The global Gout Disease Treatment Market is estimated to be valued at US$ 3.01 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Gout disease treatment involves drugs that lower uric acid levels in the blood and prevent gout attacks. Drugs such as Allopurinol, Colchicine are commonly prescribed to reduce uric acid levels and inflammation.
Market key trends:
Rise in geriatric population is poised to drive the gout disease treatment market growth. Older adults are at increased risk of developing gout due to their declining kidney function and certain comorbidities that increase uric acid levels such as diabetes. Furthermore, changing dietary patterns and increasing obesity rates have led to surge in consumption of purine-rich foods like red meat and seafood which contributes to excess uric acid production thereby increasing prevalence of gout.
SWOT Analysis
Strength: The gout disease treatment market is witnessing significant drug approval and launch which is expected to fuel the market growth. Moreover, increasing awareness among people regarding symptoms and treatment options available is anticipated to drive the demand.
Weakness: High cost of treatment and required long-term therapy can limit the market growth. Also, lack of awareness in underdeveloped regions pose a major challenge.
Opportunity: Growing geriatric population suffering from arthritis and other inflammatory conditions increases the potential patient pool. Moreover, ongoing research and development activities to develop novel treatment options provide lucrative opportunities.
Threats: Changing reimbursement policies and regulations can impede the market revenue. Moreover, risk of drug failure during clinical trials and patent expiry of blockbuster drugs also threat the industry.
Key Takeaways
The global gout disease treatment market is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing prevalence of gout disease globally. According to statistics, around 8.3 million Americans are affected by gout annually.
Regional analysis
North America is expected to dominate the global market during the forecast period owing to growing patient population, strong reimbursement policies, higher healthcare spending and presence of major players in the region. Asia Pacific exhibits the fastest growth due to rising disposable incomes, increasing healthcare expenditures and growing awareness about gout disease and its treatment in the region.
Key players operating in the gout disease treatment market are Antares Pharma, CymaBay Therapeutics, Astellas Pharma, AstraZeneca. Antares Pharma holds a significant share owing to its strong product portfolio and established distribution network across nations. CymaBay Therapeutics is anticipated to register fastest growth attributed to ongoing research and clinical trials to develop new medications for gout patients.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.