LOS ANGELES, July 10, 2019 (GLOBE NEWSWIRE) -- The global inflammatory bowel disease treatment market is estimated to grow at CAGR above 4.1 % over the forecast time frame 2019 to 2026 and reach the market value around USD 21.3 billion by 2026.
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In the US, almost 3.1 million individuals (which is about 1.3 percent of the total country population) were either diagnosed with ulcerative colitis or Crohn's disease, according to the Center for Disease Control and Promotion (CDC). It is also estimated that almost 70,000 fresh of IBD are recorded annually in the United States. In response, the hospitalization rate has risen in America, generating opportunities in the market for the therapy of inflammatory bowel diseases. Besides this, the recent product approvals by the European Medicines Agency and other similar organizations have enabled the market gain significant momentum.
Europe was by region in 2017 the second largest market for therapy for inflammatory bowel diseases. Due to growing prevalence of inflammatory bowel disease, increased alcoholic abuse rates, unhealthy lifestyle practices and an increased incidence of anxiety and depression among adolescents, the European market is anticipated to continue to grow over the predicted era. Additionally, the growth of the inflammatory bowel disease industry in Europe is expected to propel factors such as increased public efforts and research financing, the developing of sophisticated medical therapy alternatives, and favourable reimbursement policies.
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The Asia Pacific market with a growing exponential increase in patient population is projected to be the fastest growing inflammatory bowel diseases therapy industry. China and Japan are forecast to be the biggest markets in Asia-Pacific for the therapy of inflammatory bowel diseases. A growing patient pool, fueling the demand for medicines, is anticipated due to the increased incidence of anxiety and depression in adolescents, together with the increased abuse of alcohol and sedentary life styles. The projected period is also anticipated to promote market growth in the relative tightness of drug regulatory policies and increased public health reform projects. The development in the Asia-Pacific inflammatory bowel diseases industry also drives higher healthcare and higher living standards in the region. In Middle East / Africa, the market is anticipated to demonstrate less development because of an absence of disease consciousness, restricted access to and access to therapy centres and reduced disease prevalence. In the UAE, Kuwait and Saudi Arabia, however, the market may expand.
Key Players & Strategies
Some of the vital companies in this market are Pfizer Inc.; Johnson & Johnson Services Inc.; AbbVie Inc; CELGENE CORPORATION; Takeda Pharmaceutical Company Limited; Innovate Biopharmaceuticals; Celltrion Healthcare Co., Ltd.; COSMO PHARMACEUTICALS; and Gilead Sciences. They are concentrated mainly on regional expansion, strategic arrangements and new product research and development.
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For example, Janssen Biotech Inc. signed a strategic agreement with Protagonist Therapeutics, Inc. in 2017 to develop the oral IL 23 receiver PTG-200 for the treatment of inflammatory bowel diseases, manufactured and marketed. The European Union authorized Pfizer Inc., in 2018, to treat mild to serious ulcerative colitis by XELJANZ for marketing.
The global market for inflammatory bowel diseases, driven by product development and approvals, the increasing incidence of international IBD and the introduction of new drugs, will most probably continue to grow steadily for the next few years. On the other hand, the high availability of biological copies of popular drugs can hinder established players on the market. For example, some studies in 2017 showed that biologically similar copies of AbbVie's Humira speed up the market. The Johnson & Johnson's Remicade version is similarly accessible on the market already.
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