Gastrointestinal diseases are quite common all over the globe, and various treatments are available to tackle these health issues. One such way is the proper administration of a variety of drugs, thereby constituting a distinct gastrointestinal drugs market from a global perspective.
This market is mainly being driven due to rapidly progressing interests in research activities happening in drug development-based activities all over the globe. Moreover, cases of such ailments are quite common in old-aged people, and a rising geriatric population is also increasing the demand of such drugs. In addition, changing lifestyles, unhealthy eating habits, and increasing levels of stress also are key factors driving growth in the global gastrointestinal drugs market. With innovative advancements occurring in the techniques implemented for curing such issues at a steady pace, the global gastrointestinal drugs market is anticipated to register splendid revenue in the years to come.
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As per expert analysts, the global gastrointestinal drugs market is foretold to clock revenue valuation of US$61.6 bn by 2024, which is a decent increase from an initial valuation of US$45.5 bn clocked in 2015. This growth is prophesized to occur at a healthy CAGR of 4.90% during the forecast period from 2016 to 2024.
Acid Neutralizers Come Out as Winning Segment in the Market
The global gastrointestinal drugs market is segregated into various segments on the basis of various criteria such as drug class, route of administration, disorder type, distribution channel, and regional spread. Under drug class, acid neutralizers, anti-diarrheal and laxatives, antiemetic and anti-nauseants, anti-inflammatory drugs, biologics, and antispasmodic, are key segments. Acid neutralizers are further subdivided into antacids, h2 antagonists, and proton pump inhibitors, in the form of sub-segments. In terms of administration route, oral, parenteral and rectal make up for the gastrointestinal drugs market. Under disorder type, gastro-esophageal reflux disease, inflammatory bowel disease, and irritable bowel syndrome, are prime illness types that require the administration of drugs. Whereas, the drugs are sold through three key distribution channels: hospital pharmacies, retail pharmacies, and online pharmacies.
Among all the drug classes, a rising demand for prevention of gastroesophageal reflux disease (GERD) has led to an increasing use of acid neutralizers. In this way, the acid neutralizers segment holds a dominant position in the global gastrointestinal drugs market. Moreover, the cost efficiency of such neutralizers too has contributed towards the segment’s splendid growth and presence in the market. Even in future, compared to other segments present under the drug class criteria, acid neutralizers are expected to continue gaining extensive revenue for the global gastrointestinal drugs market.
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Region-wise, the global gastrointestinal drugs market is spread across North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Of these, North America occupies the primary slot in terms of revenue generation in the market. This is mainly due to the presence of favorable reimbursement policies in this region, which are highly beneficial for the welfare of those affected by gastrointestinal issues. Moreover, rapidly increasing instances of various chronic diseases, wherein gastrointestinal problems might exist as a key symptom, also is a prime factor responsible for the market’s progress in North America. To be specific, the region had registered a share of more than 41% in 2016, compared to other regions. With a surge in the number of old-aged people present in North America, the sales of gastrointestinal drugs are prophesized to rapidly increase in the near future.
In terms of the vendor landscape, Abbott Laboratories, Allergan Plc, AstraZeneca, Bayer AG, Boehringer Ingelheim GmbH, GlaxoSmithKline Plc., Janssen Biotech Inc., Sanofi, Takeda Pharmaceutical, and Valeant Pharmaceuticals Inc. are chief players operating in the global gastrointestinal drugs market.
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Augmented Research and Development Activities to Boost Gastrointestinal Drugs Market
Gastrointestinal disorders are quite prevalent all over the world and there are a variety of medications and treatment methods available to address these health problems. One such method is proper drug administration, which has resulted in the development of a distinct gastrointestinal drugs industry on a global scale. This factor is likely to favour development of the global gastrointestinal drugs market in the years to come.
This demand is primarily motivated by the increasingly growing interest in drug development-related research activities taking place all over the world. Furthermore, such diseases are very prevalent in the elderly, and the need for such medicines is growing as the geriatric population grows. In addition, evolving diets, unhealthy dietary patterns, and the stress levels are all contributing to the expansion of the global gastrointestinal drugs market. With constant developments in the procedures used to treat such problems, the global gastrointestinal drugs market is expected to grow significantly in the coming years.
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High Prevalence of GI Problems in the Geriatric Population to Spur Market Growth
The rising prevalence of gastrointestinal diseases around the world is a major factor in the gastrointestinal drugs market's growth. On the other hand, heavy funding, especially in scientific research for the expansion and advancement of these medicines, as well as increasing awareness about the efficacy of the therapies as well as the healing process, are significantly contributing to the growth of the market. In addition, technical advancements in the treatment process are expected to propel this market forward significantly in the coming years. The demand for these drugs is expected to rise due to an increase in the number of patients struggling with GI disorders as a result of dietary changes.
North America is expected to become the world's most active geographic market for gastrointestinal medicines. It is expected to gain a sizable chunk of the gastrointestinal drugs market in the coming years as a result of customer-friendly payment programmes for the treatment of chronic syndromes or diseases. Because of the increasing number of elderly people who are vulnerable to gastrointestinal diseases, North America is expected to maintain its dominance in the gastrointestinal drugs market.
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