The global Inflammatory Bowel Disease Market is estimated to be valued at US$ 2004.71 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Inflammatory bowel disease (IBD) refers to ulcerative colitis and Crohn’s disease disorders that cause chronic inflammation in the digestive tract. Symptoms of IBD include abdominal pain, diarrhea, rectal bleeding, weight loss, and fatigue. The increasing prevalence of IBD, availability of treatment options, and supportive reimbursement scenario are major factors driving growth of this market. Furthermore, various initiatives by public and private organizations to spread awareness about IBD and availability of treatment are expected to support market growth over the forecast period.
Market key trends:
One of the key trends in the inflammatory bowel disease market is rising research and development activities. Several pharmaceutical and biotech companies are focusing on developing novel therapies for treatment of IBD. For instance, in July 2020, Roche received FDA approval for Xeljanz (tofacitinib) for treatment of ulcerative colitis. Similarly, MiNK Therapeutics is developing allogeneic invariant natural killer T cells as an innovative treatment approach for Crohn’s disease and ulcerative colitis. Another major trend includes preference towards biologics over small molecule drugs due to advantages of biologics such as high efficacy and reduced side effects. Biologics inhibit specific molecules involved in inflammation process and offer targeted treatment with lesser side effects.
Threat of new entrants: The threat of new entrants in this market is moderately low due to the presence of established players and high R&D costs required to develop new drugs for inflammatory bowel disease.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established brands with substitutable products available in the market.
Bargaining power of suppliers: The bargaining power of suppliers is low owing to the presence of many raw material suppliers and manufacturers in the market.
Threat of new substitutes: The threat of new substitutes is low as inflammatory bowel disease has limited treatment alternatives and recently approved drugs address unmet needs.
Competitive rivalry: High due to presence of many key global and regional players.
The Global Inflammatory Bowel Disease Market Demand is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing research and development activities and rising awareness regarding inflammatory bowel disease.
Regional analysis: North America dominates the global inflammatory bowel disease market and is expected to continue its dominance over the forecast period owing to the high adoption of newly launched drugs and presence of major market players in the region. However, Asia Pacific is expected to witness the fastest growth rate over the forecast period.
Key players: Key players operating in the Inflammatory Bowel Disease market are Johnson & Johnson Services Inc., AbbVie Inc., Takeda Pharmaceutical Company Ltd., UCB Pharma S.A., Pfizer Inc., Bristol Myers Squibb Co., Roche Holding AG, GlaxoSmithKline Plc, Eli Lilly & Company, and Novartis International AG. These players are focusing on developing novel drugs for inflammatory bowel disease through research and development activities
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it