Diclofenac Market size is projected to reach revenue of $5.64 billion by 2025,growing at a CAGR of 3.87% during the forecast period 2020-2025. Diclofenac is a Nonsteroidal anti-inflammatory drug (NSAID) and Diclofenac Sodium is also a Nonsteroidal anti-inflammatory drug (NSAID) which are used in the form of eye drop that helps to treat swelling of eye after eye surgery. It is used to reduce moderate pain, swelling, stiffness and inflammation. Increasing prevalence of autoimmune and respiratory conditions and increasing adoption of anti-inflammatory drugs are the major factors driving the growth of the market. Growing awareness about anti-inflammatory drugs and Development in R&D activities is set to further enhance the overall market demand of diclofenac during the forecast period 2020-2025.
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Formulation Type- Segment Analysis
Based on the formulation type, Diclofenac market is segmented into Oral, injection, Eye drops, Gel and Others.Oral Formulation heldthe largest share in the Diclofenac market in 2019 and is estimated to grow at a CAGR of 2.6% during the forecast period 2020-2025. Diclofenac are widely available at affordable prices and adoption of these drugs has been increasing over the years owing to relief in pain and reduces inflammatory disorders.
Indication – Segment Analysis
Based on the indication, Diclofenac market is segmented by Osteoarthritis, Ankylosing Spondylitis, Dysmenorrhea, Rheumatoid Arthritis, Migraine, Dental pain and Others. Osteoarthritis, dysmenorrhea, and inflammatory disorders held the largest share in the Diclofenac Market in 2019 and is estimated to grow at a CAGR of 2.6% during the forecast period 2020-2025.High demand for better and novel anti-inflammatory therapeutics and growing awareness about anti-inflammatory Drugs are the major factors resulting into the growth of the market. Adoption of diclofenac has been increasing owning to effective pain relief and reduced Osteoarthritis pain in joints.
Geography- Segment Analysis
North America dominated the Diclofenac Market accounting for more than 36.4% of the overall market. Robust healthcare infrastructure combined with focus on development of new devices along with improved diagnosis among the patients are helping in this region market growth. The favorable reimbursements policies and presence of key players in this region is also supporting the growth of the Diclofenac market in this region.
However, Asia-Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025. This is owing to the rise in incidence of inflammation disorders and increase in healthcare expenditure. Moreover, there has been a rise in the number of patients suffering from chronic and neuropathicpain, is set to play an important role for the growth of this region.
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Drivers –Diclofenac Market
The rising number of aging populations across the globe is a major factor in the growth of the Diclofenac market. According to the American Association of Neurological Surgeons, more than 65 million Americans suffer from inflammatory disorders. So, with the growing geriatric population, the number of people suffering from Osteoarthritis and Dysmenorrheais estimated to increase during the forecast period 2020-2025.
Growing awareness among people about the anti-inflammatory therapeutics can accelerate the growth of the Diclofenac market. Moreover, technological evolution in the medical industry has given rise to several minimally invasive procedures for anti-inflammatory therapeutics.Increasing awareness towards treatment in both developed and developing countries and preference towards preventive healthcare over reactive and external partnerships in research are driving development and growth of Diclofenac market.
Challenges –Diclofenac Market
Diclofenac medicines cause some unwanted/side effects such as abdominal or stomach bloating, belching, cloudy urine, constipation, and many more that can estimated to hinder the growth of the market. However, unfavorable reimbursement scenario and stringent regulatory approval procedure of these devices are estimated to limit the market growth. Growing research on alternative anti-inflammatory drugs and undesirable effects are some factors poised to hinder the growth of market.
Diclofenac Industry Outlook
Productlaunches, Merger& Acquisitions, joint venturesand R&D activitiesare key strategies adopted by players in the Diclofenac market. In 2019, the Diclofenac market share isconsolidatedby the top tenplayers. Diclofenac top 10 companies areNovartis AG, Auro Laboratories, Henan Dongtai Pharmaceutical co. , Bayer AG, Hunan warrant Pharmaceutical co. , XianShi Pharmaceutical group, Merck & co. , Instituto Biochimico Italiano G., Dezhou Deyao pharmaceutical co., Voltaren among others.
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