Tuesday, 4 April 2017

Gastrointestinal Drugs Market Segment Forecast up to 2024

The global gastrointestinal drugs market is extremely consolidated, with the top three companies accounting for approximately 61.0% of the market in 2016, finds Transparency Market Research (TMR). These leading players are Takeda Pharmaceutical, Valeant Pharmaceuticals Inc., and Janssen Biotech Inc. The current marketplace is moderately competitive; however in the coming years, with continuous technological advances in diagnostics, the market is expected to witness intense competition among players.
The global market for gastrointestinal drugs was valued at US$45.5 bn in 2015. Expanding at 4.90% CAGR between the period 2016 and 2024, the global market is estimated to reach a valuation of US$61.1 bn by the end of 2024.
Acid Neutralizers Expected to Gain Widespread Popularity in Forthcoming Years
Based on geography, the major regional markets for gastrointestinal drugs are Europe, North America, Asia Pacific, the Middle East & Africa (MEA), and Latin America. Of these, North America dominated the global market with an estimated share of 41.0% in 2016. The substantial growth in the market is attributed to the presence of a favorable reimbursement structure regarding the treatment of chronic gastrointestinal diseases. In addition, a rising geriatric population vulnerable to chronic gastrointestinal disorders is expected to boost the regional market.
The major classes of gastrointestinal drugs are acid neutralizers, antidiarrheal and laxatives, antiemetic and antinauseants, anti-inflammatory drugs, and biologics. Among these drug classes, acid neutralizers are poised to witness substantial demand from patients worldwide. The market for the drug class is expected to witness impressive growth in the coming years due to the increasing prevalence of gastroesophageal reflux disease (GERD) across the globe. The medications for GERDs usually contain antacid as one of the components. Antacids are increasingly preferred as cost-effective medications to reduce gastric irritation.
Rising Prevalence of Gastrointestinal Diseases to Bolster Uptake
The global market for gastrointestinal drugs is mainly driven by the rising prevalence of gastrointestinal diseases across demographics. Coupled with this, the increasing level of awareness related to the availability of cost-effective medications and treatments has spurred the demand for gastrointestinal drugs. In addition, soaring investment in R&D activities related to treatment of various gastrointestinal disorders is expected to propel the market over the forecast period.
However, the growing prevalence of irritable bowel syndrome (IBS) and inflammatory bowel disease (IBD) in various regions, particularly Asia Pacific, has posed a clinical challenge in finding permanent treatments. These gastrointestinal disorders are characterized by unknown etiology and disease mechanisms, which makes the treatment with drugs difficult. This is expected to hinder the growth of the market to an extent. Nevertheless, continual technological advancements in treatment therapies are anticipated to open up promising opportunities for market players, positively impacting the market.
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