by Inflammatory Bowel Disease (IBD) refers to two chronic inflammatory conditions of the gastrointestinal tract – ulcerative colitis and Crohn’s disease. The conditions are characterized by abdominal pain, severe diarrhea, rectal bleeding and weight loss. IBD medications such as anti-inflammatory drugs, immunomodulators and biologics are used to induce and maintain remission of inflammation and symptoms.
The global Inflammatory Bowel Disease Market is estimated to be valued at US$ 2309.43 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising prevalence of IBD is one of the major factors driving the growth of the Global Inflammatory Bowel Disease Market Size. According to a report by the Crohn’s and Colitis Foundation, around 1.6 million Americans are currently diagnosed with IBD, which accounts for about 0.5% of the U.S. population. The prevalence of IBD has also been growing in developing nations due to changes in dietary habits and lifestyle. The increasing patient pool suffering from IBD is expected to generate significant demand for therapeutics and biosimilars, thereby propelling the market growth over the forecast period.
SWOT Analysis
Strength: The inflammatory bowel disease market is primarily driven by high prevalence of inflammatory bowel disease such as ulcerative colitis and Crohn’s disease globally.
Weakness: Stringent regulatory approval process for new drug development and high costs associated with research and development activities for inflammatory bowel disease treatment can hinder market growth.
Opportunity: Development of novel biologics and small molecule drugs that target specific disease pathways offers significant growth opportunities. Emerging economies present lucrative opportunities.
Threats: Patent expirations of blockbuster drugs and availability of generic versions challenge the growth of innovator drug makers in the market. High treatment costs also limit widespread adoption.
Key Takeaways
The global inflammatory bowel disease market is expected to witness high growth over the forecast period of 2024 to 2031. The market size is forecast to increase from US$ 2309.43 Mn in 2024 to US$ 4162.82 Mn by 2031, at a CAGR of 4.8%.
Regional analysis: North America currently dominates the inflammatory bowel disease market and is expected to continue its dominance over the forecast period. This can be attributed to growing prevalence of IBD, strong healthcare infrastructure, and availability of advanced treatment options in the region. However, Asia Pacific is expected to witness highest growth owing to large patient population, rising awareness, and increasing healthcare spending.
Key players: Key players operating in the inflammatory bowel disease market are Pfizer Inc., Atom pharma, Perrigo Company plc, Johnson and Johnson Services, Inc., Merck KGaA, Actavis Pharma, Inc., Apotex Inc., UltiMed Inc., DS LABORATORIES, INC., Taisho Pharmaceutical Co., Ltd., NIKSAN PHARMACEUTICAL, SALVAVIDAS PHARMACEUTICAL PVT. LTD., Maruti Futuristic Pharma Pvt. Ltd., Sun Pharmaceutical Industries Ltd., Dr. Reddy€TMs Laboratories Ltd., Lupin, Steris Healthcare PVT Ltd, Salvus Pharma, Unison Pharmaceuticals Pvt Ltd , Par Pharmaceutical, and QndQ Derma. Major players are focused on developing novel treatment offerings to gain competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
