Press release
Gastrointestinal Drugs Market Overview and Forecast up to 2024
As per the research report, the global gastrointestinal drugs market is anticipated to be worth US$61.1 bn by 2024. By drug class, acid neutralizers segment not led in the past, but is also expected to remain in the leading position in the coming years. This is because, acid neutralizers are cost effective and also because the increasing prevalence of gastroesophageal reflux disease (GERD), will drive this segment.
Asia Pacific to Emerge Most Lucrative in Gastrointestinal Drugs Market
On the basis of geography, the global gastrointestinal drugs market is expected to be led by North America. Favorable reimbursement policies, and increasing geriatric population, who are more prone to gastrointestinal disorders, will drive the region’s growth during the forecast period from 2016 to 2024. North America held 41% of the market in 2016. Europe has also been witnessing healthy growth and is anticipated to continue being an attractive region for gastrointestinal drugs market. “The emergence of biosimilars for treating inflammatory bowel diseases will also be a key growth driver for the market in Europe,” says a TMR analyst. However, Asia Pacific is estimated to be the region with maximum opportunities for growth in the coming years. The growing investments and funding in the field of life science research and advanced therapies for the treatment of gastrointestinal diseases in developing nations such as China and India will fuel the growth of the Asia Pacific market.
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Rising Awareness about Availability of Treatment Options Driving Demand for Gastrointestinal Drugs
A report published by World Gastroenterology Organization states that around 15 to 25% of the people across the globe are suffering from gastro-esophageal reflux disease (GERD). This is positively impacting the demand for gastrointestinal drugs. The growing awareness about the disease and the increasing availability of treatment options is boosting the growth of the market. The growing investments in research and development activities for innovation of new drugs will further the growth of the market.
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Unavailability of Permanent Cure to Pose a Challenge for Market Players
The etiology of irritable bowel syndrome (IBS) and inflammatory bowel disease (IBD) remains a mystery and this is expected to hamper the growth of the global gastrointestinal drugs market. The lack of permanent cure for gastrointestinal diseases will also act as a challenge for market players. On the positive side, the consistent technological advancements in the treatment therapies of gastrointestinal diseases are projected to reduce the impact of the aforementioned restraints, states a TMR analyst.
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