Global Aspirin Market 2023-2030

Global Aspirin Market 2023-2030

Global Aspirin Market Size, Share & Trends Analysis Report by Route of Administration (Oral, Rectal, and Parenteral), by Dosage Form (Tablets, Intravenous Injections, Capsules, and Others), by Applications (Pain, Deep vein Thrombosis, Fever and Inflammation and Others), by Product Type (Alone, Combination Products), and by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), Forecast Period (2023-2030)

The global aspirin market is anticipated to grow at a CAGR of 3.6% during the forecast period (2023-2030). Effective analgesics, such as aspirin, can aid in pain management. Aspirin has the ability to prevent platelet aggregation, reducing the likelihood of blood clot formation. Due to its antiplatelet effect, helping to lower the risk of blood clot formation in the arteries and preventing blockages that can lead to heart attack or stroke.

Moreover, Aspirin plays a significant role in reducing the risk of certain cancers, including breast cancer, prostate cancer, lung cancer, and ovarian cancer. For instance, according to the National Institute of Health (NIH), aspirin has been found to lower the risk of developing ovarian cancer. however, it is unclear whether hereditary variables affect this link. Understanding impact modifiers is However, the potential impact of hereditary variables on this is still not entirely clear. Understanding these impact modifiers is crucial, as any aspirin usage for ovarian cancer chemoprevention would likely need to focus on specific higher-risk subgroups. Additionally, antiplatelet drugs, including aspirin and clopidogrel, are also used in the treatment of Alzheimer's disease. These antiplatelet effects of these drugs are frequently prescribed to treat illnesses such as heart disease, stroke, and Alzheimer's disease by preventing the formation of clots. For Instance, in January 2023, FDA granted expedited approval to LEQEMBITM (lecanemab-irmb) for the treatment of Alzheimer's disease. Aspirin and clopidogrel are examples of antithrombotic drugs that can be used in combination with LEQEMBI for individuals who require both treatments.

Segmental Outlook

The global aspirin market is segmented by route of administration, dosage form, application, product and distribution channel. Based on the route of administration the market is sub-segmented into oral, rectal, and parenteral. Based on the dosage form, the market is sub-segmented into tablets, intravenous injections, capsules, and others (syrup). Based on the application, the market is sub-segmented into pain, deep vein thrombosis, fever and inflammation and others. Based on the product type, the market is bifurcated into alone and combination. Furthermore, on the basis of the distribution channel the market is sub-segmented into hospitals pharmacies, retail pharmacies, and online pharmacies. Among the dosage forms tablets and capsules sub-segment is anticipated to hold a considerable share of the market owing to the rise in the development of market growth.

The Retail Pharmacies Sub-Segment is Anticipated to Hold a Considerable Share of the Global Aspirin Market

Among the distribution channel, the retail sub-segment is expected to hold a considerable share of the global aspirin market. Aspirin is frequently found in pharmaceuticals that can be purchased both at retail stores and online. It is primarily utilized for its analgesic, antipyretic, and anti-inflammatory effects. Its retail applications include over-the-counter (OTC) sales, self-medication, and cardiovascular health. Aspirin can be easily purchased online from the comfort of one's home, offering accessibility, convenience, and ability for large-scale purchasing. Healthcare professionals often advise aspirin use for people who are at high risk for cardiovascular events, such as heart attacks and strokes, two prevalent conditions that aspirin is regularly used to treat and prevent. As these illnesses are becoming increasingly common globally, aspirin is gaining popularity as a therapeutic and preventive tool. Therefore, the rise in the prevalence of heart disorders is a key factor in the market's expansion. For Instance, in July 2023, Techfields Pharma is currently conducting clinical research on aspirin trelamine hydrochloride, which is used in the treatment of type 2 diabetes, myocardial infarction, pulmonary embolism, and chronic heart failure. Aspirin trelamine hydrochloride can be administered both topically as a powder for a solution and transdermal as a spray. This ongoing research further contributes to the growth and development of aspirin-based treatments in the retail segment of the market.

Regional Outlook

The global aspirin market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, the Asia-Pacific region is anticipated to hold a prominent share of the market across the globe, owing to the high concentration of the market solution vendors including Nanjing Pharma techs Co, ltd., JQC (Huayin) Pharmaceutical Co., Ltd., Globela Pharma Pvt Ltd, Trumac Healthcare, Alta Laboratories Ltd, Zhenjiang Gaopeng Pharmaceutical CO, Ltd., and others.

Global Aspirin Market Growth by Region 2023-2030

Source: OMR Analysis

North America is Expected to Grow at a Significant CAGR in the Global Aspirin Market

North America is expected to grow at a significant CAGR over the forecast period, primarily due to the high prevalence of CVDs and the increasing demand for aspirin for pain management. According to the NIH, aspirin use has been significantly associated with a decreased risk of mortality among COVID-19 individuals. Aspirin's role in primary prevention is also discussed in current recommendations. Moreover, aspirin treatment is well-acknowledged as a technique for the secondary prevention of cardiovascular events. For instance, in July 2023, Dr. Reddy's Laboratories Ltd. launched a popular statin and dual antiplatelet formulation under the trade name ROZAT GOLD. Rozat Gold is recommended for use in patients with high-risk cardiovascular conditions, such as chronic and stable coronary illnesses, by cardiologists, consulting physicians, and diabetologists. The combination of these factors is driving the growth of the aspirin market in North America, as the region focuses on managing and preventing cardiovascular diseases while recognizing the potential benefits of aspirin in various medical contexts, including its use in pain management and COVID-19 related care.

Market Players Outlook

The major companies serving the aspirin market include Allegiant Health, Par Pharmaceutical, St. Joseph's Aspirin, Thermo Fisher Scientific Inc., Chemische Fabrik Weyl GmbH, Eli Lilly, Lohmann LTS, and Upjohn Co. and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in June 2022, Bayer AG brand Alka-Seltzer®, known for its effervescent antacids and painkillers, collaborated with the producer and musician T-Pain to introduce its newest product, NEW Alka-Seltzer hangover relief. The drug contains high-strength aspirin and caffeine, thus, advised to consumer only two drops in a glass of water for quick relief.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global aspirin market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.