Gout Disease Treatment Market is Estimated To Witness High Growth Owing To Rising Prevalence of Hyperuricemia
The 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Gout is a form of inflammatory arthritis that occurs when uric acid builds up in the bloodstream, leading to joint damage. Excess uric acid crystallizes and forms needle-like deposits of monosodium urate crystals in the joints, tendons, and surrounding tissues. Some of the common symptoms of gout include redness, warmth, and swelling in the joints, most commonly those of the big toe. Gout disease treatments include medications such as allopurinol, colchicine, and anti-inflammatory drugs to reduce pain and inflammation.
Market key trends:
Rising prevalence of hyperuricemia is expected to drive the growth of the gout disease treatment market size. According to a study published in Arthritis Care & Research, approximately 8.3 million Americans aged 20 years or older were affected by hyperuricemia in 2015–2016. The prevalence of hyperuricemia has been increasing over the past few decades owing to the rising risk factors such as increased consumption of alcohol, high fructose corn syrup, and foods rich in purines such as meat and seafood. Moreover, increasing obese and geriatric population prone to developing gout is also expected to support market growth over the forecast period.
Porter's Analysis
Threat of new entrants: New entrants face high R&D costs for drug development making entry difficult. Bargaining power of buyers: Large pharmacy chains and customers have significant bargaining power over pricing. Bargaining power of suppliers: Major pharmaceutical companies have considerable influence over pricing and supply of drugs. Threat of new substitutes: Alternate treatment options limit the market scope for certain drugs. Competitive rivalry: Fierce competition between established brands results in continuous innovation.
SWOT Analysis
Strengths: Strong product pipeline and focus on novel therapies. Weaknesses: Patent expirations and pricing pressures impact revenues. Opportunities: Rising disease prevalence rates and demand for new treatment options. Threats: Stringent regulatory norms and cost containment measures.
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 and rise in risk factors.
Regionally, North America dominated the market and is expected to maintain lead during the forecast period. High healthcare spending and early accessibility to advanced treatments has spurred growth. However, Asia Pacific is anticipated to witness the fastest growth with rising geriatric population in countries like China and India
Key players operating in the gout disease treatment market are Antares Pharma, CymaBay Therapeutics, Astellas Pharma, AstraZeneca. Antares Pharma dominates the global market and focuses on self-administered drug delivery systems. CymaBay Therapeutics has a robust pipeline of selective compounds for chronic diseases like gout. AstraZeneca markets Colchicine and other generic drugs.
Get more insights on this topic: https://www.newswirestats.com/gout-disease-treatment-market-size-and-opportunity-analysis-2023-2030/
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