Sildenafil, also known by brand name Viagra, is a drug used to treat erectile dysfunction and pulmonary arterial hypertension. The drug works by inhibiting phosphodiesterase type 5, an enzyme that breaks down cGMP, resulting in smooth muscle relaxation and increased blood flow to the penis during sexual stimulation. Some key uses of sildenafil include treating erectile dysfunction, better known as impotence, in men and exercising-induced pulmonary hypertension.
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, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising prevalence of erectile dysfunction is a key factor driving growth of the sildenafil drug market. Erectile dysfunction is a common condition that affects millions of men worldwide. According to the Massachusetts Male Aging Study, prevalence of complete ED increases from 5% in men aged 40–49 years to about 15% in men aged 70–79 years. Similarly, partial ED increases from nearly 40% in men aged 40–49 years to nearly 70% in men aged 70–79 years. As the population ages globally, especially in developed countries, this age-related condition is expected to affect a significant proportion of men over the next few decades, thereby boosting demand for sildenafil drugs.
Another driver for the market is extensive research and development activities focused on developing generic sildenafil drugs. Patent expirations of branded drugs have led to approvals and launches of various generic sildenafil products at affordable prices. This is providing patients with alternative treatment options and making sildenafil therapy more accessible and cost-effective. This is expected to boost uptake of sildenafil drugs for erectile dysfunction treatment during the forecast period.
SWOT Analysis
Strength: Sildenafil drug market has strong patent portfolio to drive revenue growth over the forecast period. Strong product pipeline to address unmet needs in treatment of erectile dysfunction. Consistent rise in prevalence of erectile dysfunction worldwide has augmented demand for sildenafil drugs.
Weakness: Presence of generic and counterfeit products poses significant threats. Stringent regulatory approvals and clinical trials delays new product launches. Heavy R&D investments and costs involved in developing innovative drugs.
Opportunity: Emergence of oral solid dispersions drug delivery technology opens up new opportunities. Rising healthcare expenditure in developing nations boosts market expansion. Growing geriatric population suffering from age-related sexual problems.
Threats: patent expiries of blockbuster drugs enable entry of generics. Social stigma and lack of awareness especially in developing regions. Shift towards herbal and alternative therapies especially in Asian countries.
Key Takeaways
The Global Sildenafil Drug Market Size is expected to witness high growth over the forecast period. 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.
North America currently dominates the market and is expected to maintain its position throughout the forecast period driven by the increasing prevalence of ED, rising healthcare spending and availability of advanced treatment options. Europe is the second largest market for sildenafil drugs due to growing geriatric population suffering from sexual dysfunction. Asia Pacific region is expected exhibit fastest growth owing to increasing healthcare accessibility, rising disposable incomes and growing awareness about ED treatments.
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. Innovation in drug delivery technologies and the need to sustain long-term growth has prompted key players to increase investments in R&D activities and focus on newer product pipeline. Mergers & acquisitions and strategic collaborations are other key strategies adopted.
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