The Inflammatory Bowel Disease Market is estimated to be valued at US$ 2004.71 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Inflammatory bowel disease (IBD) refers to two chronic disorders which cause inflammation or ulcers in the digestive tract. The two major types of IBD are ulcerative colitis and Crohn’s disease. Ulcerative colitis affects the large intestine or colon, while Crohn's disease can affect any part of the gastrointestinal tract from mouth to anus. The symptoms of IBD include abdominal pain, diarrhea, rectal bleeding, weight loss and others. IBD causes significant impact on the quality of life of patients. Medications such as aminosalicylates, corticosteroids, immunomodulators and biologics are used to induce and maintain remission in IBD patients.

 

Market key trends:

The Inflammatory Bowel Disease market is witnessing high growth due to rising investment in drug development for inflammatory bowel disease by major players. For instance, in November 2021, Takeda Pharmaceutical Company received FDA approval for its drug, Entyvio (vedolizumab), for moderate to severe ulcerative colitis in pediatric patients aged 6 years and older. This approval expanded the existing indication of Entyvio. Similarly, in June 2021, Pfizer received FDA approval for its drug, Ritlecitinib, for the treatment of active moderate to severe ulcerative colitis in adults. The approval of new drugs along with rising research on gut microbiome, fecal transplantation and regenerative medicines is expected to offer lucrative opportunities for market growth over the forecast period.

 

Porter’s Analysis

Threat of new entrants: The inflammatory bowel disease market has high barriers of entry due to intense competition and high capital investments required for R&D.

Bargaining power of buyers: Pharmaceutical companies have strong bargaining power over healthcare providers and patients due to lack of alternative treatments.

Bargaining power of suppliers: Suppliers of raw materials and research facilities have low bargaining power as there are many suppliers in the market.

Threat of new substitutes: There is a low threat from new substitutes due to lack of alternative treatments and requirement of extensive clinical trials.

Competitive rivalry: The market is highly competitive due to presence of major players.
 

SWOT Analysis
 

Strength: Wide treatment options and strong R&D capabilities of key players. Growing awareness and improved diagnostics.

Weakness: High R&D costs and lengthy approval process. Risk of relapse and surgery required in some cases.

Opportunity: Growingolder population vulnerable to IBD. Emerging economies provide growth prospects.

Threats: Patent expiries of blockbuster drugs. Rising healthcare costs and availability of generics.

 

Key Takeaways
 

The Global Inflammatory Bowel Disease Market Growth is expected to witness high at a CAGR of 4.9% over the forecast period, due to increasing incidence of gastrointestinal disorders and growing geriatric population. North America is expected to dominate the market over the forecast period due to increasing healthcare spending and growing prevalence in the region.

Regional analysis: The Asia Pacific region is expected to exhibit the fastest growth during the forecast period owing to improving healthcare infrastructure and increasing expenditure on healthcare. Growing patient population and rising awareness regarding gastrointestinal disorders in developing economies of China and India are projected to drive market growth.

Key players: Key players operating in the inflammatory bowel disease market are Johnson & Johnson Services Inc., AbbVie Inc., Takeda Pharmaceutical Company Ltd., UCB Pharma S.A., Pfizer Inc., Bristol Myers Squibb Co., Roche Holding AG, GlaxoSmithKline Plc, Eli Lilly & Company, and Novartis International AG.

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