ALBANY, New York, July 8, 2019 /PRNewswire/ -- The global gastrointestinal drugs market is expected to grow at a CAGR of 4.9% during the forecast period 2016 to 2024. The rising disease such as inflammatory bowel syndrome is projected to drive the global gastrointestinal drugs market in the upcoming years. The market was estimated to be worth US$ 45.5 bn in 2015, and the same is expected to reach up to US$ 61.6bn by 2024.
From the regional outlook, North America is supposed to hold the largest share in the market in the global gastrointestinal drugs market during the forecast period. The reason for the growth can be attributed to favorable existing reimbursement policies. Additionally, increasing lifestyle diseases to amplify the growth in this region. Also, large number of geriatric population in North America is anticipated to add growth avenues in the upcoming years. On the basis of segmentation, in terms of drugs acid neutralizers, antispasmodic, anti-inflammatory drugs, biologics, antiemetic and anti-nauseants, and anti-diarrheal and laxatives. Of these, the acid neutralizers are anticipated to hold the global gastrointestinal drugs market.
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Rising Research and Development to Surge Growth
The increasing research and development activities to enhance the drug development is projected to drive the global gastrointestinal drugs market. Moreover, rising awareness about the disease and availability of treatment is also likely to boost the growth in the global gastrointestinal drugs market
Increasing geriatric population and changing lifestyle and eating habits are expected to expand the global gastrointestinal drugs market. Fast food eating such as burgers, pizzas, alcohol consumption, carbonated drinks is likely to pave way to the gastrointestinal disorder, aiding the growth in the global gastrointestinal drugs market.
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Unmet Medical Needs to Expand Global Gastrointestinal Drugs Market
The unmet medical needs in gastrointestinal related issues demand for case wise drugs and treatment, and prevalence of stomach disorder are anticipated to surge the global gastrointestinal drugs market.
Additionally, emerging generic drugs due to its cost effectiveness is expected to boost the global gastrointestinal drugs market. Rising prevalence of diseases such as irritable bowel syndrome is also likely to be one of the major factors attributed to expansion of the global gastrointestinal drugs market.
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Development in biologics and rising number rectal related diseases is likely to surge the global gastrointestinal drugs market. Alternatively, rising number of tumors and surgeries is expected to drive the growth in the market in the upcoming years. Further, the availability of generic medicines across the retail market segment such as drug store, online pharmacy, and hospital pharmacy are projected to strengthen the global gastrointestinal drugs market.
The side effects arising out of using such drugs may hamper the growth in the global gastrointestinal drugs market. Nonetheless, the awareness activities by health institutions such the Centers for Disease Control and Prevention (CDC) for cancer and tumor screening is expected to add to the growth opportunities in the global gastrointestinal drugs market.
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The global gastrointestinal drugs market is competitive and consolidated with three top players holding the maximum share in the market, states an upcoming Transparency Market Research (TMR) report. The leading players in the market are focussing their efforts towards the novel development of drugs, expanding distribution channels, and strengthening regional market. Some of the prominent players in the global gastrointestinal drugs market include Astra Zeneca, Sanofi, Bayer AG, Abott Laboratories, and Allergen Plc. The competition is expected to highly intensify in the market.
This review is based on the findings of a TMR report titled, "Gastrointestinal Drugs Market (Drug Class - Acid Neutralizers (Antacids, H2 Antagonists, and Proton Pump Inhibitors), Antidiarrheal and Laxatives, Antiemetic and Antinauseants, Anti-inflammatory Drugs, Biologics, and Antispasmodic; Route of Administration - Oral, Parenteral and Rectal; Disorder Type - Gastro-esophageal Reflux Disease, Inflammatory Bowel Disease, and Irritable Bowel Syndrome; Distribution Channel - Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024."
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