by The global Irritable Bowel Syndrome Treatment Market is estimated to be valued at US$ 1,635.40 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 chronic disorder that affects the large intestine. Symptoms include abdominal pain, bloating, gas, and change in bowel habits like constipation or diarrhea. The exact cause of IBS is still unknown. However, it is believed to be related to changes in the functioning of the nerves and muscles in the gut. IBS significantly impacts quality of life and results in loss of productivity. There is no permanent cure for IBS but available treatment options aim to relieve and manage symptoms. These include dietary and lifestyle modifications, over-the-counter antidiarrheal or antispasmodic medications, prescription medication for specific IBS subtypes, and psychological therapies.
Market key trends:
The global IBS treatment market is primarily driven by the growing prevalence of IBS. According to the National Institute of Diabetes and Digestive and Kidney Diseases, IBS affects 10-15% of adults worldwide. A higher prevalence is seen in North America and Western Europe. Additionally, rising awareness regarding IBS diagnosis and management is expected to propel the demand for various treatment options over the forecast period. Pharmaceutical companies are increasingly focusing on developing novel drugs for IBS with new mechanisms of action. This is expected to augment market growth. Furthermore, growing adoption of prescription medications over OTC drugs by physicians is anticipated to spur market revenues. However, lack of approved drugs for certain IBS subtypes and poor understanding of IBS etiology and pathogenesis pose major challenges to market players.
Porter’s Analysis
Threat of new entrants: The biotech industry has high costs involved in R&D which makes it difficult for new players to enter the market. Regulations also create entry barriers.
Bargaining power of buyers: The market has number of treatment options available so buyers have higher bargaining power. However, severity of condition means alternatives are limited.
Bargaining power of suppliers: The market has large number of suppliers and technology providers which reduces their bargaining power. Suppliers compete on pricing and innovation.
Threat of new substitutes: Alternative treatment options provide some substitutes but they are not always as effective. No singular substitute creates a threat.
Competitive rivalry: The market has many global and regional players. Players compete on pricing, innovation and branding. New drug developments further intensify competition.
Key Takeaways
The global Irritable Bowel Syndrome Treatment Market is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing prevalence of IBS globally. According to the WHO, IBS affects 10-15% of adults worldwide.
Regionally, North America is expected dominate the market throughout the forecast period. Favorable reimbursements, growing awareness about symptoms, diagnosis and new treatment options are driving growth in the region. However, Asia Pacific is expected grow at fastest pace supported by rising geriatric population, improving access to healthcare services in emerging nations.
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. Major players are focused on new drug approvals and launches to strengthen their product portfolios. For instance, in 2022, Abbott received FDA approval for Ducraya to treat IBS with constipation.
