Gastrointestinal Therapeutics Market size is projected to experience significant growth from 2019 to 2025.
Gastrointestinal diseases are the medical conditions related to gastrointestinal tract and the accessory organs of digestion. Gastrointestinal tract includes organs such as stomach, esophagus, small intestine, large intestine and rectum. Accessory organs of digestion include organs such as liver, gallbladder and pancreas. Gastrointestinal therapeutics is the branch of medicine that deals with the treatment of gastrointestinal disease and the action of remedial agents.
The global gastrointestinal therapeutics market is projected to show promising growth in the foreseeable future due to the growing cases of gastrointestinal infections, increasing ageing population and hectic lifestyle. The growing adoption of unhealthy food eating habits and rising prevalence of sedentary lifestyle will also drive the market over the forecast period.
With advancements in medical and pharmaceutical industries, the demand for gastrointestinal therapeutics will also increase. Innovations in the field of gastrointestinal diagnostics and the growing adoption for generic as well as branded medicines by healthcare providers are driving the growth of market. Such factors will augment the gastrointestinal therapeutics market in the forthcoming years.
Moreover, the presence of supportive reimbursement policies offers medical treatment to various patients at an economic price. In order to reduce the economic burden, many developed and developing countries provide reimbursement cover to its citizens for medical treatment. The rising number of government initiatives in relation to reimbursement policies across the globe will have a positive impact on increasing the demand for gastrointestinal therapeutics over the forecast period.
Moreover, technological developments relating to advancement in the gastrointestinal therapeutics are major factors that will drive market growth. The Retail pharmacy segment contributed for the largest share by distribution channel due to ease of accessibility related with retail stores. Apart from this, in order to prevent adverse drug interactions, retail pharmacists also recommend drug substitutes. However, side-effects associated with could hamper industry growth.
The generic segment is projected to show lucrative growth over the forecast period due to lower cost, rising awareness and increasing government initiatives to promote generic medicines especially in emerging economies. Furthermore, many pharmaceutical companies are also entering generic medicine business.
The U.S. accounted for the largest share in the global gastrointestinal therapeutics market in 2018 owing to the presence of highly developed pharmaceutical industry, high adoption rate of technological advancements, huge budget for medical R&D as well as the presence of key market players in the region. Furthermore, the high healthcare expenditure will fuel market growth.
Japan is expected to grow with a significant growth in the gastrointestinal therapeutics market during the analysis period due to constantly improving pharmaceutical industry, technological advancements in the field of medicine, rising disposable incomes and increasing developments in the healthcare system. The above-mentioned factors will boost the demand for gastrointestinal therapeutics.
Some of the major industry players include Valeant Pharmaceuticals, Takeda Pharmaceuticals, Allergan plc, Bayer AG, Abbott Laboratories, AstraZeneca, GlaxoSmithKline plc, Janssen Pharmaceuticals, AbbVie Inc., Pfizer. Major strategic initiatives taken by market players include capacity expansion, partnerships, mergers, and innovative product launches to expand their business product portfolio.
Gastrointestinal Therapeutics Market by Product, 2014-2025 (USD Million)
Gastrointestinal Therapeutics Market by Route of Administration, 2014-2025 (USD Million)
Gastrointestinal Therapeutics Market by Application, 2014-2025 (USD Million)
Gastrointestinal Therapeutics Market by Distribution Channel, 2014-2025 (USD Million)
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