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Viral Gastroenteritis Market Share, Statistics, Trends And Forecast To 2033
Viral Gastroenteritis Market
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According to The Business Research Company's, The viral gastroenteritis market size has grown strongly in recent years. It will grow from $6.34 billion in 2023 to $6.7 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to prevalence of viral infections, global hygiene practices, advancements in diagnostics, global travel and tourism, climate and environmental factors.
The viral gastroenteritis market size is expected to see steady growth in the next few years. It will grow to $8.1 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to global health preparedness, climate change impact, one health approach, epidemiological surveillance systems, education and public awareness. Major trends in the forecast period include vaccine development, advanced diagnostics, telemedicine in diagnosis, collaborative research initiatives, personalized medicine approaches, digital health solutions.
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Market Drivers and Trends:
The increasing prevalence of gastrointestinal disorders is expected to propel the growth of the viral gastroenteritis market going forward. Gastrointestinal (GI) disorders refer to a disease that occurs within or on any part of the gastrointestinal tract. Viral gastroenteritis drugs and diagnosis treatments help people suffering from the illness with proper and appropriate medication. For instance, in October 2021, according to a survey report across 33 countries among 73,076 adults by Bodibio, a US-based fitness and wellness company, 40% of those surveyed had a functional gastrointestinal disorder, including all the variations of functional dyspepsia, irritable bowel syndrome, functional constipation, and others. Therefore, the increasing prevalence of gastrointestinal disorders is driving the growth of the viral gastroenteritis market.
Product innovation is the key trend gaining popularity in the viral gastroenteritis market. Major companies operating in the viral gastroenteritis market are focusing on developing new products to strengthen their position in the market. For instance, in November 2022, GlaxoSmithKline plc, a UK-based biopharmaceutical company, received approval from the US Food and Drug Administration (FDA) for its oral-dosing applicator-only presentation (liquid formulation) of ROTARIX to prevent rotavirus gastroenteritis in infants. This new presentation formulation becomes more convenient for healthcare providers by eliminating the need to reconstitute the vaccine dose at the point of use. The approval is supported by international clinical trial data demonstrating safety and tolerability compared to the lyophilized formulation and non-inferiority of immunogenicity.
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Major Key Players of the Market:
Pfizer Inc., Abbvie Inc., Bayer AG, Sanofi S.A., AstraZeneca Plc., Abbott Laboratories, GlaxoSmithKline Plc., Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Amgen Inc., C.H. Boehringer Sohn AG & Co. KG, Daiichi Sankyo Company Limited, Regeneron Pharmaceuticals Inc., Mylan N.V., Astellas Pharma Inc., Fresenius Kabi AG, Bausch Health Companies Inc., Alexion Pharmaceuticals Inc., Horizon Therapeutics Plc, Dr. Reddy's Laboratories Ltd., BioMarin Pharmaceutical Inc., Lupin Limited, Zydus Lifesciences Limited, Alkem Laboratories Ltd, Ironwood Pharmaceuticals Inc, ANI Pharmaceuticals Inc., Merck Sharp & Dohme Corp., Allergan plc, Haustus Biotech Private Limited, Gracia Lifesciences India Private Limited
Viral Gastroenteritis Market 2024 Key Insights:
• The viral gastroenteritis market size is expected to see steady growth in the next few years. It will grow to $8.1 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
• Rising Prevalence Of Gastrointestinal Disorders To Drive Market Growth
• Product Innovations Transforming The Viral Gastroenteritis Market
• North America was the largest region in the viral gastroenteritis market in 2023
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