Gout Disease Treatment Market Estimated to Witness High Growth...

Gout Disease Treatment Market Estimated to Witness High Growth Owing to Growing Prevalence of Gout Disease.

Posted 2023-12-21 11:13:36

Gout is a type of arthritis caused by the buildup of uric acid crystals in the joints, typically in the feet or hands, resulting in sudden, severe episodes of pain and inflammation. It most commonly affects the joints of the feet. Typical symptoms include sudden attacks of severe pain, swelling, redness or tenderness in a joint. Episodes, known as gout flares or gout attacks, often occur at night. Gout symptoms typically last between five to ten days. There is no cure but treatment helps reduce symptoms. 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 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the key drivers fueling growth of the gout disease treatment market is the growing prevalence of gout disease globally. As per estimates by the Centers for Disease Control and Prevention, in the US alone, more than 8.3 million Americans are living with gout, with prevalence rates highest among older males. High sodium and red meat consumption, obesity, and increasing alcohol intake are some of the leading causes of gout. As these lifestyle risk factors continue to rise, especially in developing regions, the number of gout patients is expected to surge significantly over the coming years, thereby driving demand for gout disease treatment drugs. Moreover, continuous research and development activities towards development of new and improved treatment drugs for gout disease is also propelling growth of the market.

SWOT Analysis
Strength: The gout disease treatment market has seen increased R&D activities for developing new drugs. Many pharmaceutical companies are investing in clinical trials to develop more effective drugs with reduced side effects. Rising awareness about the symptoms and treatment options for gout is also propelling the market growth.
Weakness: High cost of biologic therapies for gout treatment poses a big challenge. Biologics require specialized storage and transport facilities which increases the overall cost of treatment. Availability of alternative treatment options like supplements also restricts the market growth to some extent.
Opportunity: Emerging countries in Asia Pacific and Latin America provide huge untapped market opportunities. Growing geriatric population prone to gout and joint disorders will drive the future demand. Development of affordable biosimilars could further expand the consumer base in coming years.
Threats: Patent expiries of blockbuster drugs will increase the competition from generic drugs. Stringent regulatory processes also delay the market entry of new drugs.

Key Takeaways

The global gout disease treatment market scope is expected to witness high growth. Rising global prevalence of gout, availability of new treatment options, and increasing adoption of biologics are major drivers supporting this growth.

Regional analysis - North America currently dominates the gout treatment market owing to high awareness, advanced healthcare infrastructure, and presence of major players. However, Asia Pacific is emerging as the fastest growing regional market due to rising healthcare spending, large patient pool and improving access to diagnosis and treatment.

Key players - Key players operating in the gout disease treatment market are Kerry Group plc, Takasago International Corporation, Sensient Technologies Corporation, Symrise AG, Givaudan SA, Firmenich International SA, Frutarom Industries Ltd., Citromax Flavors, Inc., and International Flavors & Fragrances Inc. These players are focusing on new product launches, joint ventures and acquisitions to strengthen their market position.