PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1401386
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1401386
Global Gastrointestinal Therapeutics Market is valued at approximately USD 39.5 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 5% over the forecast period 2023-2030. Gastrointestinal therapeutics is a specific area of medicine that aims to identify and manage disorders that affect the gastrointestinal tract. It is primarily concerned with treating issues that affect the organs within the gastrointestinal system, such as the stomach, small intestine, large intestine, and rectum. It involves various interventions, including medications that aim to alleviate symptoms, improve the overall function of the gastrointestinal system, and enhance the quality of life for individuals affected by these conditions. The market for these treatments is driven by factors such as an increase in the incidence of gastrointestinal disorders, a growing geriatric population, and the launch of new products by key companies. However, the market growth is hindered by strict government regulations regarding the approval of biosimilars and the expiration of drug patents during the forecast period of 2023-2030.
The growth of the gastrointestinal therapeutics market is being fueled by a surge in the prevalence of gastrointestinal diseases such as Gastroesophageal Reflux Disease (GERD), Irritable Bowel Syndrome (IBS), and gastrointestinal cancers. According to an article published by the National Stem Cell Foundation, in 2023, over 80 different autoimmune diseases affect nearly 4% of the world population, with the most common being type 1 diabetes, rheumatoid arthritis, lupus, Crohn's disease, multiple sclerosis , scleroderma, and psoriasis. Additionally, the increase in elderly individuals who are more susceptible to gastrointestinal conditions has led to a rise in demand for gastrointestinal therapeutics. According to an article published by the National Center for Biotechnology and Information (NCBI) in 2023, which reported that the burden of inflammatory bowel disease (IBD) is increasing worldwide, with a particular increase in prevalence in the elderly population. Furthermore, patients increased awareness of gastrointestinal disorders and available treatments has led to higher diagnosis rates and increased demand for therapeutics, contributing to market growth. Advances in pharmaceutical research and development have also led to the discovery of new drugs, novel delivery systems, and targeted therapies, providing opportunities for the market. Precision medicine, biologics, and personalized treatment approaches are expanding the treatment options available for various gastrointestinal conditions. For example, in June 2023, AbbVie Inc. announced positive top-line results from its Phase 3 maintenance study, COMMAND, showing Risankizumab (SKYRIZI) achieved the primary endpoint of clinical remission at week 52, as well as key secondary endpoints in adult patients with moderately to severely active ulcerative colitis.
The key regions considered for the Global Gastrointestinal Therapeutics Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. In 2022, North America was the dominant market for gastrointestinal therapeutics due to the presence of several major players in the region. The well-established healthcare infrastructure, high purchasing power, and increased adoption of gastrointestinal therapeutics also contributed to the market's growth. Additionally, key players in the region launched new products and obtained product approvals, further boosting market growth. Asia Pacific is expected to experience significant growth over the forecast period due to factors such as changing dietary habits, urbanization, lifestyle shifts, and an aging population leading to a rise in the prevalence of gastrointestinal disorders.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of tables and figures and dummy in nature, final lists may vary in the final deliverable