The inflammatory bowel disease market comprises biologics and small molecule drugs to treat inflammatory bowel disease conditions like ulcerative colitis and Crohn’s disease. Inflammatory bowel disease drugs provide relief from symptoms such as abdominal pain, diarrhea, rectal bleeding, weight loss, and fatigue.
The Global Inflammatory Bowel Disease Market Is Estimated To Be Valued At US$ 22.31 Billion In 2024 And Is Expected To Exhibit A CAGR Of 4.4% Over The Forecast Period 2024-2030
Key players operating in the inflammatory bowel disease are AbbVie, Janssen Biotech, Takeda Pharmaceutical, and UCB. AbbVie dominates the market with its blockbuster drugs Humira and Upadacitinib. Humira is a TNF inhibitor and accounts for over 50% of the IBD therapeutics market.
The prevalence of Inflammatory Bowel Disease Market Demand rising research towards developing advanced therapeutics are driving the market growth. The increasing cases of ulcerative colitis and Crohn’s disease globally are fueling the demand for IBD drugs. According to studies, IBD prevalence in developing Asian and South American countries is growing at double the rate of mature Western markets.
The inflammatory bowel disease market is also witnessing expansion in emerging and underpenetrated regions. Key players are focusing on improving access to IBD therapies in developing Asian and Latin American countries through novel pricing strategies and partnerships. Partnerships with local pharma companies help increase affordability and availability of novel biologics in these regions.
One of the key trends in the Inflammatory Bowel Disease Market Challenges And Opportunities is the rise of biosimilars. The lucrative nature of the IBD market has attracted several biosimilar makers. Biosimilars offer significant cost savings compared to reference biologics and are entering the market after patent expiry of major blockbuster drugs like Remicade and Humira. Their approval and launch over the forecast period will intensify competition in the market.
Porter’s Analysis
Threat of new entrants: High capital investments required for manufacturing and developing drugs act as entry barriers for new players. Bargaining power of buyers: Large pharmaceutical companies have strong bargaining power over small players due to the availability of generics and alternate treatment options. Bargaining power of suppliers: The availability of raw materials for drug manufacturing from various suppliers limits their bargaining power. Threat of new substitutes: The availability of biosimilars and generic drugs poses a potential threat to existing drugs. Competitive rivalry: Intense competition exists between large pharmaceutical companies to develop novel treatment options and gain higher market share.
Geographical Regions
North America dominates the global inflammatory bowel disease market in terms of value. This is attributed to the presence of well-established healthcare infrastructure and growing incidence of inflammatory bowel diseases such as Crohn’s disease and ulcerative colitis.
Fastest Growing Geographical Region
Asia Pacific is anticipated to exhibit the fastest growth over the forecast period owing to rising awareness levels, growing geriatric population, and increasing healthcare spending in emerging nations such as China and India.
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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Alice Mutum
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