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Digestive and Intestinal Remedies Market Growth Analysis, Share And Forecast 2024-2033
Digestive and Intestinal Remedies Market Growth
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According to The Business Research Company's, The digestive and intestinal remedies market size has grown strongly in recent years. It will grow from $20.51 billion in 2023 to $21.63 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to traditional remedies, lifestyle changes, increased stress levels, dietary shifts, covid-19 impact.
The digestive and intestinal remedies market size is expected to see strong growth in the next few years. It will grow to $27.36 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to healthcare accessibility, global health events, rising health consciousness, ageing population, innovative product development. Major trends in the forecast period include healthcare access, environmental factors, consumer education, regulatory environment, pharmaceutical advancements.
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Market Drivers and Trends:
Growing telemedicine services are expected to boost the growth of the digestive and intestinal remedy market going forward. Telemedicine services refer to the remote delivery of healthcare, medical consultations, and clinical services using telecommunications technology, primarily the Internet and video conferencing tools. The broadened availability of telemedicine services not only provides individuals with digestive and intestinal issues convenient access to healthcare for consultations and advice without physical visits but also fosters early intervention and management of disorders, thereby increasing the demand for relevant remedies and medications. For instance, in October 2022, according to a report published by the Centers for Disease Control and Prevention, a US-based government agency, 37.0% of adults reported having utilized telemedicine services within the previous 12 months in 2021. Notably, women (42.0%) exhibited a higher likelihood of using telemedicine compared to men (31.7%). Moreover, there was a positive correlation between age and telemedicine usage, with the percentage of adults who engaged in telemedicine rising with age. More precisely, the utilization rates rose from 29.4% in adults aged 18-29 to 43.3% in adults aged 65 and above. Therefore, growing telemedicine services is driving the growth of the digestive and intestinal remedy market.
Technological developments and advancements are key trend gaining popularity in the digestive and intestinal remedy market. Major players operating in the digestive and intestinal remedy market are focused on creating innovative technologies to manage and monitor digestive health in the digestive and intestinal remedy market. Recently the market has witnessed the use of breath analyzers to gather clinical condition information related to the digestive system. For instance, In May 2021, Owlstone Medical, a UK-based manufacturer and developer of breathalyzer for disease, launched digestive health breath testing in collaboration with functional gut diagnostics and functional gut clinic, providers of smart solutions for the diagnosis of gut health problems. Individuals can get better control over their digestive health through a simple at-home breath test. In SIBO and Food Intolerance, hydrogen and methane are well-established breath-based indicators. It uses an external substrate to create a precise and biologically relevant measurement of breath.
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Major Key Players of the Market:
Bayer AG, Abbott Laboratories, Bausch Health Companies Inc., CH Boehringer Sohn AG & Co. KG, Eli Lilly and Company, GlaxoSmithKline plc, Jiangzhong Pharmaceutical Co. Ltd., Johnson & Johnson Pvt. Ltd., Menarini Group, Merck Co. & KGaA, Pfizer Inc., Prestige Consumer Healthcare Inc., Procter & Gamble Company, Reckitt Benckiser Group plc, Sanofi SA, Takeda Pharmaceutical Company Limited, AbbVie Inc., Alfa Wassermann and Sigma-Tau, Allergan plc, AstraZeneca plc, Boehringer Ingelheim International GmbH, Daiichi Sankyo Chemical Pharma Co. Ltd., Evoke Pharma Inc., Ipsen SA, Ironwood Pharmaceuticals Inc., Mundipharma, Mylan NV, Norgine Pharmaceuticals Ltd., Novartis AG, Otsuka Pharmaceutical Co. Ltd., Perrigo Company, Recordati S.p.A., RedHill Biopharma Ltd., Ritter Pharmaceuticals Inc., Salix Pharmaceuticals Inc.
Digestive and Intestinal Remedies Market 2024 Key Insights:
• The digestive and intestinal remedies market size is expected to see strong growth in the next few years. It will grow to $27.36 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• The Rise In Gastrointestinal Disorder Cases Fuels Growth In The Digestive And Intestinal Remedy Market
• Technological Innovations In Digestive And Intestinal Remedy Market
• North America was the largest region in the digestive and intestinal remedies market in 2023
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