Novel Therapies for Ulcerative Colitis Patients

"The Business Research Company recently released a comprehensive report on the Global Ulcerative Colitis Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The ulcerative colitis market size has grown strongly in recent years. It will grow from $6.84 billion in 2023 to $7.35 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to prevalence of ulcerative colitis, innovations in drug development, biologics and targeted therapies, improved treatment guidelines, patient advocacy and support groups.

The ulcerative colitis market size is expected to see strong growth in the next few years. It will grow to $9.48 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to advancements in telemedicine, focus on early intervention, biosimilars market growth, research in gut microbiome, emergence of novel therapies. Major trends in the forecast period include patient-centric approaches, global collaborations in research, integration of digital health solutions, innovations in drug delivery, topical and localized therapies.

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Market Drivers and Trends:

The increasing healthcare expenditure is expected to propel the growth of the ulcerative colitis market going forward. Health expenditure refers to all spending for health-related services, family planning activities, nutrition activities, and emergency help, but excludes expenses for drinking water and sanitation. Increased healthcare spending can benefit ulcerative colitis sufferers by improving access to medical care and therapies. Hospitalization for ulcerative colitis can be significant, and hospital readmissions for flares can result in higher mortality and healthcare costs. For instance, in March 2022, according to the 2021-2030 National Health Expenditure (NHE) report published by the Centers for Medicare & Medicaid Services, a US-based Department of Health and Human Services department, the annual increase in national health spending was predicted to average 5.1% between 2021 and 2030, reaching approximately $6.8 trillion by 2030. Additionally, throughout the period 2021-2030, Medicare expenditures are expected to expand at a 7.2% annual rate, while Medicaid spending is expected to grow at a 5.6% annual rate. Therefore, increasing healthcare expenditures are driving the growth of the ulcerative colitis market.

Technological advancements are a key trend gaining popularity in the ulcerative colitis market. Companies operating in the ulcerative colitis market are adopting new technologies to sustain their position in the market. For instance, in March 2023, Clario ERT Inc., a US-based healthcare research and technology firm, and GI Reviewers LLC, a US-based pharmaceutical reviews and assessment organization, along with RSIP Vision, an ISRAEL-based software company, released their innovative and human-level AI technology-based rating system to improve efficiency and consistency of inflammatory bowel disease (IBD) scoring, such as ulcerative colitis (UC) and Crohn's disease scoring. The method is projected to enhance the repeatability of colonoscopy video scoring, streamline workflow by reducing the time necessary for a human expert reader to score, and, eventually, boost recruitment and lower clinical trial expenses. The performance of algorithms, as measured by the Kappa metric technology, was shown to be equivalent to that of human reviewers. The algorithm was trained on hundreds of films from various sites and devices, comprising over 100,000 photos, all of which were assessed by an expert gastroenterologist.

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Major Key Players of the Market:

Abbott Laboratories; AbbVie Inc.; Ajinomoto Co. Inc.; AstraZeneca plc; Bausch Health Companies Inc.; Eli Lilly and Co.; Johnson & Johnson; Index Pharmaceuticals Holdings AB; GlaxoSmithKline plc; Merck & Co. Inc.; Novartis AG; Pfizer Inc.; Sanofi S.A.; Allergan plc; Bayer AG; BioLineRx Ltd.; Celgene Corporation; Bristol Myers Squib Company; Takeda Pharmaceutical Company Limited; Genentech Inc.; UCB S.A.; Protagonist Therapeutics; Shire plc; Warner Chilcott; Prometheus Laboratories Inc.; Cosmo Pharmaceuticals; Dr. Falk Pharma GmbH; Tillotts Pharma AG; Ferring Pharmaceuticals Inc.; Salix Pharmaceuticals Inc.

Ulcerative Colitis Market 2024 Key Insights:

• The ulcerative colitis market will grow to $9.48 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Fueling Growth Ulcerative Colitis Market Expands With The Surge In Healthcare Expenditure
• Revolutionizing IBD Diagnosis Clario Ert Inc., Gi Reviewers Llc, And Rsip Vision Unveil AI Technology For Enhanced Ulcerative Colitis Scoring
• North America was the largest region in the ulcerative colitis market in 2023

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