PORTLAND, Ore., Dec. 20, 2021
Rise in the geriatric population is expected to drive the global pharmaceutical suppositories market. By region, North America is expected to lead the market during the forecast period.
PORTLAND, Ore., Dec. 20, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Pharmaceutical Suppositories Market by Type (Rectal Suppositories, Vaginal Suppositories, and Urethral Suppositories), Base (Fatty Base, Water Miscible Bases, and Emulsifying Bases), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Sales), and End User (Hospitals & Clinics, Home Care, and Nursing Home): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global pharmaceutical suppositories market was worth $1.41 billion in 2020, and is anticipated to reach $2.40 billion by 2030, manifesting a CAGR of 5.7% from 2021 to 2030.
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Key drivers of the market growth
Increase in the prevalence of acute & chronic disorders that demand the use of suppository, rise in the geriatric population, and surge in government expenditure on healthcare fuel the global pharmaceutical suppositories market. On the other hand, limited demand from underdeveloped countries hinders the market. On the contrary, high market growth potential in emerging markets will create lucrative opportunities for the market players.
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The emulsifying bases segment will maintain the leading position throughout the forecast period
Based on bases, the emulsifying bases segment contributed to the largest market share in 2020, accounting for more than two-fifths of the global pharmaceutical suppositories market, and is projected to maintain the leading position during the forecast period. This growth is due to increase in demand for emulsifying bases, rise in the number of benefits of emulsifying bases, and surge in its application. The segment is anticipated to manifest the highest CAGR of 6.7% from 2021 to 2030.
The hospitals & clinics segment will maintain the leading position throughout the forecast period
Based on end-user, the hospitals & clinics segment contributed for the highest market share in 2020, accounting for nearly three-fifths third of the global pharmaceutical suppositories market, and is anticipated to lead the market during the forecast period. This growth is due to rise in the geriatric population, increase in the number of government initiatives to ensure high degree of chronic disease treatment, and increase in the number of hospitals performing suppositories therapy. On the other hand, the home care segment is anticipated to manifest the highest CAGR of 6.4% from 2021 to 2030.
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North America to lead the market during the forecast period
Based on region, North America held the highest market share in 2020, contributing to nearly two-fifths of the global pharmaceutical suppositories market, and is expected to dominate the market by 2030. This is owing to rise in the well-developed healthcare sector, existence of leading manufacturers in the region, and high adoption rate of suppositories in this region. On the other hand, Asia-Pacific is expected to manifest the highest CAGR of 7.9% from 2021 to 2030.
Leading Market Players
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