The Inflammatory Bowel Disease Market is estimated to be valued at US$ 2004.71 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Inflammatory bowel disease (IBD) refers to a group of inflammatory conditions that affect the colon and small intestine. The two most common types of IBD are Crohn’s disease and ulcerative colitis. IBD causes abdominal pain, severe diarrhea, fatigue, and weight loss. Biologics therapies such as anti-TNF drugs are commonly used for treatment as they reduce intestinal inflammation and induce remission.
Market Dynamics:
Rising global prevalence of IBD is a major factor driving market growth. According to the Crohn’s & Colitis Foundation, nearly 3 million Americans are currently diagnosed with IBD. Increasing approvals of advanced therapies are also contributing to market expansion. For instance, in 2021, the FDA approved the interleukin-23 (IL-23) inhibitor risankizumab-rzaa for the treatment of moderate to severe Crohn’s disease. Furthermore, ongoing research for novel biologics and combination therapies for improving remission rates is fueling the adoption of biologic treatments for IBD management. However, high costs of biologics therapies and risk of severe side effects with some drugs may restrain market growth to a certain extent over the forecast period.
Segment Analysis
The inflammatory bowel disease market is segmented into ulcerative colitis and Crohn’s disease, with Crohn’s disease being the dominating sub-segment. Crohn’s disease accounts for over 50% of the market share as it has a higher prevalence rate worldwide compared to ulcerative colitis. Crohn’s disease causes inflammation anywhere along the gastrointestinal tract from mouth to anus, whereas ulcerative colitis only affects the large intestine and rectum.
PEST Analysis
Political: The governments worldwide are focusing on increasing awareness about inflammatory bowel diseases through various campaigns and programs. Some countries also provide financial aid to patients undergoing treatment.
Economic: Rising income levels have improved access to advanced treatment options for inflammatory bowel diseases. However, high treatment costs continue to burden many patients.
Social: awareness levels about inflammatory bowel diseases are gradually increasing through social media and support groups. Reduced social stigma has also encouraged more people to seek timely treatment.
Technological: Development of novel drug delivery systems and targeted therapies have improved treatment outcomes. Biologics have revolutionized the management of inflammatory bowel diseases with reduced side effects.
Key Takeaways
The Global Inflammatory Bowel Disease Market Growth is expected to witness high, exhibiting CAGR of 4.9% over the forecast period, due to increasing adoption of biologics for the treatment of both Crohn’s disease and ulcerative colitis. The market size for 2023 is estimated to be US$ 2004.71 Mn.
The North American region dominates the inflammatory bowel disease market with the highest prevalence and healthcare expenditure. Rising research activities focused on developing new drug formulations in the US and Canada are supporting the regional market growth.
Europe represents the second largest market for inflammatory bowel diseases. Growing patient awareness regarding disease management and availability of reimbursements are boosting the European market.
Key players operating in the inflammatory bowel disease market are Johnson & Johnson Services Inc., AbbVie Inc., Takeda Pharmaceutical Company Ltd., UCB Pharma S.A., Pfizer Inc., Bristol Myers Squibb Co., Roche Holding AG, GlaxoSmithKline Plc, Eli Lilly & Company, and Novartis International AG. These players are focused on launching affordable novel biologics and biosimilars to expand their revenue share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
