Gastrointestinal drugs market set to reach $61.6 billion by 2024
The rise of diseases such as inflammatory bowel syndrome is projected to drive the global gastrointestinal drugs market in the upcoming years.
According to a new research report by Transparency Market Research, the global gastrointestinal drugs market is expected to grow at a compound annual growth rate (CAGR) of 4.9 percent during the forecast period 2016 to 2024. The market was estimated to be worth $45.5 billion in 2015 and the same is expected to reach $61.6 billion by 2024.
The rise in research and development activities to enhance drug development is projected to drive the global gastrointestinal drugs market, as well as the rising awareness about the disease and the availability of treatment. Also, emerging generic drugs due to its cost-effectiveness and the rising prevalence of diseases such as irritable bowel syndrome are expected to be major factors attributed to the expansion of the global gastrointestinal drugs market.
Development in biologics and a rising number of rectal related diseases are likely to surge the global gastrointestinal drugs market. Alternatively, the rising number of tumours and surgeries is thought to drive the growth in the market in the upcoming years. Further, the availability of generic medicines across the retail market segment is projected to strengthen the global prospects for gastrointestinal drugs.
Furthermore, an increasing geriatric population, changing lifestyles and eating habits are expected to expand the global gastrointestinal drugs market. Fast food eating is likely to pave the way to the gastrointestinal disorder, aiding the growth in this market.
In regards to region, North America is supposed to hold the largest share in the market in this market during the forecast period. The reason for the growth can be attributed to favourable existing reimbursement policies. Additionally, increasing lifestyle diseases amplify the growth in this region.
Also, a large number of geriatric population in North America is anticipated to add growth avenues in the upcoming years.