Dearth of education and awareness regarding ED treatment is one factor expected to encourage further research and development in the future. There is likely to be more emphasis on oral as well as topical medications.
Wilmington, Delaware, United States, July 03, 2023 (GLOBE NEWSWIRE) — The global erectile dysfunction (ED) drugs market to reach the value of US$ 2.5 Bn by 2028 with CAGR of -3.1. This outlook is mostly attributed to the fact that there is limited awareness about this condition, leading to limited availability of oral medications. Moreover, a majority of patients have been opting for alternative treatment options to correct erectile anomalies.
Erectile dysfunction is a common yet complex problem facing men and their partners worldwide. It continues to be an underreported issue despite its high prevalence and negative impact as well as the availability of successful treatment. One of the main reasons for such a problem is the stigma surrounding it as a complaint and the deep-seated fear to discuss it. Fortunately, countries are organizing educational campaigns to raise more awareness, which could turn the tide in favor of the market.
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While the forecast provides a pessimistic outlook for the next few years, there is scope for further research and development. From extensive clinical trials to introducing topical medications, companies are striving to make a wide array of ED treatments available.
Currently, Viagra is the only alternative available to address erectile dysfunction. However, research is paving way for the availability of more generic alternatives. Among all ED drugs, Cialis (Tadalafil) witnessed significant growth in sales in the United States.
Key Takeaways from the Market Report
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As of 2021, the erectile dysfunction (ED) drugs market was valued at US$ 3.1 billion
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As of 2023, the market is expected to be valued at US$ 2.9 billion
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By drug, Viagra is expected to remain the most preferred, expected to accumulate over 50% of revenue
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Hospital pharmacies are expected to be the most preferred channel of distribution for erectile dysfunction drugs sales
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Erectile Dysfunction (ED) Market: Prominent Trends
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There is limited awareness when it comes to treating erectile dysfunction. Hence, countries across the world are undertaking major awareness and education drives. Educating patients on the appropriate use of erectile dysfunction drugs can be effective through initial education and focusing on the method of administration of drugs.
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Due to its low dynamic nature, the trend of switching to new drugs or automatic substitution is not prevalent in the erectile dysfunction drugs market, thereby creating further hurdles for players willing to enter the market
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There is a need to widen insurance coverage for ED patients. A person with a documented medical condition responsible for the cause of erectile dysfunction could incur insurance benefits. However, sex therapies and medications that have not been approved by the FDA have not been covered under insurance.
Erectile Dysfunction (ED) Market: Regional Profile
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There is likely to be significant scope for ED drugs in North America. A revenue share of nearly 60% in 2023. The market is opening up to several pharmaceutical players, thanks to the rising burden of this condition and growing regulatory approvals, despite several bottlenecks
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In Asia Pacific, the market for erectile dysfunction drugs is expected to witness fast growth during the forecast period. The growth of the region is attributable to the entry of new products into the region. For instance, in May 2020, iX Biopharma announced the supply of Wafesil and Silcap through telemedicine in Australia for the treatment of an adult patient with erectile dysfunction.
Competitive Landscape
Prominent pharmaceutical companies offering erectile dysfunction (ED) drugs as profiled by Transparency Market Research include:
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Pfizer Inc.
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Dong-A ST Co. Ltd.
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Eli Lilly and Company
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Bayer AG
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Vivus, Inc.
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Teva Pharmaceutical Industries Ltd.
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SK Chemicals
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Meda Pharmaceuticals, Inc.
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Cristalia Produtos Quimicos Farmaceuticos Ltda.
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Apricus Biosciences, Inc.
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Futura Medical Plc.
The aforementioned players are striving to introduce new and effective drug formulations, along with strategies such as mergers, collaborations, and acquisitions. In addition, they are seeking regulatory approvals from…
Read More: Erectile Dysfunction (ED) Drugs Market is expected to register a -3.1% CAGR,