Colchicine Market 2020 – Revenue Status & Forecast Report 2027 | Abbott Laboratories, Hikma Pharmaceuticals, Cipla Limited, West Ward Pharmaceutical

According to the current analysis of Reports and Data, the global Colchicine market was valued at USD 553.8 million in 2018 and is expected to reach USD 1.13 billion by the year 2026, at a CAGR of 9.3%. Colchicine is an alkaloid drug preferably used in the treatment of an attack of gout. Gout is usually characterized by joint pain and inflammation and is caused when an excess of uric acid gets accumulated in joints in the form of needle-like crystals in a joint. Gout is nothing but a critical case of inflammatory arthritis.

This report covers the recent COVID-19 incidence and its impact on Colchicine Market. The pandemic has widely affected the economic scenario. This study assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the market.

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Key participants include Abbott Laboratories, Hikma Pharmaceuticals, Cipla Limited, West Ward Pharmaceutical, Takeda Pharmaceuticals America, Inc., Cardinal Health, Major Pharmaceuticals, Excellium Pharmaceutical, Mylan Pharmaceuticals Inc., Odan Laboratories

Increasing incidences of arthritis across the globe and the rising global burden of gout are the major driving factors enhancing the market growth. Arthritis is the primary cause of disability, pain, and ultimately loss of work potential irrespective of age group. In 2017 approximately 54.4 million (25% of the population) American adults diagnosed with arthritis prominently osteoarthritis, rheumatoid arthritis, gout, lupus, and fibromyalgia were constantly growing, and is expected to reach 78 million (26% of the population) the U.S. adults. The rising pace of aging across the globe is rising joint-related disorders such as joint pain, and gouty arthritis is estimated to enhance the growth of colchicine.

For the purpose of this report, Reports and Data has segmented the colchicine market on the basis of dosage formulation, application, end use and region:

Dosage Formulation Outlook (Revenue, USD Million; 2016-2026)

• Tablet
• Capsule
• Solution
• Cream
• Injection
• Others

Application Outlook (Revenue, USD Million; 2016-2026)

• Acute Gout
• Chronic Gout
• Familial Mediterranean Fever
• Gout Prophylaxis
• Actinic Keratosis
• Amyloidosis
• Behcet's Disease
• Pericarditis
• Pseudogout
• Dermatitis Herpetiformis
• Paget's Disease
• Biliary and Hepatic Cirrhosis
• Others

End Use Outlook (Revenue, USD Million; 2016-2026)

• Pediatric
• Adult
• Geriatric

Regional Outlook (Revenue in USD Million; 2016–2026)

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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Further key findings from the report suggest

• Various government organization are engaged in developing the application of colchicine in variety of diseased conditions. For instance, National Institute of Child Health and Human Development in collaboration with National Institute of Diabetes and Digestive and Kidney Diseases and National Heart, Lung, and Blood Institute is developing application of the drug in Non-Diabetic Adults with Metabolic Syndrome

• Favorable funding scenario in the respective industry is expected to be one of the major factor propelling market. For instance, ZonMw (The Netherlands Organisation for Health Research and Development), the Netherlands Heart Foundation, the Australian National Health and Medical Research Council and generic pharma were engaged in developing the colchicine use in medical conditions such as coronary artery disease and other cardiovascular conditions

• Various industry players are focusing on expanding the client reach through various marketing strategies. For instance, Par Pharmaceutical, Inc. (Par) one of the operating company of Endo International plc has started distributing generic version of Takeda Pharmaceutical's Colcrys (colchicine, USP) 0.6 mg tablets in the U.S. market

• During 2019-2026, colchicine market is expected to register a CAGR of 9.9% in Asia Pacific; followed by North America and Europe, with 9.7% and 9.2% CAGR, respectively. High prevalence of gout and related diseases across the globe is the major factor driving the market during the forecast period across all regions.

• The tablet form of colchicine segment dominates the field with highest market share in the year 2018. It is estimated to grow at a CAGR of 9.3% during the forecast period to reach USD 358.07 million by 2026

• Based on application segment, acute gout is expected to account for the CAGR 9.7% of the global colchicine market, as increased demand of masking the odor and taste of the molecule used and to provide sustained release effect

• Asia Pacific is expected to account for the CAGR 9.9% of the global colchicine market. Developing nations such China, and India are likely to witness high growth due to high prevalence of diseases, increased healthcare expenditure and growing R&D investment

• Based on end use adults dominate the total market share of colchicine, as the adults are high prevalent to gout and arthritis followed by geriatric population worldwide

• Allergic reaction encountered due to colchicine use, and availability of alternative treatment options are among the key factors likely to hamper growth of the colchicine market

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Key selling points of this research study

1. The study gives an in-depth evaluation of the evolving competitive scenario that gives the reader/client a competitive edge.

2. It offers a holistic view of all critical aspects boosting or limiting the growth of the sector

3. The market intelligence report derives an eight-year forecast, including historical, contemporary, and potential market prospects, projecting the estimated progress of the market.

4. It aids informed decision-making by offering an exhaustive database of the pivotal market segments and sub-segments.

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