Gastrointestinal Drugs Market Experiences Growth Due to Preference for Outsourcing Manufacturing Operations, full analysis by Product, Application, Source, Manufacturing, and Geography
NEW YORK, Oct. 28, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the Global Gastrointestinal Drugs Market is observing significant growth owing to the rise in cases of gastrointestinal diseases and strategic initiatives by market players the report runs an in-depth analysis of market trends, key players, and future opportunities. The gastrointestinal drugs market comprises a wide range of drugs used to treat gastrointestinal disorders; the market is expected to register growth during the coming years.
Browse Detailed Analysis: https://www.theinsightpartners.com/reports/gastrointestinal-drugs-market
Overview of Report Findings
Market Growth:
1.Market Growth: The gastrointestinal drugs market is expected to reach US$ 59.71 billion by 2023 from US$ 106.30 billion in 2031; it is anticipated to register a CAGR of 7.5% during the forecast period. Gastrointestinal drugs are medications specifically designed to treat disorders and conditions affecting the digestive system, which includes the esophagus, stomach, intestines, and related organs. These drugs can help manage symptoms, alleviate pain, and treat underlying diseases.
2.Rising Cases of Gastrointestinal Diseases: Common digestive problems include heartburn, inflammatory bowel diseases (IBD), inflammatory bowel syndrome (IBS), gastroenteritis, gastroesophageal reflux disease (GERD), constipation, and diarrhea. Gastrointestinal diseases are common chronic inflammatory conditions that affect an enormous population worldwide. This is due to a sedentary lifestyle, changing dietary habits, and stress, among other factors. Also, the incidence of gastrointestinal diseases is higher in adults, and as the population ages, the disease burden is also expected to increase.
According to the study, "Gastroesophageal Reflux Disease," published in July 2023, GERD is one of the most prevalent diagnosed gastrointestinal conditions, affecting 20% of the people in the US, resulting in major economic burden in direct and indirect costs and adversely impacting the quality of life. Per the same source, the expected prevalence of GERD in the US ranges between 18.1% and 27.8%. Western countries such as the US, Canada, and the UK are witnessing a high gastrointestinal disease incidence rate due to growing obesity among the adult population, along with less consumption of dietary fiber. As per the study, "How Particle's Specialty Search Addresses Different Health Conditions," published in February 2023, digestive diseases rank third among illnesses in overall economic expense in the US, costing an estimated total of US$ 136 billion in annual healthcare expenditures with more hospitalizations than any other condition. In addition, 62 million Americans are diagnosed with digestive disorders each year.
3.Strategic Initiatives by Companies: Companies operating in the gastrointestinal drugs market constantly focus on strategic developments such as product approvals, collaborations, funding, agreements, and new product launches, which help them improve their sales, increase their geographic reach, and improve their capacities to cater to a broader customer base. A few strategic initiatives taken by key players operating in the gastrointestinal drugs market are mentioned below:
- On April 19, 2024, Takeda received US Food and Drug Administration (FDA) approval for ENTYVIO (vedolizumab) subcutaneous administration as a maintenance therapy to treat adults suffering from mild to severe active Crohn's disease. FDA also approved the subcutaneous administration of the same drug in September 2023 for the treatment of adults diagnosed with moderate to severe ulcerative colitis, and it is available as a single-dose prefilled pen in the US.
- In October 2023, Eli Lilly and Company received US FDA approval for Omvoh (mirikizumab) infusion/injection, the first and only interleukin-23p19 (IL-23p19) antagonist for the treatment of moderate to severe ulcerative colitis in adults. Unlike existing treatments, mirikizumab provides relief from a key symptom-bowel urgency-that significantly impacts patients' quality of life.
- In October 2023, Pfizer Inc. received approval for VELSIPITY (etrasimod), an oral, once-daily, selective sphingosine-1-phosphate (S1P) receptor modulator from the US FDA. It is used for the treatment of adults suffering from moderate to severe active ulcerative colitis.
4.Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and APAC. Asia Pacific is expected to register the highest CAGR during the forecast period.
