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Gouty Arthritis Market Outlook Report 2024 | Size, Trends, Analysis, Insights, Overview By 2033
Gouty Arthritis Market Outlook
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According to The Business Research Company's, The gouty arthritis market size has grown strongly in recent years. It will grow from $3.21 billion in 2023 to $3.44 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to the high prevalence of chronic diseases, increased alcohol intake, an increase in the elderly population, growing acceptance of enhanced regeneration therapies, and rising healthcare expenditure.
The gouty arthritis market size is expected to see strong growth in the next few years. It will grow to $4.57 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to improvements in healthcare infrastructure, increased obesity, an increased incidence of gout, and increasing awareness among people. Major trends in the forecast period include growing demand for effective treatment options, regenerative therapies, technological advancements, product launches, and regulatory approvals.
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Market Drivers and Trends:
The increasing prevalence of obesity is expected to propel the growth of the gouty arthritis market going forward. Obesity is a medical disorder characterized by the buildup of extra body fat to the point where it threatens an individual's health and is frequently measured using the body mass index (BMI). The rate of obesity is rising due to increased consumption of high-calorie, processed foods and sedentary lifestyles. Obesity contributes to gouty arthritis by increasing the production of uric acid and reducing the body's ability to excrete it, leading to the accumulation of uric acid crystals in the joints. Additionally, excess body weight places more stress on joints, exacerbating the inflammation and pain associated with gout. For instance, in March 2022, according to the World Health Organization, a Switzerland-based specialized United Nations agency responsible for worldwide public health, around 1 billion individuals, comprising 650 million adults, 340 million teenagers, and 39 million children, were classified as obese, with this figure continuing to rise. Furthermore, the projections indicate that by 2025, approximately 167 million adults and children will suffer health consequences due to excess weight. Therefore, the increasing prevalence of obesity is driving the growth of the gouty arthritis market.
Major companies operating in the gouty arthritis market are increasing their efforts to develop novel products, such as cortrophin gel, to provide more effective and targeted therapies for managing the condition. Cortrophin gel, also known as repository corticotropin injection, is a purified form of the adrenocorticotropic hormone (ACTH). It is used to treat various inflammatory and autoimmune conditions, including gouty arthritis. For instance, in October 2023, ANI Pharmaceuticals, a US-based pharmaceutical company, received approval from the Food and Drug Administration for a new 1-mL vial size of Purified Cortrophin Gel. This product is intended for the adjunctive treatment of certain patients experiencing acute gouty arthritis flares. Cortrophin Gel is currently the only FDA-approved adrenocorticotropic hormone (ACTH) therapy indicated for treating appropriate patients with acute gouty arthritis flares.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Pfizer Inc., Roche Holding AG, Merck & Co. Inc., AbbVie Inc., Bayer AG, Bristol Myers Squibb, AstraZeneca plc, Novartis International AG, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Amgen Inc., Gilead Sciences Inc., Viatris Inc., Teva Pharmaceutical Industries Ltd., Regeneron Pharmaceuticals Inc., Biogen Inc., Vertex Pharmaceuticals Incorporated, UCB S.A., Boehringer Ingelheim International GmbH, Sun Pharmaceutical Industries Ltd., Horizon Therapeutics plc, Dr. Reddy's Laboratories Ltd., Amneal Pharmaceuticals Inc., Lupin Pharmaceuticals Inc.
Gouty Arthritis Market 2024 Key Insights:
• The gouty arthritis market size is expected to see strong growth in the next few years. It will grow to $4.57 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• The Impact Of Obesity On The Gouty Arthritis Market
• Innovative Options In Gouty Arthritis Treatment
• North America was the largest region in the gouty arthritis market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
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LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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