action and sustained release. These new delivery systems are expected to gain more popularity and market share over the forecast period.

Porter’s Analysis

Threat of new entrants: Low, due to substantial investments required for R&D, production and marketing. Bargaining power of buyers: High, due to availability of substitutes. Bargaining power of suppliers: High, due to a limited number of suppliers and differentiated products. Threat of new substitutes: High, many new treatment options available. Competitive rivalry: High, major players competing on basis of quality, price and brand image.

Key Takeaways

The global Sildenafil Drug Market is expected to witness high growth, exhibiting a CAGR of 6.8% over the forecast period, due to increasing prevalence of erectile dysfunction. The market size for 2023 is estimated at US$ 2.9 Bn.

North America dominates the global market owing to increasing awareness regarding ED treatments. Asia Pacific is expected to exhibit the fastest growth during the forecast period due to large patient pool and improving healthcare infrastructure in emerging economies.

Key players operating in the Sildenafil Drug market are Pfizer, Teva Pharmaceuticals, Aurobindo Pharma, Alembic Pharmaceuticals, Torrent Pharmaceuticals, Lupin, Dr Reddy’s Laboratories, Zydus Cadila, Amneal Pharmaceuticals, Hetero, Apotex, Mylan, Ajanta Pharma, Sun Pharmaceutical, Cipla, Novartis. Key players are focusing on developing novel drug delivery systems for sustained release to improve patient compliance.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it