The global gout therapeutics market size is expected to reach USD 6,304.8 million by 2026 according to a new study by Polaris Market Research. The report “Gout Therapeutics Market Share, Size, Trends, Industry Analysis Report, By Drug Class (Non-steroidal Anti-Inflammatory Drugs (NSAIDs), Corticosteroids, Colchicine, Urate Lowering Agents) Disease Condition (Acute, Chronic); By Regions, Segments & Forecast, 2020 – 2026” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The incidence and prevalence of gout has increased over two-fold in past 20 years. This growth combined with increasing occurrence of comorbid conditions and cardiovascular risk factors represents a significant public health challenge. Globally, the developed countries tend to have a higher burden of gout compared to the developing countries, and also have increasing prevalence of this disease. There are various factors including genetic history, and ethnicity that could lead to occurrence of gout. Also, socioeconomic and dietary factors, as well as comorbidities and medications that can influence uric acid levels and facilitate MSU crystal formation, are also important in determining the risk of developing clinically evident gout.
Increasing geriatric population, and growing prevalence of this condition associated with this growing elderly population are the primary factors driving the growth of the industry. According to a study published in the Modern Medicine, elder population are more prone to develop tophi and the prevalence of metabolic syndrome among the elder population with gout was 62%. Currently, the geriatric population is growing at an extraordinary rate. According to the data published by the United Nations in 2012, global geriatric population was nearly 809.4 million in 2011 and is anticipated to grow more than double and reach over 2,000 million by 2050.
Furthermore, growing prevalence of this condition across the globe, increasing research and development activities, growing number of product approvals, and increasing public and private investments are some other factors driving the growth of the market during the forecast period. Recently, in New Zealand, the HRC funded Professor Lisa Stamp at the University of Otago to lead the first-ever randomized controlled trial demonstrating an improved dosing strategy using allopurinol to help more patients to manage their gout symptoms. Also, in 2019 researchers at Washington State University Health Sciences Spokane and elsewhere identified a new therapeutic target for the treatment of gout. Such growing research studies are fueling the growth of the market during the forecast period.
Have Questions? Request a sample or make an Inquiry before buying this report by clicking the link below: https://www.polarismarketresearch.com/industry-analysis/gout-therapeutics-market/request-for-sample
However, factors such as patent expiry of blockbuster products, increasing competition in the generic sector and high cost of the newly launched drugs are likely to hinder the growth of this market during the forecast period. The cost associated with gout therapies is poised to increase dramatically due to federal policy decisions and pipeline developments. Also, patent expiry of major blockbuster agents and expected launch of generic version are likely to restrain the growth of the market during the forecast period. Entry of generic after its patent expiry would decline the revenue in future. Hence, high cost of the products and patent expiry of the medicines is a key factor to restrain the growth of the market.
The global market is dominated by North America as the countries such as US and Canada have a large patient base, and also significant number of research activities are being conducted in this region. Many companies operating in this market segment are based in the US, and hence new products are primarily introduced in this regional segment. Gout affects around 8.3 million people in the United States, with prevalence in range of the 1–4%. The prevalence of gout is higher in African Americans as compared to Caucasians, and is projected to be increasing across all demographics in coming few years. Furthermore, government is also taking various measures to generated awareness and provide better healthcare facilities to the patient suffering with gout in this region.
Furthermore, Europe also has a significant share in the global industry. Various international companies have been launching new products in the European market. For instance, in August 2018, Grünenthal received European approval for Duzallo (lesinurad/allopurinol) and extended its gout portfolio. However, Asia-Pacific is projected to witness a fastest growth during the forecast period. This highest growth is mainly anticipated due to the presence of several high economically growing countries such as India, China, South Korea, and other South Asian countries. Increasing number of people linked with smoking and alcohol consumption, growing population, increasing need for effective therapies, and growing expansion of local and international players in this regional segment are also fueling the growth of gout therapeutics market in this region.
The key players in the industry include AstraZeneca, Horizon Pharma Plc, Takeda Pharmaceutical Company Limited, GlaxoSmithKline plc, Novartis AG, Merck & Co. Inc., Teijin Pharma Limited, Regeneron Pharmaceuticals, Inc, Ironwood Pharmaceuticals, Inc., JW Pharmaceutical, Selecta Biosciences, Inc., and Grunenthal Group among others.