PORTLAND, Oregon and PUNE, India, November 30, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Gastroparesis Drugs Market, by Drug Class, Disease Type, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global gastroparesis market was valued at $4,667 million in 2016, and is projected to reach $6,486 million at a CAGR of 4.7% from 2017 to 2023.
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Gastroparesis affects the normal spontaneous movement of the muscles of stomach and interferes with the normal digestion, thus causing nausea, vomiting, and problems related with blood sugar levels & nutrition. Gastroparesis is caused due to diabetes or can develop after surgery. Recently, advanced drugs such as metoclopramide, erythromycin, antiemetics, and others are developed to treat gastroparesis.
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The major factors that drive the growth of the global gastroparesis drugs market are rise in number of surgeries that may lead to postoperative gastroparesis, increase in diabetic population, introduction of novel drugs, and surge in geriatric population. However, side effects associated with gastroparesis drugs and time-consuming regulatory approvals are expected to restrain the market growth. Conversely, huge untapped market potential in the emerging countries, such as China and India, and development of novel gastroparesis drugs are expected to provide lucrative opportunities to the market players.
The prokinetic agents segment occupied the largest share in 2016, owing to the high usage, applicability, and availability of prokinetic agents for treating gastroparesis. Furthermore, the botulinum toxin injection segment is expected to grow at the highest CAGR of 5.6% from 2017 to 2023, and is anticipated to continue its dominance during the forecast period. The utilization rate of gastroparesis drugs for idiopathic gastroparesis is high, however post-surgical gastroparesis segment is expected to grow at a CAGR of 5.2% during the forecast period. This is attributed to increase in incidence of various types of surgeries, such as transplantation, which result in postsurgical gastroparesis.
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Key findings of the study
- Prokinetic agents segment accounted for more than four-fifths share of the global gastroparesis drugs market in 2016.
- Botulinum toxin injection segment is expected to grow at a CAGR of 5.6% from 2017 to 2023.
- Idiopathic gastroparesis segment accounted for around 34.9% share of the global gastroparesis drugs market in 2016.
- Hospitals accounted for nearly two-fifths share of the global gastroparesis drugs market in 2016.
- Pharmacies segment is expected to grow at a CAGR of 5.0% from 2017 to 2023
North America was the leading revenue contributor to the global gastroparesis drugs market, accounting for nearly one-third of the global market. This is attributed to the early approval of gastroparesis drugs and high use of these drugs due to rise in incidence of gastroparesis. However, Asia-Pacific is expected to grow at the highest CAGR of 5.5% during the study period, due to increase in affordability, surge in healthcare expenditure, and rise in awareness toward gastroparesis drugs.
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SOURCE Allied Market Research