The global inflammatory bowel disease market is a multibillion-dollar industry. Inflammatory bowel disease (IBD) refers to two chronic conditions of the digestive system that cause inflammation and ulcers in the gastrointestinal tract - Crohn's disease and ulcerative colitis. The exact causes of IBD are still unknown, but research suggests that genetics, the immune system, and environment all play a role. IBD primarily affects individuals in their late teens through early 30s but can develop at any age, including in children and the elderly.
The global inflammatory bowel disease Market is estimated to be valued at US$17.5 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers boosting the inflammatory bowel disease treatment market growth is the rising geriatric population globally. According to the United Nations, the world's population aged 65 years or over numbered 521 million in 2010. It is projected to reach 1.5 billion by 2050, and double by 2100, when it is projected to surpass the number of children under the age of 15 years. Since IBD risk increases with age and the prevalence of IBD is rising among the elderly population worldwide, the market for IBD treatment is witnessing steady growth. Additionally, the development and approval of new IBD drugs with novel mechanisms of action and safer side effect profiles have expanded treatment options available to patients, further fueling market revenue growth over the forecast period.
SWOT Analysis
Strength: Inflammatory bowel disease market comprises various treatment options such as aminosalicylates, corticosteroids and immunosuppressant drugs which helps in managing the symptoms. Also, the increasing research and development activities by major manufacturers are focusing on developing novel biologics and biosimilars which is likely to drive the market growth over the forecast period. Moreover, increasing numbers of clinical trials are providing favorable outcomes in developing innovative therapies for inflammatory bowel diseases.
Weakness: High cost associated with biological therapy and surgical treatment options limits their access and adoption in low and middle-income countries. Also, the side effects associated with few IBD drugs including nausea, vomiting and fatigue negatively affect patient compliance.
Opportunity: Growing geriatric population suffering from inflammatory bowel diseases presents significant growth opportunity. Additionally, increasing awareness about diagnosis and treatment along with favorable coverage policies is expected to bring more patients under the medical supervision.
Threats: Patent expiration of blockbuster drugs may increase the competition which can reduce the prices. Also, ethical concerns regarding stem cell therapy and presence of alternative treatment methods indirectly threatens the market growth.
Key Takeaways
Global Inflammatory Bowel Disease Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America is currently the dominant as well as the fastest growing region. Factors such as increasing research funding, presence of advanced healthcare infrastructure as well as key market players in the region contributes to its largest share. However, Asia Pacific region is expected to showcase the highest growth rate owing to growing healthcare expenditure, increasing elderly population and rising awareness about IBD management.
Key players operating in the inflammatory bowel disease market are Abbott Laboratories, AbbVie, Inc., Allergan, Bausch Health Companies Inc., Baxter International Inc., Boehringer Ingelheim GmbH, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche AG, Johnson & Johnson, Merck & Co., Inc., Novartis AG, Pfizer Inc., and Takeda Pharmaceutical Company Limited. Stem cell therapy offers potential opportunities and companies are focusing on developing advanced therapies for IBD treatment. Partnerships with research institutes can help in clinical research to gain more insights on pathophysiology of inflammatory bowel diseases.
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