by The Irritable Bowel Syndrome Treatment Market is estimated to be valued at US$ 1,635.40 Mn or Mn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Irritable bowel syndrome (IBS) is a common condition that affects the large intestine. Symptoms of IBS include abdominal pain, bloating, gas, diarrhea and constipation. Treatment for IBS includes medicines to reduce diarrhea or constipation, antidepressants, antibiotics and probiotics. IBS medications aim to reduce IBS symptoms by controlling bowel habits and regulating bowel movement. Popular classes of IBS drugs include antispasmodics, antidiarrheal and laxatives.
Market Dynamics:
Rising awareness and better diagnosis are expected to be major drivers for the IBS treatment market growth over the forecast period. Growing demand for less invasive therapies and new drug developments will also contribute to the market growth. According to the Crohn’s & Colitis Foundation, around 15% of American adults suffer from IBS currently, however nearly 50% of people with the condition in America remain undiagnosed. Increasing diagnosis rates will lead to higher demand for IBS treatment drugs. Additionally, emergence of new formulations including targeted release and site-specific drug delivery mechanisms will provide patient compliance and drive the IBS treatment adoption. However, stringent regulations for drug approval and side effects associated with few IBS medications may hamper the market growth.
Segment Analysis
The irritable bowel syndrome treatment market can be segmented based on disease type, treatment, distribution channel and end-user. Based on disease type, the market is sub segmented into IBS with diarrhea (IBS-D), IBS with constipation (IBS-C) and mixed IBS (IBS-M). Among these, IBS-D dominates the market as it is the most commonly diagnosed type and accounts for nearly 60% of all IBS cases globally.
PEST Analysis
Political: Healthcare reforms in various countries are focusing on developing healthcare infrastructure and providing universal access to care. This is positively impacting the growth of the IBS treatment market.
Economic: Rising disposable incomes in developing nations are enabling greater affordability of IBS therapies. The recovery of global economy post-pandemic will further fuel market revenue.
Social: Growing awareness about IBS symptoms and management options via social media and health campaigns is encouraging more patients to seek timely treatment.
Technological: Advancements in drug formulations like delayed and extended-release medications are improving medication adherence among patients.
Key Takeaways
The global irritable bowel syndrome treatment market is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing awareness about IBS symptoms and management. Regionally, North America dominated with over 35% market share in 2023 due to strong healthcare infrastructure and expenditure in the region. Asia Pacific is anticipated to witness fastest growth owing to improving access to healthcare in emerging economies like India and China.
Key players operating in the irritable bowel syndrome treatment market are Abbott, Synergy Pharma, Mallinckrodt, Bausch Health Companies Inc., Ardelyx, Astellas Pharma Inc., Novartis AG, GSK plc., Ironwood Pharmaceuticals, Inc., and Takeda Pharmaceutical Company Limited. Rising R&D investments by these players for developing novel therapies will intensify market competition over the coming years.
The market size for irritable bowel syndrome treatment reached $1,635.40 Mn in 2023. Medication classes like antispasmodics and antidepressants are major revenue generators due to their widespread adoption for managing IBS symptoms. However, newer pipeline therapies focusing on diseases mechanisms are expected to gain substantial market share by 2030.
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