by Sildenafil drug, commonly known by its brand name Viagra, is an oral medication used primarily in the treatment of erectile dysfunction and pulmonary arterial hypertension. Sildenafil belongs to a class of drugs called phosphodiesterase type 5 (PDE5) inhibitors which works by blocking an enzyme called phosphodiesterase type 5 from breaking down a naturally occurring chemical in the body called cyclic guanosine monophosphate (cGMP) which leads to vasodilation and increased blood flow. Major applications of sildenafil include its use in treatment of erectile dysfunction, pulmonary arterial hypertension, and other off-label uses. 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 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing geriatric population is prone to have erectile dysfunction due to age-related illnesses or natural biological changes. According to United Nations, in 2030 there will be around 1.2 billion people aged 60 years and above globally. Older men have higher chances of developing erectile dysfunction, which would drive the demand for sildenafil drug for its treatment. For instance, according to Harvard Medical School research, around 50% of men aged 40 to 70 and nearly 70% of men aged 70 and over experience erectile dysfunction to some degree. This growing geriatric population taking erectile dysfunction medication would flourish the global sildenafil drug market over the forecast period. Second driver for market growth is its off-label use in treatment of female sexual arousal disorder. According to reports, around 10% women in the United States experience female sexual arousal disorder for which Viagra has emerged as an effective off-label therapy. However, this off-label use is still under research and not officially approved.
Segment Analysis
The sildenafil drug market is segmented into artery heart diseases, pulmonary artery hypertension, and erectile dysfunction. The erectile dysfunction segment dominates the market with around 70% share as sildenafil is one of the most commonly prescribed drugs for treating erectile dysfunction globally. High prevalence of erectile dysfunction and wider acceptance of drugs as the first line therapy for erectile dysfunction contribute to the large share of this segment.
PEST Analysis
Political: Regulations regarding drug approval, use, distribution, and patents have a significant impact on this market. Harmonization of regulations can present new opportunities.
Economic: Growing geriatric population, rising healthcare spending, and increasing awareness about erectile dysfunction treatment positively affect the market growth. However, patent expiries and availability of generics can restrict the market.
Social: Social stigma around sexual health issues is reducing, which encourages more people to seek treatment for conditions like erectile dysfunction. Rising acceptance of pharmaceutical therapies augments the demand.
Technological: Innovations in drug delivery systems, new formulations and combination therapies can expand the market scope. Continued R&D on novel drugs presents new development opportunities.
Key Takeaways
The Global Sildenafil Drug Market Demand is expected to witness high growth over the forecast period. The erectile dysfunction segment dominates currently due to high prevalence and acceptance of pharmaceutical treatment. Regionally, North America leads due to well-established healthcare infrastructure and early adoption of drugs. Key players operating in the sildenafil drug market are Synutra Inc., Darling Ingredients Inc., Archer Daniels Midland Company, BASF SE, Koninklijke DSM NV, and Foodchem International Corporation.
North America dominates the global market holding over 40% share due to well-developed healthcare infrastructure and major pharmaceutical players based in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing healthcare spends and expanding patient base for conditions like diabetes and blood pressure.
Key players operating in the sildenafil drug market are Synutra Inc., Darling Ingredients Inc., Archer Daniels Midland Company, BASF SE, Koninklijke DSM NV, Foodchem International Corporation, Glanbia PLC, Holista, Colltech Ltd, ESM Technologies LLC, Bergstorm Nutrition Inc., and Gelita AG. Synutra Inc. is one of the leading manufacturers of generic sildenafil in the U.S. market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
