The global gastrointestinal drugs market demonstrates a consolidated landscape with top three players, namely, Takeda Pharmaceutical, Valeant Pharmaceuticals Inc., and Janssen Biotech Inc., holding the market with majority share, finds a report by Transparency Market Research (TMR). These three players, collectively, accounted for a share of 61% in 2016. The market is moderately competitive as of now; however, the degree of competition within this market is likely to increase remarkably over the next few years, reports the study.
As per the research report, the global market for gastrointestinal drugs presented an opportunity worth US$45.5 bn in 2015. Analysts estimate it to swell at a CAGR of 4.90% during the period from 2016 to 2024 and increase to US$61.1 bn by the end of the forecast period. Acid neutralizers have been registering a higher demand from consumers and are projected to remain doing so over the forthcoming years, thanks to the growing prevalence of gastroesophageal reflux disease (GERD) across the world.
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North America to Derive Growth from Increasing Geriatric Population
Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa are the key regional markets for gastrointestinal drugs across the world. In this research report, a comparative analysis of these markets has been carried out in order to identify the leading and the most lucrative among these. According to this study, North America led the global market in 2016 with a share of 41%, thanks to the presence of favorable reimbursement policies concerning the treatment of gastrointestinal diseases. With the significant increase in the number of elderly people, who are prone to gastrointestinal disorders, the North America market for gastrointestinal drugs is likely to maintain its lead over the forthcoming years.
Europe, which also reported impressive growth over the past few years, is likely to witness continued progress during the forecast period. The introduction of biosimilars for the treatment of inflammatory bowel diseases by various patent-protected brands is projected to boost the market for gastrointestinal drugs in Europe over the next few years.
Among others, Asia Pacific is likely to provide the most lucrative opportunities to for the growth of the gastrointestinal drugs market in the years to come. The infrastructural improvements in the medical and healthcare industry, significant increase in the investments and funding in life sciences research, and the technological advancements in the therapies for the treatment of gastrointestinal diseases in emerging countries, such as India and China, are anticipated to drive the gastrointestinal drugs market in Asia Pacific in the near future, states the research study.
Increasing Prevalence of Gastrointestinal Diseases to Boost Demand for Gastrointestinal Drugs
“The global market for gastrointestinal drugs derive much of its growth from the increasing prevalence of gastrointestinal diseases across the world,” says an analyst at TMR. According to a report by the World Gastroenterology Organization, the gastro-esophageal reflux disease (GERD), is having a worldwide prevalence of approximately 15% to 25% with a high pace of incidence. This, consequently, is reflecting greatly on the demand for gastrointestinal drugs greatly. Along with this, the augmenting level of awareness about the availability of the treatments and the rise in investments to increase research activities for the development of these drugs are also driving this market substantially.
On the other hand, the unknown etiology of IBD and IBS and the dearth of a permanent cure for gastrointestinal drugs may restrict the growth of this market in the years to come. However, the continual technological advancements in the treatment therapies are expected to impact positively on this market in the long terms, notes the study.
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