Research Support Specialist, USA
The global digestives and intestinal remedies market size is expected to reach USD 22.89 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 3.5% from 2021 to 2028. Digestive medicines are the most common over-the-counter medicines purchased by people. Moreover, physicians recommend the use of these medicines only after minor health issues, such as acidity and other digestive problems. However, in various countries, these medicines are sold directly to patients without prescription as per their rules and regulations.
The market is majorly driven by high demand for over-the-counter products, such as zientac and omez. There is an increase in cases of gastrointestinal disorders among people. Moreover, the increasing cases of inflammatory bowel diseases, constipation, irritable bowel syndrome, and gastroesophageal reflux illnesses are boosting the market growth.
Due to the Covid-19 pandemic, the sales of digestives and intestinal remedies were reduced globally. Lockdown measures to control the spread of COVID-19 and better hygiene have frozen the spread of seasonal illnesses, which has reduced the sales of over-the-counter medicines. Various pharmaceutical companies have displayed quarterly earnings reports, which showed a decrease in digestives and intestinal remedies, which has affected their bottom line sales of the market.
The digestive medicines accounted for the largest revenue share of over 50.0% in 2020 owing to the increasing demand for these drugs due to the rising health issues. The rising aging population is another key factor fueling the segment growth. Moreover, change in lifestyles and diets has increased the demand for digestive remedies. Hence, owing to these reasons, the segment is estimated to witness growth over the forecast period.
The offline distribution channel segment dominated the market with a revenue share of over 70.0% in 2020. The demand for digestives and intestinal remedies is rising among customers due to more sustainability offered by these offline stores than any other channel. Hence, the segment is projected to observe growth during the forecast period.
North America dominated the market and accounted for a revenue share of over 40.0% in 2020 due to the growing number of gastrointestinal diseases in this region. In addition, the growing geriatric and obese population in this region will drive the market over the forecast period. Increasing research and development activities, along with the presence of key market players, are boosting the market growth over the forecast period.
The report “Digestives And Intestinal Remedies Market Size, Share & Trends Analysis Report By Type (Digestive Medicines, Remedies Against Gastrointestinal Complaints), By Distribution Channel, By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights
Million Insights has segmented the global digestives and intestinal remedies market on the basis of type, distribution channel, and region:
Digestives & Intestinal Remedies Type Outlook (Revenue, USD Million, 2017 - 2028)
Digestives & Intestinal Remedies Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
Digestives & Intestinal Remedies Regional Outlook (Revenue, USD Million, 2017 - 2028)