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Gout Therapeutics Market Size, Share And Analysis Report 2024-2033
Gout Therapeutics Market Size
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According to The Business Research Company's, The gout therapeutics market size has grown rapidly in recent years. It will grow from $2.54 billion in 2023 to $2.86 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to increased prevalence of gout, changed lifestyle and dietary patterns, high blood pressure and diabetes prevalence, development of xanthine oxidase inhibitors, patient education initiatives.
The gout therapeutics market size is expected to see rapid growth in the next few years. It will grow to $4.41 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to rising healthcare expenditure, advancements in drug delivery systems, emerging novel therapies, government initiatives for chronic disease management, patient advocacy and support groups. Major trends in the forecast period include innovative drug development, novel drug approvals, personalized medicine approaches, telehealth services for gout management, research in urate-lowering therapies.
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Market Drivers and Trends:
The rising occurrence of gout is expected to propel the growth of the gout therapeutics market going forward. Gout refers to an inflammatory arthritis condition that causes pain and swelling in joints. Gout therapeutics treat and relieve pain, swelling, and tenderness in joints. As a result, the rising occurrence of gout is expected to boost sales in the gout therapeutics market. For instance, in September 2022, according to reports from the National Health Service, a UK-based publicly funded healthcare system, 250,000 new cases of gout were recorded between 2021 and 2022 in British hospitals, a 20% rise from the previous three years. Therefore, the rising incidence of gout is driving the growth of the gout therapeutics market.
Product innovation is the key trend gaining popularity in the gout therapeutics market. Major companies operating in the gout therapeutics market are developing innovative treatments to sustain their position in the market. For instance, in August 2022, Synlogic Inc., a US-based pharmaceutical company, launched SYNB2081, a new drug candidate for gout treatment. The SYNB2081 is a synthetic biotic designed to lower uric acid. It is the second clinical drug candidate developed through a research collaboration between Synlogic and Ginkgo, a US-based biotech company.
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Major Key Players of the Market:
AbbVie Inc., Sanofi-Aventis, AstraZeneca plc, LG Chem Ltd., GlaxoSmithKline Plc, Takeda Pharmaceuticals Co. Ltd., Boehringer Ingelheim International GmbH, Regeneron Pharmaceuticals Inc., Astellas Pharma Inc., Sandoz, Eisai Co. Ltd., Horizon Pharma Plc, Jiangsu HengRui Medicine Co. Ltd., Hikma Pharmaceuticals plc, Swedish Orphan Biovitrum AB, JW Pharmaceutical Corp, Lannett Company Inc, BioCryst Pharmaceuticals Inc., Selecta Biosciences Inc., Rigel Pharmaceuticals Inc., Avion Pharmaceuticals LLC, Protalix BioTherapeutics Inc., Teijin Pharma Limited, Romeg Therapeutics LLC., CymaBay Therapeutics Inc., GeneScience Pharmaceuticals Co. Ltd., Shanton Pharma
Gout Therapeutics Market 2024 Key Insights:
• The gout therapeutics market size is expected to see rapid growth in the next few years. It will grow to $4.41 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%.
• Growing Prevalence Of Gout Fuels Expansion In The Gout Therapeutics Market
• Innovative Treatments Shape The Landscape Of Gout Therapeutics Market
• North America was the largest region in the gout therapeutics market in 2023
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