TechDogs-"Pharmaceutical Suppositories Market To Reach $2.8 Billion, Globally, By 2032 At 5.7% CAGR: Allied Market Research"

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Pharmaceutical Suppositories Market To Reach $2.8 Billion, Globally, By 2032 At 5.7% CAGR: Allied Market Research

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The global pharmaceutical suppositories market is experiencing growth due to technological advancements, rise in prevalence of acute and chronic disorders which require the use of suppository, and an increase in the geriatric population. 

PORTLAND, Ore., Oct. 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Pharmaceutical Suppositories Market by Type (Rectal Suppositories, Vaginal Suppositories, Urethral Suppositories), by Base (Fatty Bases, Water Miscible Base, Emulsifying Bases), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Sales), by End User (Hospitals and Clinics, Home Care, Nursing Home), by Prescription Type (OTC, Prescribed Suppositories): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global pharmaceutical suppositories market valued at $1.6 billion in 2022 and is estimated to reach $2.8 billion by 2032, exhibiting a CAGR of 5.7% from 2023 to 2032. 

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Pharmaceutical suppositories are solid or semi-solid medication forms designed for insertion into various body cavities, primarily the rectum, vagina, or urethra, with the purpose of administering drugs. These suppositories consist of active pharmaceutical ingredients (APIs) combined with a base material that solidifies at or near body temperature. Upon insertion, the suppository dissolves, melts, or disperses, thereby releasing the medication for absorption through mucous membranes or local tissues. 

Prime determinants of growth  

Growing technological advancements, rise in prevalence of chronic diseases and growing adoption and awareness for suppositories are the factors that drive the growth of the global pharmaceutical suppositories market. However, manufacturing complexities and limited drug compatibility hinder market growth as not all medications are effectively delivered through suppositories due to stability and solubility issues. On the contrary, technological advancements in suppositories are expected to offer remunerative opportunities for the pharmaceutical suppositories market during the forecast period. 

Report coverage & details: 

Report Coverage 

Details 

Forecast Period 

2023–2032 

Base Year 

2022

Market Size in 2022 

$1.6 billion 

Market Size in 2032 

$2.8 billion 

CAGR 

5.7 %

No. of Pages in Report 

400

Segments covered 

Type, base, distribution channel, end user, prescription type and region 

Drivers  

Rise in prevalence of acute and chronic disorders which require the use of suppository. 

Increase in the geriatric population. 

Increase in initiatives for awareness and education for use of suppositories. 

Opportunities 

Technological advancements in suppositories 

Restraints 

Manufacturing complexities  

Limited drug compatibility 

 
Economic Downturn Analysis: Impact of Recession in 2023 on the Pharmaceutical Suppositories Market

  • During a recession, the impact on pharmaceutical industry, including pharmaceutical suppositories, can be significant and complex.  
  • As pharmaceutical companies face financial constraints and budget cuts, there may be a reduced focus on high-cost research and development projects, however the growing need for better treatment application is anticipated to drive the market growth. 

Want to Explore More, Connect to our Analyst- https://www.alliedmarketresearch.com/connect-to-analyst/12715 

The rectal suppository segment to maintain its leadership status throughout the forecast period. 

Based on type, the rectal suppository segment dominated the market in 2022, accounting for nearly three-fourths of the global pharmaceutical suppositories market and is estimated to rule the roost throughout the forecast timeframe. The growth is attributed to its versatility, efficacy, and the broad spectrum of medical conditions it addresses. In addition, ongoing research and healthcare provider recommendations contribute to its sustained growth. However, the vaginal suppositories segment is expected to register a highest CAGR of 7.6% during the forecast period. This is attributed to the increase in adoption of gynecological and health applications for women. Vaginal suppositories offer localized drug delivery for conditions such as vaginal infections and hormone therapy, resulting in quick, effective treatment while minimizing systemic side effects. Thus, such advantages offered by vaginal suppositories drive the market growth in the forecast period. 

The emulsifying bases segment to maintain its lead position during the forecast period. 

