|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 2356.55 Million||USD 2917.59 Million||2.70%||2022|
The global aspirin market size was worth around USD 2356.55 million in 2022 and is predicted to grow to around USD 2917.59 million by 2030 with a compound annual growth rate (CAGR) of roughly 2.70% between 2023 and 2030.
Aspirin is a highly popular and common medicinal drug used for treating medical conditions such as fever, pain, and aches. It is used as a blood thinner or as an anti-inflammatory drug. The first of its kind to be discovered, aspirin is a nonsteroidal anti-inflammatory drug (NSAID). It consists of salicylate, which is a compound found in plants such as myrtle and willow trees. The history of aspirin dates back to around 4000 years ago as per official research. Aspirin is one of the most commonly used medicines as it helps to alleviate mild to moderate swelling, pain, or both caused by several medical conditions including flu, cold, menstrual cramps, headaches, or chronic conditions such as migraine and arthritis. In case of severe pain, medical professionals tend to recommend aspirin in combination with other medicines for better results. Research has also concluded that aspirin can be extremely beneficial in avoiding blood clotting in people at high risk of cardiovascular conditions. In specific cases such as high blood pressure, poor blood flow rate to the brain, diabetes, high cholesterol level, diabetes, and blood vessels or heart disease, doctors may recommend low-dose aspirin to be taken every day.
Increasing number of patients with high blood pressure to drive market growth
The global aspirin market is expected to grow owing to the increasing number of patients with high blood pressure also known as hypertension. As per the World Health Organization (WHO), it is a commonly occurring medical condition and impacts nearly 1.28 billion adults in the age group of 30 to 79 years. The report also claims that around 1 in every 5 patients is taking appropriate care to manage or treat the condition. Several risk factors are influencing the growing rate of patients living with the condition including genetics, old age, sedentary lifestyle, drinking too much alcohol, smoking frequently, and obesity. The rising number of people with limited physical exercise is a leading cause of higher hypertension patient rates. Aspirin, in the form of medicine, does not directly lower blood pressure but it is mainly used for its ability to thin out blood has proven helpful in treating patients with hypertension.
Rising rate of contagious diseases including flu and cold to push market demand
Aspirin is one of the most commonly used medicines to treat symptoms of flu and cold that generally involves body aches, headaches, and pain in the joints. The increasing rate of people contracting such a common contagious disease is likely to impact the demand for aspirin during the forecast period. As per official data from Mayo Clinic, adults are at risk of contracting colds around 2 to 3 times a year while the disease rate in young children and infants is much higher. Maintaining poor hygiene and the rising number of people living in densely populated areas are primary reasons for the surging rate of patients with colds and flu.
Associated side effects of aspirin intake to restrict market growth
The global aspirin market growth is projected to be impacted by the several side effects associated with the consumption of aspirin. As per medical records, the most common side effects are drowsiness, dizziness, thirst, nausea, sweating, fatigue, heartburn, swelling, and fluid retention. However, there are certain more discomforting and unwanted effects of aspirin including depression and blurred vision. In addition to this, there is a risk of aspirin overdose especially when the medicine is not prescribed. Chronic overdose is often associated with long-term consumption of aspirin and it includes building up of everyday aspirin dose in the body over time and is mostly observed in older adults during summer time caused by dehydration.
Increasing research and development in the aspirin industry to create growth opportunities
The aspirin industry size is likely to be impacted by the increasing research and development programs undertaken by pharmaceutical giants. In 2020, pharmaceutical giants Takeda Pharmaceutical Co., Ltd. and Otsuka Pharmaceutical Co., Ltd. announced the launch of Cabpirin® Combination Tablets. These medicines are produced as a combination of low-dose aspirin and vonoprazan fumarate. Under the contractual obligations, Takeda will manufacture the medicine while both companies will invest in product marketing and sales. On the other hand, in 2015, the UK witnessed the inauguration of the world’s largest clinical trial to establish if aspirin had the potential to stop most common cancers from resurfacing. The trial was conducted by the National Institute for Health Research and Cancer Research UK.
Growing number of pharmacies to assist in delivering better results
The demand for aspirin is likely to be further impacted by the increasing number of pharmacies across the globe. This includes smaller stores and large pharmacy giants such as CVS. As per official data, India has more than 1,10,000 pharmacies catering to the needs of the general population. The rising number of people, growing investments in the pharmaceutical industry, and higher demand for basic medical care are the driving crucial factors affecting growth.
