Diclofenac Sodium Market Size, Share & Trends Growth [2031]

Report Description

Diclofenac Sodium Market Outlook

The Global Diclofenac Sodium Market was estimated at USD 1,861.9 Mn in 2022 and is anticipated to reach USD ~2,817.3 Mn by 2031, expanding at a CAGR of 4.9% during the forecast period.

Diclofenac sodium is a nonsteroidal anti-inflammatory drug (NSAID) that is commonly used for pain relief and reducing inflammation in conditions such as arthritis, gout, and menstrual cramps. Diclofenac sodium exerts its anti-inflammatory effects by inhibiting the production of prostaglandins, which are hormone-like substances that contribute to the inflammatory response.

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Prostaglandins are produced by the cyclooxygenase (COX) enzymes, specifically COX-1 and COX-2. Diclofenac sodium selectively inhibits COX-2, which is the isoform responsible for the production of prostaglandins involved in inflammation. By inhibiting COX-2, diclofenac sodium prevents the formation of pro-inflammatory prostaglandins, thus reducing inflammation and pain.

Diclofenac sodium, such as other NSAIDs, may have potential side effects and contraindications. Common side effects include stomach upset, heartburn, and headache. Rare but serious side effects may include gastrointestinal bleeding, liver problems, and hypersensitivity reactions.

Macro-economic Factors

GDP per Capita

Gross Domestic Product per capita is a measure that calculates the country’s economic output to the number of people in the country or the country’s population. GDP per capita indicates the economic strength and growth of the country, which ultimately indicates the investment opportunities in the nation.

Very often, the nation’s small in population that are rich and well-developed turn out to have a high GDP per capita, which indicates that these nations are prosperous and economically strong and growing.

For instance, Luxembourg with a population of 0.64 million had the highest GDP per capita in the world of USD 128 thousand in 2022. The US ranked 7th in the world with a GDP per capita of USD 76.4 thousand.

Asia Pacific is home to more than half of the world’s population, accounting for about one third of the world’s GDP. Growing GDP and purchasing power of consumers in create a significant impact on the pharmaceutical industry, which in turn, significantly influenced the sales of diclofenac sodium.

Diclofenac Sodium Market Dynamics

Market Driver- Increasing Prevalence of Diseases Requiring Anti-inflammatory Drugs

Increasing prevalence of inflammatory diseases, such as arthritis, migraine, and ankylosing spondylitis is increasing the demand for anti-inflammatory drugs including diclofenac sodium. According to the Centre for Disease Control and Prevention (CDC), an estimated 59 million people in the US have arthritis, a rise of over 4 million since 2013–2015.

According to the Global Burden of Disease (GBD), the estimated global prevalence of migraine was 721.9 million in 2019. The prevalence of ankylosing spondylitis more than doubled, from 0.04% to 0.09%, from 2006 to 2016, according to Boston Medical Centre Research.

Hence, anti-inflammatory drugs are widely used to relieve pain, reduce inflammation, and bring down a high temperature and around 30 million people globally use NSAIDs daily.

Market Driver- Increasing Geriatric Population

Rising global geriatric population is driving the sales of diclofenac sodium drug as elderly individuals are prone to pains and aches. According to the United Nations, currently, one in 11 people in the world are age above 65. This geriatric ratio is expected to reach one in six people by 2050.

By 2050, one in four people in Europe and North America is estimated to be aged 65 or over. In 2018, for the first time in history, persons aged 65 and above outnumbered children under five years of age globally. The number of persons aged 80 years or over is projected to triple, from 143 million in 2019 to 426 million in 2050.

Disease such as arthritis is very common old age population. According to CDC, among adults aged 65 and older, 50% report having been diagnosed with arthritis. While adults aged 45 to 65 years, 31% report having been diagnosed with arthritis. Hence, the rise in the geriatric population is fueling the diclofenac sodium market in the coming years.

Market Restraint- Side Effects

The use of diclofenac sodium can cause side effects in some patients, which can limit or restrict its use thus, hampering its sales. Although most of the time the side effects of this drug is not adverse, it may still cause mild reactions, which includes symptoms such as upset stomach, nausea, heartburn, diarrhea, constipation, gas, headache, drowsiness, dizziness, or blurred vision.

Moreover, it may also cause increase in blood pressure. Serious side effects include hearing changes (such as ringing in the ears), mental/mood changes, easy bleeding/bruising, difficult/painful swallowing, and symptoms of heart failure (such as swelling ankles/feet, unusual tiredness, unusual/sudden weight gain).

Diclofenac sodium rarely cause serious (possibly fatal) liver disease. A serious allergic reaction to this drug is rare. Therefore, these side effects of the drug are projected to restrain the market during forecast period.

Market Opportunity- Increasing Research and Development

Pharmaceutical companies are constantly competing with each other to develop novel and better drugs. R&D is essential for companies to stay ahead of the competition and maintain their market share. Over the decade from 2005 to 2014, the pharmaceutical industry’s R&D spending averaged 18% to 20% of the revenue each year.

In 2019, the US pharmaceutical industry spent USD 83 Bn on R&D. It is through R&D that diclofenac sodium has varied pharmacokinetic (PK) properties and dosing regimens and are indicated for the treatment of a range of acute and/or chronic pain conditions. R&D has improved efficacy, safety, and increased clinical utility of the drug over a period of time. Manufacturers invested in research to develop formulations of diclofenac sodium that are effective, have less side effects, or are more convenient to use.

Scope of the Report   

The report on the Global Diclofenac Sodium Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Diclofenac Sodium Market Segmental Outlook

Based on Type, the market is segmented into Tablet and Solution. The solution segment is expected to hold a considerable share of the market during the forecast. Solution or liquid dosage forms are essential for people who find it difficult to swallow solid forms of medication, such as tablets. This trend is significantly driving the solution segment.

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On the basis of disease indication, the market is fragmented into osteoarthritis, rheumatoid arthritis, migraine, and others. The osteoarthritis segment holds a key share of the market, owing to the continuous change in lifestyle of individuals globally. A rapid change in the living style of the individuals leads to obesity.

Growing cases of obesity is leading to high prevalence of osteoarthritis, which, in turn, drives the market. According to the World Health Organization (WHO), in 2019, about 528 million people were living with osteoarthritis globally, an increase of 113% since 1990.

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On the basis of distribution channel, the market is fragmented into online pharmacy, retail pharmacy, and hospital pharmacy. The retail pharmacy segment holds a key share of the market during the forecasted period. The option of face-to-face interaction in retail pharmacy drives the segment significantly.

Retail pharmacy provides face-to-face interactions with pharmacists, who are able to offer medication counselling, answer questions, and provide personalized advice. This factor is expected to drive the segment in the coming years.

According to the Business Money Europe Ltd, as of 31 March 2022, 14,370 registered pharmacy premises operated across the UK; 3,560 of which are independently operated and 5,653 are under corporate and supermarket ownership.

Regional Outlook

Based on regions, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a significant share of the market in 2022, owing to robust R&D by the key players. Continuous research and development (R&D) in diclofenac sodium drug in developed regions is undertaken with the goal of developing improved formulations and applications for the drug.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Diclofenac Sodium Market

• Historical, Current, and Projected Market Size in Terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players