Global Gastrointestinal Drugs Market: Snapshot
The rising prevalence of gastrointestinal diseases across the world is the main factor behind the growth of the global gastrointestinal drugs market. According to the World Gastroenterology Organization, the prevalence of gastroesophageal reflux disease (GERD), worldwide, is approximately 15% to 25%, and the pace of incidence is also quite high. This, as a result, is impacting the demand for gastrointestinal drugs greatly.
Apart from this, the increasing investments in research activities for the development of these drugs and the growing awareness about the availability of the treatments are also adding substantially to the growth of this market. In addition to this, the technological advancements in the treatment therapies are likely to boost this market remarkably in the near future. The overall opportunity in the global gastrointestinal drugs market was worth US$45.5 bn in 2015. Expanding at a CAGR of 4.90% between 2016 and 2024, it is estimated to reach US$61.6 bn by the end of 2024.
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Rise in Geriatric Population to Ensure Dominance of North America
Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa are the main geographical segments of the worldwide market for gastrointestinal drugs. North America has emerged as the leading regional market for gastrointestinal drugs across the world. Thanks to the presence of consumer-friendly reimbursement policies for the treatment of chronic diseases, it acquired a share of more than 41% in 2016 in the overall market. With the rising number of elderly people, who are prone to gastrointestinal diseases, the North America market for gastrointestinal drugs is likely to maintain its lead over the forthcoming years.
Europe held the second position in the global gastrointestinal drugs market in 2016 and is anticipated to continue being in this position in the near future. The advent of biosimilars for patent-protected brands available for the treatment of inflammatory bowel disease is anticipated to work in the favor of the gastrointestinal drugs market in Europe over the next few years.
Asia Pacific is expected to surface as the most lucrative market for gastrointestinal drugs among others in the years to come. The improvement in the medical and healthcare infrastructure, rise in the private and public investments in life sciences research, and the technological advancements in the treatments of gastrointestinal diseases in emerging economies, such as India and China, are projected to propel the Asia Pacific gastrointestinal drugs market to great extents in the future.
Acid Neutralizers to Witness Continued High Demand
Acid neutralizers, antiemetic and antinauseants, antidiarrheal and laxatives, anti-inflammatory drugs, and biologics are the key drug classes of gastrointestinal drugs. Thanks to the rising prevalence of gastroesophageal reflux disease (GERD), the demand for acid neutralizers has been higher than other gastrointestinal drugs across the world. Owing to its cost efficiency, the segment is likely to maintain the pace of demand over the forthcoming years.
Abbott Laboratories, Allergan Plc, AstraZeneca, Bayer AG, Boehringer Ingelheim GmbH, GlaxoSmithKline Plc., Janssen Biotech Inc., Sanofi, Takeda Pharmaceutical, and Valeant Pharmaceuticals Inc. are some of the leading players in the global gastrointestinal drugs market.
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