The global gout therapeutic market was initially valued at US$1874 mn in 2018, as per the new research report published by Transparency Market Research. The research report further expects the market to develop at a CAGR of around 8.3% for the given projection period of 2019 to 2027. With this rate of growth, the market is then estimated to reach a valuation worth US$3820 mn by the fall of 2027.
As per a recent research report published by National Health and Nutrition Examination Survey (NHANES), the prevalence of gout among adults in the US is around 3.9% and this has affected nearly 8.3 million people across the nation. Such a high number patients is thus the chief driving factor for the development of the global gout therapeutic market.
This is a clear indicator that the regional segment of North America will dominate the global market in the coming years of the forecast period. In addition to this, there are several other important factors that are also helping to push the growth of the North America gout therapeutic market to a next level. Increasing demand for biologics for treating gout, rapid growth in the geriatric population in the region, and favorable policies for medical reimbursement are some of the important factors that are helping the growth of the regional market.
Request a PDF Sample on Gout Therapeutic Market Report -
Rise in prevalence of gout arthritis across the globe is anticipated to boost the global gout therapeutics market during the forecast period.
According to National Health and Nutrition Examination Survey (NHANES), prevalence among adults is estimated to be 3.9%, while 8.3 million people in the U.S. are affected by gout. North America and Europe are expected to dominate the global gout therapeutics market from 2019 to 2027. This is attributed because of following factors
Rise in the demand for biologics for gout treatments,
Favorable medical reimbursement policies
Rapid increase in the geriatric population.
Asia Pacific is likely to account for a significant share of the global gout therapeutics market by 2027. This is due to a surge in the number of gout cases in highly populated countries such as India and China, large geriatric population in Japan, and rise in adoption of biologics therapeutics in Japan, Australia, New Zealand, and South Korea. The gout therapeutics market in Asia Pacific is expected to expand at a high CAGR from 2018 to 2026.
Innovation in research & development leading to several new drug approvals for gout is likely to propel the global gout therapeutics market.
Promising drug pipeline and approvals to propel gout therapeutics market
Demand for effective therapeutics for gout treatment is increasing. Numerous pipeline products and recent approvals of drugs to treat gout arthritis are expected to drive the gout therapeutics market during the forecast period. New medication are being developed, such as arhalofenate, which is estimated to target renal transporters of uric acid, primarily URAT1 and OAT4, acting as uricosuric agents. Furthermore, new xanthine oxidase inhibitors, Topiloric and Uriadec, have been developed and labelled in Japan by Fujiyakuhin Co., Ltd. Japan and Sanwa Kagaku Kenkyusho Co., Ltd. Japan, respectively.
Increase in patient preference for biologics drives the demand for gout therapeutics
Physicians have rapidly prescribed urate lowering drugs to control uric acid levels in patients suffering from gout. Hence, a rise in the number of promising drug pipeline and rapid acceptance of new drugs are expected to propel the global gout therapeutics market during the forecast period.
Antihyperuricemic agents (urate-lowering drugs) to be highly attractive segment
The report offers detailed segmentation of the global gout therapeutics market based on drug type and distribution channel. In terms of drug type, the antihyperuricemic agents (urate-lowering drugs) segment is projected to account for leading share of the global gout therapeutics market during the forecast period.
Factors attributed to the higher share held by the antihyperuricemic agents (urate-lowering drugs) segment include availability of antihyperuricemic agents and increase in prescription rate, as urate-lowering drugs are less expensive than biologics.
Moreover, urate lowering drugs are utilized for the symptomatic treatment of gout arthritis, as a first line of therapy or in combination therapy. According to estimates more than 2 million people in the U.S. take medication to decrease serum uric acid levels. Moreover, higher penetration of urate lowering drugs, as compared to biologics, into the gout therapeutics market for the treatment of people suffering from chronic or acute gout diseases propel the antihyperuricemic agents (urate-lowering drugs) segment.
According to study by NHS in 2014, out of the newly diagnosed gout patients, 18.6% patients received urate lowering therapy (ULT) within six months, and 27.3% within 12 months of diagnosis
Favorable reimbursement policies in developed countries for biologics propel the biologics segment. Furthermore, development and launch of new gout drugs required to treat people suffering from gout diseases are expected to drive the gout therapeutics market during the forecast period.
Request for a Discount on Gout Therapeutic Market Report -
Hospitals segment to dominate market
Based on distribution channel, the retail pharmacy segment is projected to account for a dominant share of the global gout therapeutics market from 2019 to 2027. The segment is anticipated to expand at a high CAGR from 2019 to 2027. Hospital pharmacy is expected to be the second leading segment, in terms of market share, during the forecast period. High share held by the hospitals pharmacy segment is attributed to the increase in geriatric population with moderate to severe gout arthritis requiring hospital pharmacy to purchase drugs.
The online pharmacy segment is likely to expand at a rapid pace during the forecast period. Increase in the number of players in the online pharmacy segment and acceptance of several gout therapeutics as over-the-counter drugs in the medical therapy to penetrate the pharmaceutical and the health care market are projected to boost the online pharmacy segment.