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Gastroparesis Drugs Market: Size, Share, Trends, and Forecast for 2024-2033
Gastroparesis Drugs Global Market Report 2024
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According to The Business Research Company's, The gastroparesis drugs market size has grown strongly in recent years. It will grow from $5.09 billion in 2023 to $5.39 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to side effects of existing treatments, gastrointestinal motility research, clinical need, patient advocacy, and regulatory support.
The gastroparesis drugs market size is expected to see strong growth in the next few years. It will grow to $6.81 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to the increasing prevalence of diabetes, the aging population, rising awareness and diagnosis rates, increase in healthcare expenditure, and government and private funding. Major trends in the forecast period include advancements in gastroenterology, improved diagnostic techniques, technological innovations, research funding, and collaborative research efforts.
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Market Drivers and Trends:
Major companies operating in the gastroparesis drugs market are focusing on introducing innovative drugs, such as Gimoti (metoclopramide) nasal spray, to gain a competitive edge in the market. Gimoti (metoclopramide) nasal spray is a medication used to treat symptoms of gastroparesis in adults, improving stomach emptying by enhancing gastrointestinal motility. It bypasses the gastrointestinal tract and is absorbed directly into the bloodstream through the nasal mucosa. For instance, in April 2022, Evoke Pharma Inc., a US-based pharmaceutical company, announced that the U.S. Food and Drug Administration (FDA) had granted new drug product exclusivity for GIMOTI (metoclopramide) nasal spray. This exclusivity gives Evoke exclusive marketing rights for three years from the original approval date under the Hatch-Waxman Act, protecting the product from generic competition.
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Major Key Players of the Market:
Pfizer Inc., AbbVie Inc., Bayer AG, Sanofi SA., AstraZeneca plc, Abbott Laboratories, GSK plc, Takeda Pharmaceutical Inc., Teva Pharmaceutical Inc., Otsuka Pharmaceutical Co. Ltd., Bausch Health Companies Inc., Eisai Co. Ltd., Evoke Pharma Inc., Cadila Pharmaceuticals, Cipla Ltd., Neurogastrx Inc., Ipca Laboratories Ltd., ANI Pharmaceuticals Inc., Salix Pharmaceuticals Inc., Vanda Pharmaceuticals Inc., Theravance Biopharma Inc, Rhythm Pharmaceuticals Inc., Processa Pharmaceuticals Inc., Aclipse Therapeutics LLC, ETX Pharma Inc.
Gastroparesis Drugs Market 2024 Key Insights:
• The gastroparesis drugs market size is expected to see strong growth in the next few years. It will grow to $6.81 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Increasing Prevalence Of Diabetes Fuels Growth In The Gastroparesis Drugs Market
• Development Of Innovative Gastroparesis Treatment
• North America was the largest region in the gastroparesis drugs market in 2023
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