Patent expiry, gradual increase in aspirin tolerance, and other associated issues to create challenges against growth
The aspirin industry players face a lot of challenges due to patent expiration which leads to higher production of generic medicines at lower costs. This directly impacts all the resources initially invested in research and development. While aspirin does not lead to physical addiction such as heroin and other drugs, there is a significant number of people who are addicted to the action of chewing aspirin among other forms of aspirin-related psychological addictions. In addition to this, several long-term impacts of aspirin have been reported frequently. Some of these effects include abnormal bleeding and easy bruising, an allergic reaction, low red blood cell count, reduced kidney and liver function, and inflamed stomach lining.
The global aspirin market is segmented based on application, product, and region.
Based on application, the global market segments are pain/fever/inflammation, cardiovascular disease, and others. In 2022, the highest growth was registered in the pain/fever/inflammation segment since the primary function of aspirin is to relieve mild to moderate body aches and headaches. Typically, the medicine should be taken at a dose of 300 to 650 mg orally. However, aspirin has proven extremely effective in managing cardiovascular diseases. It is known to reduce the risk of atherothrombosis but should only be consumed when recommended by doctors.
Based on product, the aspirin industry is divided into over-the-counter (OTC) and prescription. In 2022, the highest demand was for over-the-counter (OTC) type driven by an increasing rate of people affected by common conditions such as cold, flu, and fever. Easier access to basic medicines such as aspirin owing to an increased number of pharmacists and rising sales of medicine through online sales channels further contributed to segmental growth. Prescribed aspirin is generally provided by medical professionals after thorough medical check-ups, especially for patients with other medical conditions such as diabetes and heart conditions. Aspirin starts showing its effect within 20 to 30 minutes of consumption.
|Report Attributes||Report Details|
|Report Name||Aspirin Market|
|Market Size in 2022||USD 2356.55 Million|
|Market Forecast in 2030||USD 2917.59 Million|
|Growth Rate||CAGR of 2.70|
|Number of Pages||222|
|Key Companies Covered||Allegiant Health, Bayer AG, Bal Pharma Limited, Globalimporter Inc., JQC (Huayin) Pharmaceutical Co. Ltd., Cardinal Health, Par Pharmaceutical, Industria Quimica Andina Y Cia Sa, Perrigo Company plc., Nanjing pharmaceutical factory Co. ltd., Trumac Healthcare, Globela Pharma Pvt Ltd, LNK International Inc., and others.|
|Segments Covered||By Application, By Product, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
Asia-Pacific to register the highest growth rate during the forecast period
The global aspirin market is expected to witness the highest growth in Asia-Pacific driven by the presence of a robust pharmaceutical industry, especially in regions such as China and India. These nations are world leaders in terms of the production of Active Pharmaceutical Ingredients (APIs) and cater to the needs of other drug manufacturers across the globe. On the other hand, Asia has a huge population base which results in higher sales of basic medicines such as aspirin. These regions are densely populated resulting in faster spread of contagious diseases such as cold and flu. Furthermore, there is a rapid expansion of pharmacies providing OTC medicines including aspirin. Rising numbers of patients with cardiovascular diseases, increasing healthcare expenditure, and higher investments in regional pharma industries could propel regional market growth. In September 2023, the Indian government approved an investment of INR 6000 crore in the country’s pharma market under the production-linked incentive (PLI) scheme.
The global aspirin market is led by players like:
Aspirin is a highly popular and common medicinal drug used for treating medical conditions such as fever, pain, and aches.
The global aspirin market is expected to grow owing to the increasing number of patients with high blood pressure also known as hypertension.
According to study, the global aspirin market size was worth around USD 2356.55 million in 2022 and is predicted to grow to around USD 2917.59 million by 2030.
The CAGR value of the aspirin market is expected to be around 2.70% during 2023-2030.
The global aspirin market is expected to witness the highest growth in Asia-Pacific driven by the presence of a robust pharmaceutical industry, especially in regions such as China and India.
The global aspirin market is led by players like Allegiant Health, Bayer AG, Bal Pharma Limited, Globalimporter Inc., JQC (Huayin) Pharmaceutical Co., Ltd., Cardinal Health, Par Pharmaceutical, Industria Quimica Andina Y Cia Sa, Perrigo Company plc., Nanjing pharmaceutical factory Co, ltd., Trumac Healthcare, Globela Pharma Pvt Ltd, and LNK International, Inc.
The report explores crucial aspects of the aspirin market including a detailed discussion of existing growth factors and restraints while also browsing future growth opportunities and challenges that impact the market.