Gout Therapeutics Market Overview Analysis
According to the USD Analytics published latest research report, the global “Gout Therapeutics Market” is expected to grow at a tremendous CAGR of 15.5% during the forecast period 2023-2030.
The gout therapeutics market includes medicines and medical therapies used to control and treat gout, a type of inflammatory arthritis characterized by uric acid crystal accumulation in the joints. The growing incidence of gout and the rising need for effective and safe therapies for this ailment are driving the gout therapeutics market. Therapies include nonsteroidal anti-inflammatory medicines (NSAIDs), colchicine, corticosteroids, urate-lowering pharmaceuticals, and biological treatments. Additionally, medical equipment or procedures used to address gout symptoms, such as joint aspiration or uric acid monitoring instruments, may be included in the market.
Market Drivers:
The growing adoption of biologics and rising research and development activities on regenerative medicines, the rising prevalence of gout with increased alcohol consumption, and technological advancements in imaging modalities that improved the understanding of gout are the factors attributed to the market’s growth.
Furthermore, obesity, dietary factors, comorbid conditions, and novel associations of gout with other comorbidities, such as erectile dysfunction, atrial fibrillation, obstructive sleep apnea, osteoporosis, and venous thromboembolism, have been reported. For example, according to World Obesity Federation 2022 figures, 31.5% of men and 40.2% of women in Mexico were obese in 2020. Thus, a high body mass index raises the chance of developing gout by increasing blood uric acid levels, resulting in hyperuricemia and reduced renal urate production. This is projected to raise the need for effective treatment and treatments, propelling market development.
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Market Restraints:
However, the negative effects of gout treatment medications and the high indirect costs of gout therapeutics are inhibiting market expansion.
Recent Industry Developments:
- In March 2022: Atom Bioscience announced the favorable findings of a randomized, double-blind, placebo-controlled Phase 2a clinical study of ABP-671 to treat chronic gout in March 2022.
- In March 2022: Strides Pharma’s Colchicine tablets USP, 0.6 mg, authorized by the US Food and Drug Administration in March 2022 for the treatment and prevention of gout.
Segmentation Analysis:
As per the research an analysis, the global gout therapeutics market is segmented by drug class into antihyperuricemic agents, non-steroidal anti-inflammatory drugs (NSAIDs), corticosteroids, colchicines, and, other drug classes; and by application into acute gout, and chronic gout.
The Antihyperuricemic Agents Segment is Expected to Grow with High CAGR Over the Forecast Period in the Gout Therapeutics Market
The antihyperuricemic agent segment will likely increase significantly during the forecast period due to the rising use of these medications to treat gout. For example, in June 2021, the Annals of Rheumatic Diseases published an article titled “Has the gout epidemic peaked in the UK?” According to “A nationwide cohort study using data from the Clinical Practice Research Datalink, from 1997 to across the COVID-19 pandemic in 2021,” the incidence of gout was 0.98 per 1,000 people in 2021, compared to 1.07/1000 people in 2020. Furthermore, according to the same source, the prevalence of urate-lowering medications in gout grew from 36.72% in 2019 to 39.53% in 2021. As a result, doctors’ increasing prescription of urate-lowering medicines is projected to enhance demand for antihyperuricemia pharmaceuticals, supporting market expansion.
Geographical Analysis:
The global gout therapeutics market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
North America Gout Therapeutics Market
North America is expected to account for a major share of the gout therapeutics market over the forecast period, owing to the increasing prevalence of gout, well-established healthcare infrastructure, and growing healthcare expenditure. For example, according to the Organization for Economic Cooperation and Development (OECD), healthcare expenditure in the United States in 2021 was 17.8% of total GDP. Furthermore, according to the Centers for Medicare and Medicaid Services, national health expenditure is expected to expand at a 5.4% annual pace from 2019 to 2028, reaching USD 6.2 trillion by 2028. Because federal health spending is expected to grow 1.1% faster than GDP every year on average from 2019 to 2028, the health share of the economy is expected to increase by 19.7% in 2028. Thus, rising healthcare expenditure will likely boost corporate and government efforts to create remote patient monitoring, ultimately boosting market expansion.
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Competitive Landscape:
The key players contributing to the global gout therapeutics market growth include Lannett Company, Horizon Therapeutics plc, GlaxoSmithKline PLC, Regeneron Pharmaceuticals, and Takeda Pharmaceutical Company Ltd among others.
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