ALBANY, New York, October 5, 2018 /PRNewswire/ --
According to the TMR, the gastrointestinal drugs market was valued at US$45.5 bn in 2015 and expected to reach the value of US$61.6 bn by the end of 2024 by expanding with the CAGR of 4.90% over the forecast years from 2016 to 2024. Based on the drug class, the gastrointestinal drugs market is dominated by the acid neutralizers and expected to remain dominant over the forecast period. Based on the region, the global market for gastrointestinal drugs dominated by North America with 41% shares in 2016 and expected to remain dominant by the end of predicted years. However, Asia Pacific is expected to grow with faster CAGR over the forecast period.
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Rising Government Initiatives and Investment to Boost Growth
According to the World Gastroenterology Organization, 15 to 25% of the people globally are suffering from gastro-esophageal reflux disease (GERD). This is a key factor in boosting the need for the gastrointestinal drugs and likely to propel the growth of the global gastrointestinal drugs market. Growing awareness about the disease and increasing availability of treatments is boosting adoption of the gastrointestinal drugs and likely to fuel the growth of the global gastrointestinal drugs market. Additionally, growing investments in research and development (R&D) activities for the development of novel drugs are further expected to fuel the growth of the global gastrointestinal drugs market.
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Moreover, growing geriatric population in the emerging economies is leading to surg the number of the patients suffering from gastrointestinal diseases which are further fuelling the growth of the global gastrointestinal drugs market. In addition, numerous initiatives are taken by the Centers for Disease Control and Prevention (CDC) in order to promote cancer screening globally is fuelling the growth of the gastrointestinal drugs market. Also, The Division of Cancer Prevention and Control (DCPC) supports National Colorectal Cancer Action Campaign (NCCCP) are increasingly providing funds for research studies. The development and launch of the new improved products are fuelling growth of the global gastrointestinal drugs market.
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Lack of Novel Drugs for Treatment to Restrain Growth
Despite these growth possibilities, lack of a permanent cure for gastrointestinal diseases is posing as a challenge to the growth of the global gastrointestinal drugs market. Additionally, etiology of irritable bowel syndrome (IBS) and inflammatory bowel disease (IBD) are limiting growth of the global market. Nevertheless, the consistent technological advancements due to higher investment in the research and development (R&D) activities for development activities of treatment therapies of gastrointestinal diseases are projected to create lucrative opportunities for growth over the forecast period.
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The global gastrointestinal drugs market has a strongly consolidated vendor landscape, observes Transparency Market Research (TMR). Top three players operating in the gastrointestinal drugs market such as Valeant Pharmaceuticals Inc., Janssen Biotech Inc., and Takeda Pharmaceutical collectively accounted for 61% in 2016. Some of the other players operating in the global gastrointestinal drugs market are Abbott Laboratories, Allergan Plc, AstraZeneca, Bayer AG, and Boehringer Ingelheim GmbH. The market is moderately competitive for now but, the degree of competition is expected to increase over the forecast period.
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This information is from the new report by TMR, 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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