Global Gout Therapeutics Market to Grow at a CAGR of ~16%
New York, July 28, 2022 (GLOBE NEWSWIRE) — According to the data by World Health Organisation (WHO), the number and proportion of geriatric population, meaning the people aged 60 years and older in the population is rising. The number of people aged 60 years and older was 1 billion in 2019. This number is estimated to increase to 1.4 billion by 2030 and 2.1 billion by 2050.
Kenneth Research has published a detailed market report on ‘Global Gout Therapeutics Market’ which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
According to the data by The World Bank, in 2019, non-communicable diseases caused 74% of deaths across the globe. The global gout therapeutics market catered an approximate revenue figure of USD 2.9 billion in the year 2021. The market is estimated to grow at a CAGR of ~16% over the forecast period, i.e., 2022-2031. The growth of the market can majorly be attributed to growing geriatric population, as gout is the most common disease among elderly. Moreover, the rising trend of alcohol consumption, as well as unhealthy lifestyle followed by the mass are considered to be another primary reason for the increasing incidences of gout disease. Besides, the developing healthcare infrastructure, and growing investment in the field of research & development (R&D) on regeneration therapies are anticipated to influence the market growth. It was noticed that, worldwide, 3 million deaths every year result from harmful use of alcohol, which represents 5.3% of all deaths. Moreover, 5.1% of the global burden of disease and injury is attributable to alcohol, as measured in disability-adjusted life years (DALYs).
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Furthermore, increasing prevalence of gout among the global population is estimated to be a major factor to propel the growth of global gout therapeutics market. It was noted that, even though recent reports of the prevalence and incidence of gout vary widely according to the population studied and methods employed, as of 2020, it had a prevalence of 6.8% and an incidence of 2.89 per 1,000 people. Additionally, increasing disposable income per capita among people across the globe is resulting into the early diagnosis and better treatment for gout. As per the data by The World Bank, disposable income per capita in 2020 was USD 8784.
Regionally, the global gout therapeutics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The North America region witnessed major growth in the year 2021. This growth can be accredited to the better healthcare facilities, and awareness among the affected population about therapy. Additionally, high alcohol consumption among the individual population over the region is anticipated to be another major factor to drive the growth of the gout therapeutics market in the North America region. In accordance with the 2019 National Survey on Drug Use and Health (NSDUH), 85.6% of adults aged 18 and older said they had consumed alcohol at some point in their lives, 69.5% said they had done so in the previous year, and 54.9% said they had done so in the previous month (59% of men and 51% of women in this age group reported having done so).
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On the other hand, the gout therapeutics market in the Asia Pacific region is estimated to witness moderate growth by growing at a higher CAGR over the forecast period on the back of growing patient pool, and rising geriatric population in the region. Furthermore, the investment made by government as well as private companies in promoting awareness for the medicines is anticipated to contribute significantly in the market growth. Besides, initiatives taken by government to spread awareness about the treatment among people is estimated to be another reason for growth of the market in this region. The Asian Development Bank estimates that, by 2050, geriatric population in the Asia Pacific region will reach close to 1.3 billion people. For better understanding, one in every four people will be over 60 years old.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global gout therapeutics market is segmented on the basis of drug class into corticosteroids, colchicine, urate-lowering agents, and non-steroidal anti-inflammatory drugs (NSAIDs). Out of these, the non-steroidal anti-inflammatory drugs segment is anticipated to hold the largest market size in value by growing at a modest CAGR during the forecast period. The growth of the non-steroidal anti-inflammatory drugs segment can be attributed to the variety of uses of the drug, easy availability, increasing usage, and commendable functionality. Non-steroidal anti-inflammatory drugs (NSAIDs) are popularly used in order to relieve pain, reduce inflammation, work as anti-clotting agent, and to bring down a high body temperature. It is noted that the prevalence of NSAID use in patients over 65 years old is as high as 96% in the general practice setting.
Furthermore, the global gout therapeutics market is segmented based on disease type into chronic, and acute. Out of these, the chronic segment is anticipated to hold a substantial market share over the forecast period on the back of increasing rate of inheriting gout as a chronic disease, and prevalence of gout among the male population. As per the Hospital for Special Surgery (HSS), gout is genetically inherited and affects men more than women by a ratio of about 3:1.
The global gout therapeutics market is also segmented on the basis of treatment.
Global Gout Therapeutics Market, Segmented by Type
- Xanthine Oxidase Inhibitor
- Uricosuria Medication
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Some of the prominent players and their company profiling mentioned in the report include Novartis AG, AstraZeneca PLC, Regeneron Pharmaceuticals Inc., Teijin Pharma Limited, Merck & Co., Inc., GlaxoSmithKline plc, Celgene Corporation, Lannett Company, Inc., Horizon Therapeutics plc, Viatris Inc., and others. The profiling enfolds growth opportunities, challenges, market trends, competitive analysis, and positioning, along with the strategies used by them to stay ahead of their competitors.
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