Published Date: 20-Jan-2023
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According to a new report, published by KBV research, The Global Gastrointestinal Therapeutics Market size is expected to reach $45.9 billion by 2028, rising at a market growth of 3.8% CAGR during the forecast period.
The Generics segment is showcasing a CAGR of 4.4% during (2022 - 2028). This is because a generic drug is a medication created to be the same as an already marketed brand-name drug in strength, safety, dosage form, quality, intended use, and the route administration of the drugs. The similarities help to demonstrate bioequivalence, which means that the generic medications work similarly to their branded counterparts without spending too much capital. Therefore, surging the segment’s growth.
The Retail Pharmacies segment acquired maximum revenue share in the Global Gastrointestinal Therapeutics Market by Distribution Channel in 2021 thereby, achieving a market value of $21.8 billion by 2028. This is due to the factors like increasing demand for OTC drugs, laxative preparations, and unhygienic dietary plans may lead to an upset stomach. There is also an increase in the adoption and approval of oral medications for IG disorder treatment, and the availability of novel drugs further enhances the market segment’s growth.
The Oral & Others segment has shown the growth rate of 4.1% during (2022 - 2028). This is attributed to the increasing usage of oral drugs, affordability, and ease of administration. There is also an increase in the approval of novel oral medications and a robust pipeline of oral medicines for the treatment of various gastrointestinal diseases, which is expected to fuel the segment's growth in the forecasted period.
The Ulcerative Colitis segment is exhibiting a CAGR of 4.8% during (2022 - 2028). This is because of the easy availability of drugs for Ulcerative Colitis (UC), increasing product approvals, and the rising clinical urgency to curb the prevalence of ulcerative colitis. The increase in the disease is due to poor prognosis and unhealthy diet intake. Also, many major market players are working on developing a novel drug for UC treatment, thus aiding in the market segment's growth.
The Biologics/Biosimilar segment is generating highest revenue share in the Global Gastrointestinal Therapeutics Market by Drug Class in 2021 thereby, achieving a market value of $19.3 billion by 2028. This is because of the high prescription rate of biologic & biosimilar preparations and the increased effectiveness of medication in treating gastrointestinal disorders like ulcerative colitis, GRED, Crohn’s disease, and various other diseases are expected to drive the segment’s growth over the course of forecasted period.
The North America market dominated the Global Gastrointestinal Therapeutics Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $16 billion by 2028, growing at a CAGR of 2.6 % during the forecast period. The Europe market is expected to witness a CAGR of 3.2% during (2022 - 2028). Additionally, The Asia Pacific market is expected to witness a CAGR of 4.7% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Abbott Laboratories, AbbVie, Inc., Takeda Pharmaceutical Company Limited, Pfizer, Inc., Salix Pharmaceuticals, Inc. (Bausch Health Companies, Inc.), Johnson & Johnson (Janssen Global Services, LLC), AstraZeneca PLC, Bayer AG, Sun Pharmaceutical Industries Ltd., and Cipla Limited.
By Distribution Channel
By Route of Administration
By Drug Class
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