Ursodeoxycholic acid is a treatment option for various liver diseases such as primary biliary cholangitis. It works by dissolving cholesterol gallstones and helping the liver process fats and toxins more easily. Ursodeoxycholic acid aids in improving symptoms of primary sclerosing cholangitis and primary biliary cholangitis such as itching and fatigue. It inhibits progression of non-alcoholic fatty liver disease and reduces risks of cardiovascular disease in patients with type 2 diabetes.
The global Ursodeoxycholic Acid Market is estimated to be valued at US$ 640.45 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the ursodeoxycholic acid market is growing prevalence of obesity and liver diseases. Rising obesity levels have led to a surge in non-alcoholic fatty liver disease cases. According to the World Obesity Federation, around 1.72 billion adults will be overweight by 2030 out of which 650 million will have obesity. Increasing prevalence of fatty liver disease and primary biliary cholangitis will bolster demand for ursodeoxycholic acid for treatment of these conditions. Furthermore, growing geriatric population is another factor fueling the ursodeoxycholic acid market growth as aged people are at high risk of developing liver diseases. However, availability of alternative treatment options might hamper the market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the ursodeoxycholic acid market. New players need to invest heavily in R&D and manufacturing to enter this market.
Bargaining power of buyers: The bargaining power of buyers is high as ursodeoxycholic acid has substitute drugs available. Buyers can switch to alternative therapies easily.
Bargaining power of suppliers: A few manufacturers globally produce ursodeoxycholic acid. This gives them significant bargaining power over buyers.
Threat of new substitutes: Several new drugs are emerging as substitutes for ursodeoxycholic acid to treat liver and gallbladder disorders. This poses a high threat of substitution.
Competitive rivalry: The ursodeoxycholic acid market has few major global players. Intense competition exists between these companies to capture more market share.
Key Takeaways
The Global Ursodeoxycholic Acid Market Size is expected to witness high growth. The global Ursodeoxycholic Acid Market is estimated to be valued at US$ 640.45 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.
Regional analysis: Asia Pacific is expected to grow at the fastest pace during the forecast period. Growing geriatric population, increasing healthcare expenditure, and rising prevalence of liver diseases are driving the APAC ursodeoxycholic acid market.
Key players: Key players operating in the ursodeoxycholic acid market are Fender Musical Instruments Corporation, Gibson Brands, Ernie Ball Inc. Dean Markley USA, Inc., Kistron Co., Ltd., Rotosound Manufacturing Ltd., and DR Handmade Strings. These companies are focusing on new product launches and geographic expansion to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it