Ulcerative colitis: Key market research findings
- High unmet medical needs
- Increase in patient assistance programs
Technavio has released a new market research report on the global ulcerative colitis drugs market, which is expected to grow at a CAGR of almost 7% between 2016 and 2020. The increase in the pervasiveness of ulcerative colitis and the number of people seeking treatment are some of the factors that are contributing to the growth of this market. Currently, the Americas dominate the market due to the introduction of the US healthcare reforms and the increased competition faced from the introduction of biosimilars in the market. This region accounted for a market share of over 60% of the global ulcerative colitis market during 2015.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“There has been a remarkable increase in the awareness of ulcerative colitis across the world. This is mainly due to the prevalence of the disease and initiatives of various organizations in the form of seminars, webinars, road shows, and exhibitions conducted. With a better understanding of the condition, there is an increase in the demand for treatment options, which in turn is expected to propel the growth of this market over the next four years,” says Barath Palada, Lead Analyst, Pharma, Technavio Research.
The upsurge in patient assistance programs, especially those by vendors for branded drugs, is expected to contribute to the growth of the global ulcerative colitis market. Through these programs patients who cannot afford expensive treatments are provided financial assistance by the state and federal agencies. Some of the agencies providing patient assistance programs in the US include Medicaid, Medicare, and Social Security.
The key vendors in the global ulcerative colitis market are AbbVie, Janssen Pharmaceutical, Merck, and Takeda Pharmaceuticals. The global ulcerative colitis market offers a vast opportunity for vendors due to the absence of effective treatment options for ulcerative colitis. As a result, both big and small vendors are shifting their focus and making huge investments in R&D to usher inadequate treatments for ulcerative colitis. Thus, the competition in the market has increased tremendously and to endure this tough competition, vendors need to develop improved and superior techniques to stay on top.
A more detailed analysis is available in the Technavio report, Global Ulcerative Colitis Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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