Pune, India., May 10, 2021 (GLOBE NEWSWIRE) -- Gastrointestinal Drugs Market: Key Insights
According to our new research study on “Gastrointestinal Drugs Market to 2027 – Global Analysis and Forecast – by Drug Class, Route of Administration, Application, and Distribution Channel,” the Gastrointestinal Drugs Market Size was valued at US$ 49,043.38 million in 2019 and is projected to reach US$ 71,300.28 million by 2027; it is expected to grow at a CAGR of 4.9% during 2020–2027. The extensive rise in COVID-19 infection fuels growth of the market. However, low awareness associated with gastrointestinal disorders in low-income economies is restricting the market growth.
Gastrointestinal Drugs Market: Competition Landscape and Key Developments
Sanofi; GlaxoSmithKline plc; Johnson and Johnson Services, Inc.; Bausch Health; AstraZeneca; Takeda Pharmaceutical Company Limited; AbbVie Inc.; Bayer AG; Celltrion Healthcare Co., Ltd.; and Lexicon Pharmaceuticals, Inc. are among the key companies operating in the gastrointestinal drugs market. Leading players are focusing on the expansion and diversification of their market presence and acquisition of new customer base, thereby tapping prevailing business opportunities.
In January 2020, AstraZeneca recovered the global rights to brazikumab (formerly MEDI2070), a monoclonal antibody targeting IL23, from Allergan. Brazikumab is currently in a Phase IIb/III program in Crohn’s disease (CD) and a Phase IIb trial in ulcerative colitis (UC). AstraZeneca and Allergan will terminate their existing license agreement and all rights to brazikumab will revert to AstraZeneca. The transaction is expected to complete in the first quarter of 2020.
Get Exclusive Sample Pages of Gastrointestinal Drugs Market - COVID-19 Impact and Global Analysis with Strategic Insights at https://www.theinsightpartners.com/sample/TIPRE00014758/
In 2019, North America dominated the global gastrointestinal drugs market. The market growth in the region is attributed to increase in incidence of gastrointestinal diseases due to change in lifestyle, government support for prevention and treatment of gastrointestinal diseases, presence of well-developed healthcare infrastructure, growth of pharmaceutical industry, reimbursement coverage, and industry giants. Moreover, according to the National Health Interview Survey, in 2018, about 14.8 million people in the US were diagnosed with ulcers. Furthermore, the National Ambulatory Medical Care Survey: 2016 reported that around 22.4 million patients visited a physician’s office for digestive diseases, and about 8.3 million emergency department visits were for digestive diseases. Also, US Food and Drug Administration (FDA) approvals in the US are likely to favor the growth of the market. For instance, in May 2020, the US FDA approved Qinlock (ripretinib) tablets as a fourth-line treatment for advanced gastrointestinal stromal tumor (GIST). Furthermore, developments by the market players in this industry is likely to favor market growth.
Based on drug class, the gastrointestinal drugs market is segmented into acid neutralizers, antidiarrheal and laxatives, anti-inflammatory drugs, antiemetic and antinauseants, biologics, and others. The acid neutralizers segment held the largest share of the market in 2019. Based on route of administration, the gastrointestinal drugs market is segmented into oral and parenteral. The oral segment held larger share of the market in 2019 and is estimated to register higher CAGR in the market during the forecast period. Based on application, the gastrointestinal drugs market is segmented into inflammatory ulcerative colitis, Crohn's disease, irritable bowel syndrome, gastroenteritis, celiac disease, and others. The inflammatory ulcerative colitis segment held the largest share of the market in 2019. Based on distribution channel, the gastrointestinal drugs market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The retail pharmacies segment held the largest share of the market in 2019, and it is estimated to register the highest CAGR in the market during the forecast period.
Download Sample PDF Brochure of Gastrointestinal Drugs Market Growth Research Report at https://www.theinsightpartners.com/sample/TIPRE00014758/
The COVID-19 outbreak started in December 2019 in Wuhan (China), and it has spread to ~100 countries across the world, with the World Health Organization (WHO) stating it as a public health emergency. The global impacts of COVID-19 are being felt across several markets. Although the healthcare sector had witnessed SARS, H1N1, and other outbreaks in the last few years, the severity of the COVID-19 has made the situation more complicated due to its mode of transmission. North America has been witnessing a growing number of COVID-19 cases since its outbreak. For instance, according to Worldometer, the number of cases increased to 7,679,908 with 215,039 deaths reported in the US as of October 06, 2020. The cases are also increasing in Mexico and Canada. In Mexico, the cases have reached 761,665, with 79,088 deaths. Similarly, in Canada, there are about 168,960 COVID-19 cases, with 9,504 deaths reported so far.
Several companies are cutting their clinical trial activities in response to the COVID-19 pandemic. For instance, slashing clinical trial activity will affect the timelines for Eli Lilly's late-phase trials of mirikizumab in gastrointestinal indications. According to their listings on ClinicalTrials.gov., the phase 3 trials for mirikizumab in Crohn’s disease and ulcerative colitis have primary completion dates ranging from September 2020 to late 2023, which can be a confirmed delay. However, in long run, the demand is expected to increase. For instance, according to the estimates reported by Ironwood Pharmaceutical, the demand for prescription drug product LINZESS—indicated for the treatment of irritable bowel syndrome with constipation (IBS-C) and chronic idiopathic constipation—is expected to increase by 11% from the demand in 2019. Therefore, the growing demand for the constipation treatment in North America in long-term period is likely to boost the growth of the gastrointestinal drugs market.
Buy Copy of Gastrointestinal Drugs Market Research Study at https://www.theinsightpartners.com/buy/TIPRE00014758/
Gastrointestinal Drugs Market: Segmental Overview
Based on drug class, the gastrointestinal drugs market is segmented into acid neutralizers, antidiarrheal and laxatives, anti-inflammatory drugs, antiemetic and antinauseants, biologics, and others. The acid neutralizers segment held the largest share of the market in 2019. Antacids are over-the-counter (OTC) medications that neutralize stomach acid and help in relieving heartburn, sour stomach, acid indigestion, and stomach upset. They are available as a liquid or chewable tablet. Some antacids also contain simethicone, an ingredient that helps body in relieving gas. Some antacids contain ingredients that can cause diarrhea, such as magnesium, or constipation, such as aluminum.
Based on route of administration, the market is segmented into oral and parenteral. The oral segment held larger share of the market in 2019 and is estimated to register higher CAGR in the market during the forecast period. Based on application, the market is segmented into inflammatory ulcerative colitis, Crohn's disease, irritable bowel syndrome, gastroenteritis, celiac disease, and others. The inflammatory ulcerative colitis segment held the largest share of the market in 2019. Based on distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The retail pharmacies segment held the largest share of the market in 2019 and is estimated to register the highest CAGR in the market during the forecast period.
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
Press Release - https://www.theinsightpartners.com/pr/gastrointestinal-drugs-market