Pune, India, April 08, 2021 (GLOBE NEWSWIRE) -- According to our new research study on “Gastroparesis Market to 2027 – Global Analysis and Forecast – by Gastroparesis Type, Drug Class Type, and Distribution Channel,” the Gastroparesis Market was valued at US$ 4,338.61 million in 2019 and is projected to reach US$ 6,025.11 million by 2027; it is expected to grow at a CAGR of 4.3% during 2020–2027.
Gastroparesis Market: Key Insights
In 2019, North America dominated the global gastroparesis market and accounted for approximately half of the market revenue. The market growth in North America is credited to the increasing prevalence of diabetes, rising number of abdominal surgical procedures performed every year, and focus on development of innovative drug delivery technologies. The COVID-19 pandemic and mitigation measures have harmed global economic conditions. On the basis of gastroparesis, the gastroparesis market is segmented into idiopathic, diabetic, post-surgical, and others. The idiopathic gastroparesis segment accounted for more than 25% of the market in 2019. On the basis of drug class type, the gastroparesis market is segmented into prokinetic agents, antiemetic agents, and botulinum toxin injections. The prokinetic agents segment is expected to register the highest CAGR in the market during the forecast period. On the basis of distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and others. The hospital pharmacies segment is expected to dominate the market during the forecast period.
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Gastroparesis, also referred to as delayed gastric emptying, is a motility disorder that decelerates the movement of food from stomach to small intestine. This condition leads to further discomforts such as weight loss, nausea, vomiting, and bloating. Diabetes is one of the prominent causes of gastroparesis, i.e., a condition is characterized by damaged nerves, especially involving vagus nerves and stomach wall cells. The damage to vagus nerves affects muscle motility of stomach and small intestine. According to a study published by Johns Hopkins University, ~30–50% of the diabetic population suffers from delayed gastric emptying. The escalating incidence of diabetes mellitus due to obesity, sedentary lifestyle, and unhealthy eating habits is propelling the prevalence of gastroparesis.
Gastroparesis Market: Segmental Overview
In terms of gastroparesis type, the diabetic gastroparesis segment is anticipated to register the highest CAGR in the gastroparesis market during the forecast period. In terms of drug class type, the prokinetic agents segment is estimated to dominate the market during the forecast period. In terms of distribution channel, the hospital pharmacies segment accounted for more than 40% share in global gastroparesis market in 2019.
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Gastroparesis Market: Competition Landscape and Key Developments
EVOKE PHARMA, Bausch Health Companies Inc. (Salix Pharmaceuticals, Ltd.), Johnson And Johnson Services, Inc., Allergan Plc, NEUROGASTRX, INC., TEVA PHARMACEUTICAL INDUSTRIES LTD, Pfizer Inc., ANI Pharmaceuticals, Inc., Ipca Laboratories Ltd., and Cinrx Pharma, LLC (Cindome Pharma) are among the key companies operating in the global gastroparesis market. These leading companies are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
In May 2020, AbbVie completed the acquisition of Allergan. The agreement is likely to establish a new business model or to enrich the offer for AbbVie and its customers by different expertise and new solutions.
In October 2020, Evoke Pharma, Inc. and EVERSANA announced the commercial launch of Gimoti (metoclopramide) nasal spray for providing relief from the indications of acute and recurrent diabetic gastroparesis in adults.
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