by The global Inflammatory Bowel Disease Market is estimated to be valued at US$ 2004.71 Mn or Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Inflammatory bowel disease refers to chronic inflammatory conditions of the colon and small intestine including ulcerative colitis and Crohn’s disease. The causes of IBD are still unknown but may result from genetic and environmental factors. IBD medications aim to induce and maintain remission as well as improving quality of life by controlling symptoms like abdominal pain, severe diarrhea, fatigue and weight loss.
Market key trends:
One of the key trends in the IBD market is the growing awareness for the disease. Organizations such as Crohn’s and Colitis Foundation are working towards increasing awareness about symptoms, treatment options and importance of early diagnosis through patient education programs and public awareness campaigns. This is resulting in increased cases being reported. Development of novel targeted therapies and biologics is another trend driving the market growth. Biologics offering disease specific treatments with lesser side effects have gained popularity. With substantial research investments, many new biologics are in pipeline which can widen treatment choices and further fuel the market growth over the forecast period.
SWOT Analysis
Strength: The growing prevalence of inflammatory bowel diseases such as ulcerative colitis and Crohn’s disease among the global population presents a significant opportunity for market players.
Weakness: High treatment costs associated with inflammatory bowel disease management can limit the affordability of treatment options for many patients.
Opportunity: Rising healthcare expenditure in developing economies is creating new growth avenues for manufacturers. Furthermore, development of novel targeted drug therapies provide lucrative prospects.
Threats: Stringent regulatory framework for drug approval and increasing usage of generic drugs may threaten the sales of leading brands to a certain extent. Patent expirations of key drugs also introduces competition from biosimilars.
Key Takeaways
The Global Inflammatory Bowel Disease Market Size is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing prevalence of inflammatory bowel diseases and rising healthcare spending.
Regional analysis: North America holds the major share in the global inflammatory bowel disease market and is expected to continue its dominance over the forecast period. This can be attributed to the high incidence of inflammatory bowel diseases and advanced healthcare infrastructure in the region. However, Asia Pacific region is anticipated to exhibit fastest growth owing to improving access to diagnosis and treatment in developing countries of the region.
Key players operating in the inflammatory bowel disease market are Johnson & Johnson Services Inc., AbbVie Inc., Takeda Pharmaceutical Company Ltd., UCB Pharma S.A., Pfizer Inc., Bristol Myers Squibb Co., Roche Holding AG, GlaxoSmithKline Plc, Eli Lilly & Company, and Novartis International AG. Companies are investing in development of new targeted drug formulations to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
