According to a report published by Grand View Research, Inc.; the gastrointestinal therapeutics market is expected to reach a valuation of around USD 65.1 billion by 2025.
Rise in cases of gastrointestinal diseases and growing use of adoption of biologics for treatment of gastrointestinal diseases can propel the market during the forecast period (2014 to 2025).
Full Research Report On Gastrointestinal Therapeutics Market Analysis:
Rising geriatric population susceptible to gastrointestinal complaints is a major driving factor for the market. In 2014, colon cancer caused approximately 694,000 deaths, as per statistics provided by WHO. So, increasing efforts by the Centers for Disease Control and Prevention (CDC) to encourage cancer screening across the nation is expected to propel the market. Also, the Division of Cancer Prevention and Control (DCPC) supports National Colorectal Cancer Action Campaign (NCCCP) as well as provides funding to help research studies and execute approaches to control colorectal cancer. This surge in screening efforts is anticipated to increase sales of therapeutics and create more opportunities in the market. Moreover, burgeoning demand for reducing cost of drug development along with administration costs is expected to create growth opportunities for biologics. In addition, development of targeted treatment options has encouraged development of personalized biologics, which is expected to bode well for the market.
Worldwide gastrointestinal therapeutics market can be segmented on the basis of type, route of administration, application, distribution channel, and region.
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Based on type, the market can be classified into branded and generics. In 2016, the branded segment estimated for the largest share. But, segment is expected to reduce its growth due to increasing sales of generics. Generics segment are likely to grow at a lucrative CAGR due to their high cost-efficiency, increasing number of patent expirations, and increasing efforts from government organizations to encourage the use of these drugs in developing countries. Increasing efforts from pharmaceutical companies to develop and launch these drugs due to patent expiration of their branded drugs is expected to support the market growth. As per route of administration, the market can be split into intravenous, oral, and others. The intravenous segment estimated for the major share in 2016 due to benefits associated with IV products. In 2016, oral products segment estimated for the second-largest share due to its high efficacy. But, other route such as intravenous and transdermal consist better bioavailability as compared to oral products, which lead to decline in its use. Additionally, these products are not convenient for patients in younger age groups.
As per application, the market can be split into ulcerative colitis, Crohn’s disease, GERD, and others. The Crohn’s disease segment is expected to show a lucrative gain during the forecast period due to growing prevalence of chronic diseases like cancer and diabetes. On the basis of distribution channel, the market can be bifurcated into retail pharmacies, hospital pharmacies, and online pharmacies.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
In 2016, North America market estimated for the major market share and likely to follow same trend over the projected period. This growth can be associated with chaining lifestyle lead to gastrointestinal diseases, supportive government efforts for prevention and treating gastrointestinal diseases. For instance, the Integrated Global Action Plan for Diarrhea initiated by WHO and UNICEF to control childhood deaths caused due to diarrhea by spreading awareness and providing treatment and preventive measures. Around 1.3 million people are suffering from Inflammatory Bowel Disease (IBD) in U.S., as per estimated by the Centers for Disease Control and Prevention (CDC).
Asia Pacific is expected to be the fastest growing market due to increasing efforts by the major market participants, which include R&D and commercialization of branded drugs at comparatively less price. Additionally, growing development of healthcare infrastructure and increasing need to control occurrence of gastrointestinal disorders can drive the regional market.
Prominent players operating in the market include AbbVie, Inc.; Allergan plc; Valeant Pharmaceuticals; Takeda Pharmaceuticals; and Pfizer.
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