The GI therapeutics and diagnostics market, a major player in healthcare, has seen remarkable advancements in biologics. Despite progress, unmet needs in conditions like GI cancer and inflammatory bowel disease signal opportunities for innovation and growth.
BOSTON , April 15, 2024 /PRNewswire/ — “According to the latest BCC Research study, the demand for Gastrointestinal Therapeutics and Diagnostics: Technologies and Global Markets is growing from $86.0 billion in 2023 to $122.5 billion by the end of 2028, at a compound annual growth rate (CAGR) of 7.3% from 2023 through 2028.”
This research study explores the global market for gastrointestinal diagnostics and therapeutics, predicting revenue trends from 2023 to 2028 based on 2022 data. It offers strategic recommendations for stakeholders to navigate this dynamic field, covering product types and regions. With insights into emerging opportunities, it provides valuable guidance for staying competitive in this evolving market.
In 2022, bowel anti-inflammatory drugs and gastrointestinal cancer therapies accounted for approximately 81.0% of the total prescription GI drugs market. Following the COVID-19 pandemic, there’s been a notable rise in acknowledging the significance of self-care, self-diagnosis, and self-treatment. This shift underscores a growing emphasis on empowering individuals to take proactive measures for their gastrointestinal health, potentially influencing the landscape of GI drug consumption and patient care strategies.
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Driving Forces in the GI Therapeutics and Diagnostics Market
Increasing Prevalence of GI Disorders and Cancer: The global rise in gastrointestinal disorders like peptic ulcers and inflammatory bowel disease, coupled with alarming rates of colorectal and bowel cancer diagnoses, is fueling the demand for effective treatments.
Growing Trend Toward Screening and Preventive Care: There’s a notable shift towards early detection and prevention of GI disorders, with regular screenings and lifestyle changes playing key roles in managing GI health, driving demand for therapeutics.
Growing Adoption and Approval of Biological Drugs: Biological drugs, known for their targeted efficacy and fewer side effects compared to traditional treatments, are increasingly favored in GI therapy, leading to regulatory approvals and market expansion.
High Unmet Need: Despite advancements, there’s still a significant gap in addressing chronic GI conditions, prompting ongoing research efforts to develop innovative therapies and drive market growth.
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Report Synopsis
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Report Metrics |
Details |
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Base year considered |
2022 |
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Forecast Period considered |
2023-2028 |
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Base year market size |
$86.0 billion |
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Market Size Forecast |
$122.5 billion |
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Growth Rate |
CAGR of 7.3% for the forecast period of 2023-2028 |
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Segment Covered |
Drug Type, Disease Type, Product Type, and Region |
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Regions covered |
North America, Europe, Asia-Pacific, and Rest of the World |
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Key Market Drivers |
• Increasing prevalence of GI disorders and cancer. • Growing trend toward screening and preventive care. • Growing adoption and approval of biological drugs. • High unmet need. |
Segmentation Analysis:
Global Market for GI Diagnostics and Therapeutics, by Product Type
The global market for gastrointestinal (GI) diagnostics and therapies covers a wide range of products. Prescription GI therapies, like anti-inflammatory drugs for bowel disorders and medications for gastrointestinal cancers, are crucial for medical treatment. Over-the-counter GI therapies, such as laxatives and antacids, offer accessible relief for common digestive issues. GI endoscopy equipment, including endoscopes and specialized devices, aids in diagnosis and treatment procedures. Additionally, GI vaccines, like those for rotavirus and hepatitis, play a vital role in preventing infections. These diverse products collectively contribute to managing GI health worldwide.
This report on the Gastrointestinal Therapeutics and Diagnostics Market provides comprehensive insights and analysis, addressing the following key questions:
1. What is the projected market size and growth rate of the GI therapeutics and diagnostics market?
The global GI therapeutics and diagnostics market was estimated to be around $86.0 billion in 2023. The market is projected to reach $122.5 billion in 2028, growing at a CAGR of 7.3% during the forecast period.
2. What segments are covered in the market?
An in-depth analysis of the global GI therapeutics and diagnostics market, including historical data and market projection on sales by product type and subtypes, and region.
3. By product type, which segment will dominate the market by the end of 2028?
By product type, prescription (Rx) GI therapies segment is anticipated to dominate the market by the end of 2028.
4. Which product type market is growing fastest among all?
Prescription (Rx) GI therapies is the fastest growing market.
Some of the Key Market Players Are:
ABBVIE INC.
BAYER AG
BOSTON SCIENTIFIC CORP.
BRISTOL-MYERS SQUIBB CO.
F. HOFFMANN-LA ROCHE LTD.
GSK PLC
HALEON GROUP OF CO.
JOHNSON & JOHNSON SERVICES INC.
OLYMPUS CORP.
PROCTER & GAMBLE
SANOFI
TAKEDA PHARMACEUTICAL CO. LTD.
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