Gout Therapeutics Market to Grow with a CAGR of 8.74% through 2029
Growing adoption of biologics are expected to
drive the Global Gout Therapeutics Market growth in the forecast period, 2025-2029.
According to
TechSci Research report, “Gout Therapeutics Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2029”, the
Global Gout Therapeutics Market stood at USD 1.98 Billion in 2023 and is
anticipated to project robust growth in the forecast period with a CAGR of
8.74% through 2029. The market's growth is driven by several key factors. These include the increasing adoption of biologics and heightened research and development efforts in regenerative medicines. Additionally, there's a rising prevalence of gout, fueled by escalating alcohol consumption. Technological advancements in imaging modalities have also played a significant role in enhancing our understanding of gout. Moreover, certain risk factors contribute to the development of gout. These encompass obesity, dietary habits, concurrent health conditions, and emerging connections between gout and other comorbidities like erectile dysfunction, atrial fibrillation, obstructive sleep apnea, osteoporosis, and venous thromboembolism.
According to the 2023 statistics released by the World Obesity Federation, it was noted that in 2020, 31.5% of men and 40.2% of women in Mexico were living with obesity. Similarly, based on a July 2021 Eurostat report, over half (53%) of Europeans were overweight in 2020, with 36% classified as pre-obese and 17% as obese. The report also highlights that the highest proportion of obese individuals was found among those aged 65 to 74 (66%), while the lowest was among the 18 to 24 age group (25%). The presence of a high body mass index (BMI) escalates the risk of developing gout by elevating serum uric acid levels, consequently leading to hyperuricemia, which inhibits renal urate secretion. This phenomenon is expected to drive the demand for effective treatments and therapeutics, subsequently fueling market growth.
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"Global Gout Therapeutics Market”
The Global Gout
Therapeutics Market is segmented into drug types, distribution channel and
company.
In the Drug Type category, the segment focusing on Urate-lowering Drugs (ULDs) is poised to witness substantial market expansion throughout the forecast period. The Global Gout Therapeutics Market is anticipated to undergo significant growth, primarily propelled by the increasing significance of ULDs. These drugs, tailored to lower uric acid levels in the bloodstream, play a pivotal role in managing gout. The escalating prevalence of gout, coupled with the recognition of the crucial role of urate reduction in averting gout attacks, is propelling the demand for these medications. Healthcare providers are emphasizing the importance of maintaining stable uric acid levels for effective gout management, thus paving the way for market growth in Urate-lowering Drugs. Ongoing advancements in drug development, including the introduction of more potent and better-tolerated ULD formulations, are further contributing to the growing acceptance and utilization of these therapies.
Major companies
operating in Global Gout Therapeutics Market are:
- Abbott Laboratories
Inc.
- Medtronic Plc
- Boston Scientific
Corp
- Becton, Dickinson
and Company
- Novartis AG
- GlaxoSmithKline plc
- Allergen, Inc.
- W. L. Gore &
Associates, Inc.
- Stryker Corporation
- Terumo Corporation
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“This growth is
primarily attributed to the increasing prevalence of gout and rising awareness
among people about the disease treatment. Furthermore, the space has advanced
and new therapeutic options with a robust drug pipeline are further
accelerating the space growth. The strong
research and development in the space have led to a robust product pipeline. Government agencies and private organizations strive
to raise awareness through various awareness campaigns, further driving space
growth. Furthermore, novel drugs in the space further boost the market growth. Moreover, the availability of investment in automating
retail pharmacies to process pharmacy insurance information has contributed to
the development of the retail supply chain. The technicians use medical billing
and coding to modify medical information into billable codes leading to
sustainable systems and driving segment growth.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Gout
Therapeutics Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented By Drug Type (NSAIDs, Colchicine, Urate-lowering
Drugs, Biologics), By Distribution Channel (Hospital Pharmacies, Retail
Pharmacies, Online Pharmacies), By Region, By Competition, 2019-2029F”,
has evaluated the future growth potential of Global Gout Therapeutics Market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Gout Therapeutics Market.
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