Visiongain has published a new report on Inflammatory Bowel Disease Drugs Market Report 2021-2031. Profiles of Inflammatory Bowel Disease Drugs and Forecasts by Drug Class (Biologics, Aminosalicylates, Corticosteroids, Antibiotics, Immunomodulators), By Indication (Crohn’s Disease, Ulcerative Colitis), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy). PLUS, Regional Market Analysis, And COVID-19 Recovery Scenarios.
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Global Inflammatory Bowel Disease (IBD) drugs market was valued at US$ US$8.60 bn in 2020 and is projected to grow at a CAGR of 3.77% during the forecast period 2021-2031. Rising prevalence of inflammatory bowel disease including Crohn's disease and ulcerative colitis; raising awareness for IBD in developing countries; escalating investment in drug R&D by pharmaceutical companies; new product launches worldwide, growing chronic diseases healthcare awareness are some of the major factors that boosting the growth of global IBD drugs market.
COVID-19 has a significant negative impact on the Inflammatory Bowel Disease Drugs Market
The COVID-19 pandemic has a negative impact on the IBD drug market globally. As a result of the COVID-19 outbreak, which has resulted in tight border controls, instability on the stock market, and country-wide lockdowns, this pandemic has hampered the production and distribution of IBD drugs.
Companies are concerned about supply and demand gaps caused by the COVID-19 epidemic. Drug production and manufacturing have traditionally been international endeavors, with China and India developing themselves as major players in the global pharmaceutical supply chain. All of these trends are having a negative effect on the IBD drugs market, prompting industry and regulators to reconsider pharmaceutical supply chains.
Market Drivers
Growing prevalence of IBD including Crohn's disease and ulcerative colitis; growing R&D investment by major pharmaceutical companies; technological advancements, government support, and evolving healthcare infrastructure in emerging economies are the major drivers boosting the global IBD drugs market.
IBD incidence and prevalence are evolving worldwide and are now anticipated to be an emerging global disease. The prevalence of CDs may be up to 1.6 million people with CDs and 2.1 million people with UCs in Europe if the recorded prevalence rates are extrapolated to the entire European population. The rising number of patients along with growing healthcare awareness is projected to boost the demand for IBD drugs.
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Market Opportunities
The R&D investment for the development of more advanced IBD drugs is the major factor that will boost the market growth during the forecast period 2021-2031. The advent of biological therapy has significantly improved the clinical management of inflammatory bowel disease. For instance, anti-TNFα agents such as infliximab and adalimumab have been widely used for the treatment and maintenance therapy of remission in both CD and UC. The introduction of biological drugs in clinical practice is expected to reinforce the IBD market.
The evolving healthcare infrastructure, rising inflammatory bowel diseases awareness in developing countries, and government support for drug R&D are expected to propel the IBD market growth. Product advancement is another major factor observed in the market growth. For instance, nano-delivery systems have been designed to passively or actively target the site of inflammation. These systems have been shown to be more efficient than standard formulations due to their smaller size, which allows for more effective targeting, improved bioavailability at diseased tissues, and reduced systemic adverse effects.
Competitive Landscape
The major players operating in the inflammatory bowel disease drugs market are AbbVie, Janssen Biotech, Allergan plc., Takeda Pharmaceuticals, Pfizer Inc., Novartis AG, UCB Pharma S.A., Biogen Inc., Gilead Sciences, Inc., F. Hoffmann-La Roche AG, Celgene Corporation, Celltrion Corporation, and Ferring B.V.
These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new drugs launch. For instance, in December 2019, Takeda received an FDACRL which is expected to delay approval of SC Entyvio until 2021.
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