Get Sample Pages in your inbox: https://www.theinsightpartners.com/sample/TIPRE00014758/
Market Segmentation
- Based on drug class, the gastrointestinal drugs market is biologics, antidiarrheal and laxatives, acid neutralizers, anti-inflammatory drugs, antiemetic and antinauseants, and others. The biologics segment held the largest share of the gastrointestinal drugs market in 2023.
- By application, the gastrointestinal drugs market is segmented into irritable bowel syndrome, ulcerative colitis, Crohn's disease, gastroenteritis, celiac disease, and others. The irritable bowel syndrome segment held the largest share of the gastrointestinal drugs market in 2023.
- In terms of route of administration, the gastrointestinal drugs market is divided into oral and parenteral. The oral segment held a larger share of the gastrointestinal drugs market in 2023.
- In terms of distribution channel, the gastrointestinal drugs market is divided into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment held the largest share of the gastrointestinal drugs market in 2023.
- The gastrointestinal drugs market is segmented into five major regions: North America, Europe, APAC, Middle East & Africa, and South & Central America.
Get Sample PDF Copy: https://www.theinsightpartners.com/sample/TIPRE00014758/
Competitive Strategy and Development
- Key Players: A few major companies operating in the gastrointestinal drugs market include Sanofi SA, GSK Plc, Johnson & Johnson, Bausch Health Companies Inc, AstraZeneca Plc, Takeda Pharmaceutical Co Ltd, AbbVie Inc, Bayer AG, Celltrion Inc, and Pfizer Inc.
- Trending Topics: Human Microbiome, Personalized Medicine, Regenerative Medicine, Novel Therapies for IBD, and Biologics and Biosimilars
Global Headlines on Organoid Market
- Akums unveils new formulations for gastrointestinal patients in India.
- Veopoz (pozelimab-bbfg) receives FDA approval as the first treatment for children and adults with CHAPLE disease.
- Teva and Sanofi announce accelerated timeline for Anti-TL1A Phase 2b Program in patients with inflammatory bowel disease.
- Sun Pharma inks pact with Takeda to introduce gastrointestinal drug in India.
Purchase Premium Copy of Gastrointestinal DrugsMarket Growth Report (2021-2031) at: https://www.theinsightpartners.com/buy/TIPRE00014758/
Conclusion
The surging prevalence of gastrointestinal disorders creates the demand for gastrointestinal drugs, which is followed by the increasing development of biologics for the treatment of gastrointestinal disorders. The market players are vigorously involved in constantly developing innovative products and biologics focused on gastrointestinal disorders. Additionally, there is an increasing inclination toward innovative therapies such as personalized medicine, regenerative medicine, and microbiome for the treatment of IBD and other gastrointestinal disorders. Moreover, an increase in research funding for the development of novel drugs and increased use of artificial intelligence-based techniques for the diagnosis of gastrointestinal disorders is expected to amplify the market growth. AI-powered image analysis has the potential to transform the field of diagnostic imaging into gastrointestinal medicine. Researchers can examine medical images, such as CT scans or endoscopic images, to detect and classify abnormalities with high accuracy by using deep learning algorithms, which is likely to bring new trends to the gastrointestinal drugs market in the coming years.
The report from The Insight Partners, therefore, provides several stakeholders-including drug manufacturers, contract research and manufacturing organizations, and healthcare providers-with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
Check out more related reports by The Insight Partners:
Asthma Drugs Market Size and Growth 2031
Late Stage Chronic Kidney Disease Drugs Market Forecast & Growth | 2031
Drugs For Malaria Market Size and Forecasts 2021 - 2031
Endocrine System Drugs Market Size and Forecasts 2021 - 2031
Anti-influenza Drugs Market Size and Forecasts 2021 - 2031
Hypoglycemic Drugs Market Size and Forecasts 2021 - 2031
Veterinary Insulin Drugs Market Size and Forecasts 2021 - 2031
3D Printed Drugs Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Ankit Mathur
E-mail: ankit.mathur@theinsightpartners.com
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/gastrointestinal-drugs-market
Browse more The Insight Partners Pharmaceuticals Industry Research Reports
Logo: https://mma.prnewswire.com/media/2520492/The_Insight_Partners_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/gastrointestinal-drugs-market-size-to-reach-106-30-billion-by-2031--cagr-7-5-the-insight-partners-302288630.html
