by The sildenafil drug market has been witnessing considerable growth owing to increasing prevalence of erectile dysfunction among men worldwide. Sildenafil drug is the most preferred oral drug for treating erectile dysfunction and enhancing sexual performance in men. It provides temporary relief in erectile dysfunction to allow natural sexual activity. The global sildenafil drug market size 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 key trends:
The rising prevalence of erectile dysfunction has been a key growth driver for the sildenafil drug market. As per recent statistical data, around 22% to 25% of men aged above 40 years globally suffer from ED issues. Moreover, obesity, diabetes, high blood pressure, high cholesterol levels, smoking, alcohol consumption, neurological diseases, and prostate surgeries are some of the major risk factors resulting in increased incidence of erectile dysfunction. According to a published study in The Journal of Sexual Medicine, around 300 million men affected with ED worldwide in 2020 is expected to increase to 322 million by 2025. The increasing prevalence of associated risk factors worldwide is expected to significantly drive the demand for sildenafil drug over the forecast period.
SWOT Analysis
Strength: Sildenafil is the generic version of Viagra and has been proven to effectively treat erectile dysfunction. It is available at lower costs compared to branded versions.
Weakness: Low patient awareness regarding generic versions of drugs. Concerns regarding quality and efficacy of generic drugs may limit their uptake.
Opportunity: Increased acceptance of generics due to cost benefits provides an opportunity to target a wider patient pool. Launch of novel drug delivery systems can boost the market.
Threats: Entry of alternative therapies and drug versions poses competition. Stringent regulatory norms and patent expiries of blockbuster drugs impact the market.
Key Takeaways
The global Sildenafil Drug Market Size is expected to witness high growth. Regional analysis comprises Regional analysis The North America region currently dominates the market due to high awareness levels and easy availability of drugs. However, the Asia Pacific region is expected to register the fastest growth over the forecast period supported by rising healthcare infrastructure and increasing patient pool in populous countries like India and China.
Key players related content comprises 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. Major players are focused on new product launches and investments to strengthen their market presence. For instance, in 2021, Pfizer launched a generic version of Viagra containing sildenafil at lower costs to increase affordability and access.
