Sildenafil Drug Market Estimated to Witness High Growth Owing to Rising Prevalence of Erectile Dysfunction

Sildenafil Drug Market

The sildenafil drug market has witnessed significant growth over the past few years owing to the increasing prevalence of erectile dysfunction among men across various age groups. Sildenafil, sold under the brand name Viagra among others, is one of the most prescribed medications for treating erectile dysfunction and pulmonary arterial hypertension. The drug works by inhibiting phosphodiesterase type 5 (PDE5), increasing blood flow to the penis, thereby helping achieve and maintain an erection. It is usually taken as needed an hour before sexual activity but can also be used daily at lower doses.

The global sildenafil drug market is estimated to be valued at US$ 3.35 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the sildenafil drug market are Baker Hughes Company, Schlumberger Limited, Weatherford, DIAMOCO Group, Conquest Drilling, QMax, ChemFor, Dynamic Drilling Fluids, Halliburton, Newpark Resources Inc., AES Drilling Fluids, NOV Inc., Stellar Drilling Fluids. LLC, Secure Energy, Total Energies, and Valence Drilling Fluids, LLC.

The global Sildenafil Drug Market Demand is expected to witness lucrative growth opportunities due to the development of generic versions of Viagra. The patent on sildenafil expired in several regions in 2012-2013, allowing other companies to manufacture and market generic versions of the drug at much lower prices compared to branded Viagra. This is expected to make sildenafil drugs more accessible to men globally.

North America dominated the global market in 2021 owing to the high adoption of sildenafil drugs in the treatment of erectile dysfunction. However, over the forecast period, Asia Pacific is expected register the highest growth rate due to the increasing awareness about erectile dysfunction treatment and growing geriatric population in the region.

Market Drivers

The global sildenafil drug market is driven by the rising prevalence of lifestyle diseases such as diabetes and obesity that increases the risk of erectile dysfunction. Moreover, the increasing geriatric population globally also contributes to market growth as ED is more common in men aged above 60 years. According to estimates, over 60% of men aged 60-69 years and over 86% of men aged 70-79 years suffer from some form of erectile dysfunction. Thus, the aging demographics present lucrative opportunities for players in the sildenafil drug market.

PEST Analysis

Political: Sildenafil drug regulations vary in different countries and regions. Stringent regulations and patent laws in developed markets provide stable revenue whereas easing regulations in developing markets offer new opportunities.

Economic: Rising disposable incomes and growing healthcare spending is positively impacting the sildenafil drug market. However, economic slowdowns can decrease discretionary healthcare spending affecting market growth.

Social: Increased awareness and acceptance of erectile dysfunction as a medical condition has reduced the social stigma related to its treatment. However, rural and conservative regions still view it as a sensitive topic.

Technological: Advanced drug delivery systems and newer formulations of sildenafil are being researched to provide enhanced efficacy and reduce side effects. This is helping expand its approved use beyond erectile dysfunction in conditions like pulmonary hypertension.

North America region accounts for the largest share of the global sildenafil drug market in terms of value due to presence of major market players, higher awareness levels, and advances healthcare infrastructure. The United States holds the major share within the region owing to availability of generic drugs and strong private insurance coverage for lifestyle drugs.

Asia Pacific region is identified as the fastest growing regional market for sildenafil drugs. This growth can be attributed to increasing geriatric population, rising income levels in developing countries, growing medical tourism, lack of social stigma and availability of low cost generic drugs. Countries like India, China and South Korea are expected to emerge as lucrative markets in the coming years.

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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)