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Crohn's Disease Treatment Market Report 2024 - Crohn's Disease Treatment Market Size, Trends, And Growth
Crohn's Disease Treatment Market
According to The Business Research Company's, The crohn's disease treatment market size has grown strongly in recent years. It will grow from $11.82 billion in 2023 to $12.6 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to increased disease prevalence, advancements in diagnostic techniques, biological therapies adoption, patient awareness and education, clinical research and development.
The crohn's disease treatment market size is expected to see strong growth in the next few years. It will grow to $16.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to personalized medicine approaches, biologics market expansion, evolving treatment guidelines, increased healthcare spending, collaborative research efforts.. Major trends in the forecast period include telemedicine for patient management, research on immune modulation strategies, patient-centric care models, integration of digital health solutions.
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Market Drivers and Trends:
The increase in the prevalence of inflammatory bowel disorders is expected to propel the growth of the Crohn's disease treatment market going forward. Inflammatory bowel disorders refer to a group of chronic conditions involving gastrointestinal tract inflammation. It can cause inflammation and damage to any part of the digestive system, from the mouth to the anus. Crohn's disease helps by decreasing the inflammation of the intestine, to prevent flare-ups of symptoms, and to keep in remission. For instance, in April 2020, according to a survey by the American Gastroenterological Association covering 33 countries on six continents regarding the prevalence of and factors associated with functional gastrointestinal disorders, among the 73,076 adult respondents, more than 40% of persons worldwide have Functional gastrointestinal disorders (FGIDs), which affect the quality of life and health care use. Therefore, the increase in the prevalence of inflammatory bowel disorders is driving the growth of the Crohn's disease treatment market.
Product innovation is the key trend gaining popularity in the Crohn's disease treatment market. Major companies operating in the Crohn's disease treatment sector are focused on developing innovative products to strengthen their position in the market. For instance, in May 2023, AbbVie Inc., a US-based pharmaceutical company, received Rinvoq (upadacitinib) approval from U.S. Food and Drug Administration (FDA). Rinvoq is indicated for treating moderate to highly active Crohn's disease. Rinvoq's efficacy and safety were assessed in two randomized induction studies, CD-1 (NCT03345836) and CD-2 (NCT03345849), involving 857 patients with moderately to highly active Crohn's disease.
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Major Key Players of the Market:
AbbVie Inc.; AstraZeneca plc; Boehringer Ingelheim GmbH; Celgene Corporation; Eli Lilly and Company; Janssen Pharmaceuticals; Pfizer Inc.; Takeda Pharmaceutical Company Limited; Biogen Inc.; Bristol-Myers Squibb Company; Galapagos NV; Gilead Sciences Inc.; Novartis AG; Sanofi S.A.; Union Chimique Belge; Astellas Pharma Inc.; F. Hoffmann-La Roche Ltd.; Vertex Pharmaceuticals Incorporated; Teva Pharmaceutical Industries Ltd.; Merck & Co. Inc.; Regeneron Pharmaceuticals Inc.; Mylan N.V.; Glenmark Pharmaceuticals; Tillotts Pharma AG; Dr. Falk Pharma GmbH; Shire Pharmaceuticals; Salix Pharmaceuticals; Prometheus Laboratories Inc.; Arena Pharmaceuticals Inc.
Crohn's Disease Treatment Market 2024 Key Insights:
• The crohn's disease treatment market will grow to $16.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Rising Tide Of Inflammatory Bowel Disorders Drives Crohn'S Disease Treatment Market
• Product Innovation Propels Crohn's Disease Treatment To New Heights
• North America was the largest region in the global Crohn's disease treatment market in 2023, and is expected to be the fastest-growing region in the forecast period
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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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