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Inflammatory Bowel Disease Treatment Market Size, Share & Trends Analysis Report By Type, By Drug Class, By Route Of Administration, By Distribution Channel, By Region And Segment Forecasts, 2023 - 2030
Inflammatory Bowel Disease Treatment Market Size, Share & Trends Analysis Report By Type (Crohn’s Disease, Ulcerative Colitis), By Drug Class, By Route Of Administration, By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030.
New York, March 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Inflammatory Bowel Disease Treatment Market Size, Share & Trends Analysis Report By Type, By Drug Class, By Route Of Administration, By Distribution Channel, By Region And Segment Forecasts, 2023 - 2030" - https://www.reportlinker.com/p06176726/?utm_source=GNW
Inflammatory Bowel Disease Treatment Market Growth & Trends
The global inflammatory bowel disease treatment market size is expected to reach USD 27.0 billion, expanding at a CAGR of 3.6% from 2023 to 2030. The increasing prevalence of the disease, the surge in awareness about inflammatory bowel disease among people, and favorable regulatory scenarios are projected to drive the inflammatory bowel disease treatment market over the forecast period. For instance, in December 2022, Pfizer Inc. announced the U.S. FDA acceptance for review of an NDA for etrasimod for patients having severe ulcerative colitis. The favorable initiatives undertaken by regulatory authorities for treatment designations and approval of novel drugs for the management of inflammatory bowel disease are fueling market expansion.
The increasing collaboration of market players and non-profit organizations to counter various challenges in the development of novel therapeutics for IBD treatment is projected to propel market growth.For instance, in October 2022, Verily, a precision health company and the Crohn’s & Colitis Foundation expanded their strategic collaboration to accelerate research in ulcerative colitis and Crohn’s disease.
In addition, the European Crohn’s and Colitis Organization has taken several favorable steps to improve the care of patients living with inflammatory bowel disease.
Recently approved novel drugs such as filgotinib, ozanimod, upadacitinib, and risankizumab for the treatment of inflammatory bowel disease are expected to support market growth in the coming years.Moreover, the regulatory authorities are encouraging manufacturers to develop novel therapeutic approaches for rare and life-threatening diseases.
For instance, in December 2020, Thetis Pharmaceuticals received an orphan drug designation for TP-317 from the U.S. FDA for pediatric ulcerative colitis. Such favorable initiatives are expected to boost the R&D activities to develop novel therapeutic products for IBD.
Furthermore, the rising demand & approvals for biosimilars for the treatment of various inflammatory conditions is a high-impact rendering factor for the market. For instance, in December 2022, the U.S. FDA approved Idacio as an eighth adalimumab biosimilar in the U.S. The newly approved biosimilar is a citrate-free low-concentration preparation intended for the treatment of several inflammatory conditions, including CD in adults and children aged 6 years or older. In addition, in October 2021, the U.S. FDA approved Cyltezo for the management of moderate to severe CD and UC. Moreover, the increasing introduction of biosimilars is expected to boost the adoption of biological products for the treatment of IBD in developing economies.
Moreover, government bodies are taking efforts to promote the uptake of biosimilars with their safe use.For instance, in October 2022, the government of Saskatchewan launched a biosimilar initiative to help its residents to access high-quality therapeutics at a lesser cost.
Similarly, provinces like Ontario and Quebec in Canada are also expanding biosimilar initiatives to promote the uptake of biosimilar candidates.
Inflammatory Bowel Disease Market Report Highlights
• The Crohn’s disease segment held the largest share owing to the increasing prevalence of the condition and the high prescription rate of biologics for the treatment of the disease
• The ulcerative colitis segment is poised to register the fastest growth rate due to the rising approval of biologics for the treatment of ulcerative colitis and the high patient base
• The TNF inhibitors segment accounted for the largest market share in 2022 owing to the high prescription rate for the treatment of IBD and rising consumer awareness about TNF inhibitors
• Based on the route of administration, the injectable segment dominated the inflammatory bowel disease treatment market in 2022, whereas the oral segment is anticipated to be the fastest-growing segment
• The hospital pharmacy segment was the largest in 2022, owing to higher hospitalization rates and favorable reimbursement coverage
• Asia Pacific is expected to exhibit the fastest growth rate over the forecast period due to the rising investments by market players and increasing disease prevalence in the region
Read the full report: https://www.reportlinker.com/p06176726/?utm_source=GNW
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