by Ursodeoxycholic acid (UDCA) is a hydrophilic bile acid that is primarily used for dissolving cholesterol gallstones and treating certain liver diseases. It is usually prescribed to patients suffering from chronic liver diseases such as primary biliary cholangitis (PBC) and primary sclerosing cholangitis (PSC). UDCA stimulates bile flow and improves liver function in PBC patients. It can enhance the survival rate and delay the need for liver transplant in PBC patients showing early stages of the disease.
The global ursodeoxycholic acid market is estimated to be valued at US$ 640.45 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The rising prevalence of chronic liver diseases due to growing consumption of alcohol, growing obese population, and increasing cases of hepatitis infections is driving the growth of ursodeoxycholic acid market. Additionally, various benefits of UDCA in the treatment of PBC and PSC are further propelling the market growth. According to the European Association for the Study of the Liver (EASL), the prevalence of PBC ranges from 16 to 402 cases per million with a female to male ratio of 9-10:1. The prevalence of PSC ranges from 0 to 16.2 cases per 100,000 population.
Market Dynamics:
The increasing prevalence of liver diseases as highlighted in the heading is one of the prime drivers propelling the growth of ursodeoxycholic acid market. Additionally, the therapeutic efficacy of UDCA in improving liver functions and enhancing survival rate in early stages of liver diseases like PBC is another driver augmenting the demand of ursodeoxycholic acid. UDCA stimulates bile flow and improves liver function in PBC patients. It enhances survival rate and delays need for liver transplant in PBC patients showing early stages of the disease. These therapeutic benefits of UDCA are fueling its consumption globally.
Segment Analysis
Ursodeoxycholic acid is dominantly used to treat Primary Biliary Cholangitis (PBC). PBC is a chronic disease that destroys the small bile ducts of the liver causing increasing damage over many years. Other alternative treatments such as Bezafibrate and Obeticholic Acid are also being used but Ursodeoxycholic acid remains the first line of treatment option.
PEST Analysis
Political: Governments across countries are implementing various healthcare reforms and funding liver disease research which is positively impacting the market. Various regulatory approvals are required to market ursodeoxycholic acid which can hinder small companies.
Economic: Rise in disposable income and growing healthcare spending is fueling the market growth. However, pricing pressures from generic drugs can restrain the market.
Social: Increasing incidence of lifestyle diseases, rising awareness about liver health, and growing geriatric population susceptible to liver diseases are some key social factors augmenting the demand.
Technological: Manufacturers are investing in R&D to develop novel formulations, delivery mechanisms and diagnostic tests to expand indications and drive compliance. However, lack of guidance on appropriate dosing hampers progress.
Key Takeaways
The Global Ursodeoxycholic Acid Market Size is expected to witness high growth. The global Ursodeoxycholic Acid Market is estimated to be valued at US$ 640.45 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.
Regional analysis comprising
North America dominates the market currently owing to established healthcare systems and rising prevalence of PBC. Europe is another major market driven by large patient pools and government support for orphan drugs research. Asia Pacific is poised to grow at a high rate during the forecast period with economic development, healthcare reforms and growing medical tourism in countries like India and China.
Key players
Key players operating in the Ursodeoxycholic acid market are Fender Musical Instruments Corporation, Gibson Brands, Ernie Ball Inc., GHS Strings, C. F. Martin & Company Inc., Dunlop Manufacturing, Inc., Dean Markley USA, Inc., Kistron Co., Ltd., Rotosound Manufacturing Ltd., and DR Handmade Strings.
Key players are focusing on production capacity expansion to meet the growing demand. Partnerships and licensing deals are also observed between large and small players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
