by Inflammatory Bowel Disease (IBD) refers to chronic inflammation of the digestive tract that includes both Ulcerative Colitis and Crohn’s disease. IBD causes recurring episodes of diarrhea, abdominal pain, fatigue, and weight loss. The precise cause of IBD is unknown, but it is believed to result from an abnormal response by the immune system to intestinal bacteria in a genetically susceptible individual. Current treatment options include aminosalicylates, corticosteroids, immunosuppressants, and biologics.
The global Inflammatory Bowel Disease Market is estimated to be valued at US$ 17.4 billion 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.
The global Inflammatory Bowel Disease Market is primarily driven by the rising adoption of novel therapeutics such as biologics and biosimilars. Biologics drugs have revolutionized IBD treatment, allowing remission in patients previously unresponsive to conventional therapies. The approval of biosimilars has also increased treatment access and affordability. Additionally, the increasing IBD disease burden worldwide due to rising risk factors such as smoking, appendectomy, and diet is further fueling market growth.
Market Dynamics:
One of the key drivers for the Inflammatory Bowel Disease Market is the rising adoption of novel therapeutics. Biologics have become the first-line treatment option for patients with moderate to severe cases of IBD due to their superior efficacy compared to conventional drugs. The approval of affordable biosimilars has also boosted biologics usage. Furthermore, a strong pipeline of novel drug candidates, including JAK inhibitors, provides promising treatment alternatives and thus drives market revenue.
Segment Analysis
The inflammatory bowel disease market is dominated by the ulcerative colitis sub-segment. Ulcerative colitis holds a share of nearly 60% of the global inflammatory bowel disease market owing to the high prevalence of the disease across the world. Ulcerative colitis affects the innermost lining of the large intestine and rectum which leads to long lasting inflammation and ulcers in the digestive tract.
PEST Analysis
Political: The governments across various countries are increasing funding for research activities related to inflammatory bowel diseases which is promoting drug development for these conditions. Various initiatives are being taken to raise awareness about these disorders.
Economic: The rising healthcare expenditure and growing disposable incomes are facilitating the demand for advanced treatment options for inflammatory bowel diseases. The high cost of biologics also contributes significantly to the market revenue.
Social: Non-profit patient advocacy organizations play an important role in educating people about inflammatory bowel diseases and their management. The social stigma associated with bowel problems is reducing which is encouraging patients to seek timely treatment.
Technological: Novel drug delivery systems and biologics with targeted mechanisms of action are being introduced to achieve better therapeutic outcomes. Advancements in IBD diagnostics through biomarker research and imaging techniques are also supporting early detection and customized treatmentplanning.
Key Takeaways
Global Inflammatory Bowel Disease Market Size is expected to witness high growth over the forecast period supported by the increasing disease prevalence worldwide.
Regional analysis: Europe is projected to be the second largest as well as the fastest growing regional market for inflammatory bowel disease. This can be attributed to rising research initiatives for IBD therapies along with favorable government support and reimbursement policies for innovative drugs.
Key players: Key players operating in the inflammatory bowel disease market are Johnson & Johnson, AbbVie, Takeda Pharmaceutical, Roche, Eli Lilly and Company, Bristol-Myers Squibb, Pfizer, Merck & Co. Johnson & Johnson has several approved drugs for ulcerative colitis and Crohn’s disease in its product portfolio. AbbVie dominates the market with its blockbuster biologic – Humira, used widely for both the conditions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
