The Irritable Bowel Syndrome Treatment Market is expected to grow on a vigorous note shortly. Though telemedicine has turned out to be an easily accessible service, proper amalgamation with therapy decisions is of utmost importance. At-home lab tests are a good by-product of telehealth. Remote monitoring and diagnosis are cost-effective. It also saves on downtime. So, saving on time and investing in convenience would be one of the trends of the healthcare vertical in the years to come.
As per Persistence Market Research’s latest industry analysis, the global irritable bowel syndrome treatment market was valued at over US$ 2.9 Bn in 2020, and is expected to exhibit a CAGR of around 8.7% over the forecast period (2021-2031).
According to the Journal of Gastroenterology published in April 2020, approximately 11% of the people in the world are living with gastrointestinal issues such as irritable bowel syndrome. Various other gastrointestinal-related problems arise with irritable bowel syndrome, such as IBS with constipation (IBS-C), IBS with diarrhoea (IBS-D), and IBS with mixed bowel habits (IBS-M).
Rising prevalence of gastrointestinal disorders and irritable bowel syndrome has led to increased government engagement for the treatment of IBS. This is due to substantial economic burden of irritable bowel syndrome on the healthcare system. As per BMC Gastroenterology (2020), the direct cost of diagnosis and treatment of irritable bowel syndrome in the U.S. is estimated to be between US$ 1.7 Bn and US$ 10 Bn, annually.
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Key players are focusing on expansion in emerging regions and new revised product manufacturing. The strategy of expansion, new product launches, and approvals by key manufacturers is further strengthening their market presence.
- In May 2019, Allergan and Ironwood launched an interactive digital destination “AboutYourGut.com” website to promote awareness regarding irritable bowel syndrome, and to provide comfort to people going through it. The website also contains facts and figures associated with multiple forms of irritable bowel syndrome (IBS-D, IBS-C, and IBS-M)
- In August 2020, Takeda received EMA approval for the subcutaneous formulation of its Inflammatory Bowel Disease (IBD) drug “Entyvio”, thus increasing its product range as well as geographical footprint.
Company Profiles:
- Takeda Pharmaceutical Company Limited
- Pfizer, Inc.
- Abbott Laboratories
- Novartis AG
- AstraZeneca PLC
- Ironwood Pharmaceuticals Inc. and Allergan Plc
- Bausch Health Companies Inc.
- GlaxoSmithKline, Plc.
- Lexicon Pharmaceuticals, Inc.
- Sucampo Pharmaceuticals, Inc.
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Key Takeaways from Market Study
- By drug type, Linaclotide is expected to hold 19.5% market value share by the end of 2031.
- Based on indication, irritable bowel syndrome with constipation is a leading factor with over 48% market share.
- Retail pharmacies dominated the market with a share of 30.3% in 2020. Accessibility of drugs for the treatment of irritable bowel syndrome as well as ease and availability of dispensing add to the growing demand from retail pharmacies.
- By region, North America is set dominate the global market with a value share of around 41.7% by end of 2031. Europe is slated to be the second-largest leading region with a value share of 30.1%.
“Growing prevalence of gastrointestinal diseases, rising initiatives by governments for the management of IBS, and strategic collaborations & acquisitions by key players are set to drive market growth,” says an analyst of Persistence Market Research.
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Market Competition
Agreements, collaborations, and partnerships have emerged as key growth strategy adopted by industry players. By focusing on these strategies, key stakeholders are expanding their geographic footprints and strengthening their existing product portfolios.
- In March 2019, Bausch Health Companies Inc. announced the acquisition of certain assets of Synergy Pharmaceuticals Inc., including the addition of TRULANCE® to its product portfolio, which is a tablet approved for adults with irritable bowel syndrome and chronic idiopathic constipation.
- In September 2019, AstraZeneca gained sole responsibility for developing, manufacturing, and marketing an irritable bowel syndrome drug in China, through an amended collaboration agreement with Ironwood Pharmaceuticals.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the irritable bowel syndrome treatment market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021 – 2031.
The research study is based on the drug type (fiber supplements, anti-diarrheal, anticholinergic and antispasmodic, antidepressant, antibiotics, alosetron, lubiprostone, linaclotide and nhe3), indication (irritable bowel syndrome with constipation, irritable bowel syndrome with diarrhea and irritable bowel syndrome with alternating constipation and diarrhea), distribution channel (hospital pharmacies, retail pharmacies, drug stores, online pharmacies and stores and hypermarkets and supermarkets), across seven key regions of the world.
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