The global Gastrointestinal Drugs Market is consolidated with the top three players accounting for a whopping 61% of the market collectively in 2016. These three players are: Valeant Pharmaceuticals Inc., Janssen Biotech Inc., and Takeda Pharmaceutical. While the market is moderately competitive at present, future holds much competitiveness among players and thus, the degree of competition is expected to be increase in the forecast period, states a report by Transparency Market Research (TMR). Some of the other players in the market are: Bayer AG, Boehringer Ingelheim GmbH Sanofi, Allergan Plc, AstraZeneca, GlaxoSmithKline, Allergan Plc., and Abbott Laboratories.
As per the research report, the global gastrointestinal drugs market is anticipated to be worth US$61.1 bn by 2024. By drug class, acid neutralizers segment not led in the past, but is also expected to remain in the leading position in the coming years. This is because, acid neutralizers are cost effective and also because the increasing prevalence of gastroesophageal reflux disease (GERD), will drive this segment.
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A report published by World Gastroenterology Organization states that around 15 to 25% of the people across the globe are suffering from gastro-esophageal reflux disease (GERD). This is positively impacting the demand for gastrointestinal drugs. The growing awareness about the disease and the increasing availability of treatment options is boosting the growth of the market. The growing investments in research and development activities for innovation of new drugs will further the growth of the market.
The etiology of irritable bowel syndrome (IBS) and inflammatory bowel disease (IBD) remains a mystery and this is expected to hamper the growth of the global gastrointestinal drugs market. The lack of permanent cure for gastrointestinal diseases will also act as a challenge for market players. On the positive side, the consistent technological advancements in the treatment therapies of gastrointestinal diseases are projected to reduce the impact of the aforementioned restraints, states a TMR analyst.