The global crohn’s disease therapeutics market size is expected to reach USD 4.7 billion by 2025, according to a new report by Grand View Research, Inc., registering a 2.4% CAGR during the forecast period. Increasing awareness of the disease, coupled with rising initiatives by regulatory bodies for development of novel treatment options, is estimated to provide the market with high growth potential.
For instance, the American Gastroenterological Association (AGA), in collaboration with Pfizer, supports research projects related to inflammatory bowel diseases and has offered three grants in their name. The Crohn’s & Colitis Foundation, European Federation of Crohn’s & Ulcerative Colitis Associations, and American Autoimmune Related Diseases Association are some of the organizations providing funds for research.
Furthermore, increase in prevalence of Crohn’s disease has directed many companies to collaborate with various regulatory bodies and research institutes to introduce novel and effective treatment for the condition. In 2016, Pfizer’s Centers for Therapeutic Innovation (CTI) collaborated with Johns Hopkins University to discover new medicines to treat Crohn’s disease and ulcerative colitis.
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Further key findings from the report suggest:
The global Crohn’s disease therapeutics market size was estimated at USD 3.8 billion in 2016 and is expected to register a CAGR of 2.4% from 2017 to 2025
Anti-inflammatory emerged as the largest therapy type segment in 2016 due to its efficacy, while immune system suppressors emerged as the fastest growing segment owing to reduction in surgeries and hospitalization rates
North America dominated in terms of revenue in 2016 owing to rise in prevalence of the disease and increase in involvement of regulatory bodies in terms of funding R&D initiatives
Asia Pacific is anticipated to witness lucrative growth at a CAGR of over 4.0% over the forecast period due to various developments in healthcare infrastructure and rapid economic development across major emerging economies such as India and China
Some of the key players in the market are Johnson & Johnson Services Inc.; Pfizer Inc.; Allergan; and AbbVie Inc.