Based on base, the emulsifying bases segment accounted for the largest share in 2022, accounting for around two-fifths of the global pharmaceutical suppositories market revenue and is expected to register fastest CAGR of 6.7% during the forecast period. This is attributed to its versatility in formulating various suppository types. Emulsifying bases are well-suited for a wide range of drug compatibility and release profiles, making them the preferred choice for pharmaceutical suppository formulations.  

The hospitals & clinics segment to maintain its lead position during the forecast period. 

Based on end user, the hospitals & clinics segment accounted for the largest share in 2022, accounting for nearly three-fifths of the global pharmaceutical suppositories market revenue and is estimated to retain its dominance in terms of revenue during the forecast period. This was attributed to the fact that hospitals & clinics have increasingly shown an inclination toward pharmaceutical suppositories products. Moreover, a rise in the number of government initiatives to ensure a high degree chronic disease treatment measure, and surge in number of hospitals with increased use of suppository therapy boost the growth of the hospitals & clinics segment. However, the home care segment is projected to register a highest CAGR of 6.3% during the forecast period owing to several factors. Patients increasingly prefer home-based healthcare, creating demand for user-friendly drug delivery methods such as suppositories. In addition, the aging population and the trend toward self-administration of medications at home further boost growth of this segment.   

The hospital pharmacies segment to maintain its lead position during the forecast period. 

Based on distribution channel, the hospital pharmacies segment accounted for the largest share in 2022, accounting for more than half of the global pharmaceutical suppositories market revenue and is projected to maintain its dominant status from 2023 to 2032. Hospitals commonly employ suppositories for targeted drug delivery, ensuring precise dosing and minimizing systemic side effects. This heightened demand for suppositories within the hospital setting is driven by diverse medical conditions and treatment needs. However, the online sales pharmaceutical suppositories segment is projected to register highest CAGR of 8.2% during the forecast period owing to its convenience and accessibility. Online platforms provide a convenient way for consumers to purchase healthcare products, including suppositories, without the need to visit physical stores. The ease of ordering, broader product selection, and potential for competitive pricing make online sales an attractive option. 

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The prescribed suppositories segment to maintain its lead position during the forecast period. 

Based on prescription type, the prescribed suppositories segment accounted for the largest share in 2022, accounting for more than four- fifths of the global pharmaceutical suppositories market revenue. This is attributed to the increase in prevalence of chronic diseases and the need for targeted drug delivery methods. Moreover, advancements in pharmaceutical formulations and precision medicine are enabling tailored prescriptions for individual patient needs, expanding the prescribed suppositories segment growth. However, the OTC segment is projected to register a highest CAGR of 7.1% during the forecast period owing to increased consumer preference for self-care and convenience. OTC products are easily accessible without a prescription, offering convenience and cost-effectiveness for treating common ailments.  

North America to maintain its dominance by 2032 

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global pharmaceutical suppositories market revenue, owing to increase in well-developed healthcare industry, presence of leading manufacturers in the region, and high adoption rate of suppositories in this region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.5% from 2023 to 2032, owing to increase in number of geriatric populations, rise in people suffering from constipation and hemorrhoids, and improving healthcare infrastructure in the region. 

Leading Market Players:

  • Bayer AG 
  • Bliss GVS Pharma Ltd  
  • Viatris Inc.  
  • Church and Dwight Co. Inc.  
  • Glenmark Pharmaceuticals Limited  
  • Intas Pharmaceuticals Ltd.  
  • Cadila Healthcare Ltd  
  • Novartis AG 
  • Pfizer Inc.  
  • Sanofi S.A.  

The report provides a detailed analysis of these key players of the global pharmaceutical suppositories market. These players have adopted different strategy such product approval, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.   

 

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Cision View original content:https://www.prnewswire.com/news-releases/pharmaceutical-suppositories-market-to-reach-2-8-billion-globally-by-2032-at-5-7-cagr-allied-market-research-301964402.htm

SOURCE Allied Market Research

First published on Tue, Oct 24, 2023

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