by Inflammatory bowel disease (IBD) refers to two chronic conditions affecting the bowel- Crohn’s disease and ulcerative colitis. These incurable conditions cause inflammation and ulcers in the digestive tract. Symptoms may include abdominal pain, weight loss, abdominal cramps, diarrhea, and rectal bleeding. They can severely impact the quality of daily life. Treatment depends on the type and severity of disease but may include medications, surgery, or changes in diet and lifestyle.
The global Inflammatory Bowel Disease Market is estimated to be valued at US$ 18.2 billion in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing geriatric population is a key trend fueling the inflammatory bowel disease market growth. Older adults aged 60 years and above are more susceptible to develop IBD as aging weakens the immune system. It is estimated that around 30% of IBD patients are above 60 years of age. Moreover, improved medical management has increased the life expectancy of IBD patients. This has led to rise in prevalence of IBD among the geriatric population globally. According to the United Nations, the number of older persons aged 60 years or over is expected to more than double by 2050 and reach nearly 2.1 billion people. This demographic shift creates high demand for effective IBD treatment and management options globally.
SWOT Analysis
Strength: Inflammatory bowel disease therapeutics market exhibits strong research and development activities along with rising efforts for better treatment options.
Weakness: High costs associated with inflammatory bowel disease treatment and lack of cure serve as weaknesses.
Opportunity: Growing prevalence of ulcerative colitis and Crohn’s disease presents opportunities for market players to develop more effective therapies and drugs.
Threats: Stringent regulations for drug approval and side effects of existing treatment types are major threats.
Key Takeaways
Global Inflammatory Bowel Disease Market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America presently dominates the regional market for inflammatory bowel disease due to increasing research activities and growing patient population in the US and Canada. Moreover, availability of advanced healthcare infrastructure and reimbursement policies in the region contribute to its largest market share.
Key players operating in the inflammatory bowel disease market are AbbVie, Janssen Biotech, Takeda Pharmaceutical, Novartis, Biogen, and Pfizer. AbbVie dominates with its therapy offerings like Humira that collect the largest revenue share among all brands for treating ulcerative colitis and Crohn’s disease.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
