Market Overview:
Gastritis is inflammation or irritation of the lining of the stomach. It causes damage to the gastric mucosa, resulting in erosion and bleeding. Gastritis treatment includes medications such as anti-ulcer drugs, proton pump inhibitors and H2 blockers. These drugs help reduce stomach acid production and protect stomach lining from further damage.
The global Gastritis Treatment Market is estimated to be valued at US$ 131.76 Billion in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the gastritis treatment market includes rising approval and launch of novel drugs for treatment. For instance, in 2021, Daewoong Pharmaceutical received FDA approval for Welireg (Minodronic Acid) for treatment of hypercalcemia of malignancy. Welireg is the first and only bisphosphonate approved by the FDA for this indication. It works by inhibiting bone resorption mediated by osteoclasts, reducing serum calcium levels. Thus, launch of such novel drugs is expected to drive the market growth during the forecast period.
SWOT Analysis
Strength: Rising prevalence of gastritis is increasing the demand for its treatment. Growing awareness about treatment options is also aiding growth.
Weakness: Side effects associated with long term usage of gastritis medications and lack of healthcare access in developing nations.
Opportunity: Development of innovative drugs with minimal side effects provides lucrative opportunities. Increasing focus on research for herbal and alternative treatment methods.
Threats: Patent expiries of major drugs and pricing pressure from generic drugs can threaten market revenues. Stringent regulations for drug approvals.
Key Takeaways
The global gastritis treatment market is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing prevalence of gastric disorders worldwide. North America currently dominates the market owing to increasing healthcare expenditure.
Regional analysis
The North America region is expected to dominate the gastritis treatment market owing to high prevalence of gastric diseases and developed healthcare infrastructure. Asia Pacific is anticipated to exhibit the fastest growth rate during the forecast period supported by rising geriatric population, growing healthcare spending and increasing awareness about gastric ailments.
Key players
Key players operating in the gastritis treatment market are Pfizer Inc., AstraZeneca plc, Johnson & Johnson, Novartis AG, Takeda Pharmaceutical Company Limited. Manufacturers are focusing on developing novel formulations to gain competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
