by The global Gout Disease Treatment Market is estimated to be valued at US$ 3.01 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Gout disease treatment involves the use of medication to reduce inflammation, relieve pain, prevent gout attacks, and lower uric acid levels in the body. The treatment options include nonsteroidal anti-inflammatory drugs (NSAIDs), colchicine, corticosteroids, urate-lowering therapies, and biologics. Gout disease is a type of arthritis that causes sudden, severe attacks of pain, swelling and tenderness in joints like the toes, knees, hands and wrists. It is caused by high levels of uric acid in the bloodstream which enter the joints and result in painful fluid-filled bumps. As gout prevalence continues to increase globally due to dietary and lifestyle factors, the demand for effective treatment and management of the disease is also growing significantly.
Market key trends:
The gout disease treatment market size is witnessing increasing adoption of novel drug therapies and biologics that offer more effective treatment and better management of the disease in comparison to conventional therapies. For instance, pharmaceutical companies are focused on developing selective urate transporter inhibitors and recombinant uricases to lower uric acid levels in the blood. Furthermore, there is a rise in R&D for developing targeted therapies for inhibiting inflammation and pain associated with gout attacks. As biologics and new drug molecules gain regulatory approvals globally, their adoption is expected grow at a rapid pace over the forecast period. Additionally, growing awareness regarding dietary and lifestyle modifications to prevent gout recurrence is further expected to support market growth during 2023-2030.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is medium due to the requirement of extensive R&D and high capital investments to develop new drugs and get regulatory approval.
Bargaining power of buyers: The bargaining power of buyers is high as the market has several established players providing a variety of treatment options. Buyers can negotiate on price and quality.
Bargaining power of suppliers: The power of suppliers is medium as there are many suppliers for active pharmaceutical ingredients and raw materials. Suppliers may pose pricing pressures to gain higher market shares.
Threat of new substitutes: The threat of substitutes is low as currently there are limited treatment alternatives available for gout disease.
Competitive rivalry: High owing to the presence of major pharmaceutical companies investing in R&D to develop cost-effective generic drugs.
Key Takeaways
The global Gout Disease Treatment Market is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing prevalence of gout disease worldwide.
Regional analysis The Asia Pacific region is projected to grow at the fastest CAGR during the forecast period due to increasing incidence of gout in India and China coupled with growing healthcare expenditure. North America currently dominates the global market owing to the rising gout patient pool and availability of advanced treatment options.
Key players operating in the Gout Disease Treatment market are Antares Pharma, CymaBay Therapeutics, Astellas Pharma, AstraZeneca. Antares Pharma dominates the market with its extensive portfolio of injectables for gout treatment while CymaBay Therapeutics and AstraZeneca have new pipeline molecules under development and clinical trials.
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