The global gastrointestinal drugs market is expected to grow from $71.85B in 2021 to $75.63B in 2022 at a compound annual growth rate (CAGR) of 5.3%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $86.96B in 2026 at a CAGR of 3.6%.
The gastrointestinal drugs market consists of sales of gastrointestinal drugs by entities (organizations, sole traders and partnerships) that produce gastrointestinal drugs to treat gastrointestinal diseases such as ulcerative colitis, diverticular disease, perianal infections, anal fissures, hemorrhoids, constipation, and irritable bowel syndrome.
The aging population profile of most countries will contribute to the growth of the gastrointestinal drugs market. The increase in patient pool due to rising geriatric population globally, will contribute significantly to the growth of the market during the forecast period.
According to the WHO, by 2030, one in every six people on the planet will be 60 or older. The proportion of the population aged 60 and up will rise from 1 billion in 2020 to 2.2 billion by 2050. This rise in the geriatric population increased the demand for medical care and drove the healthcare expenditure. This will lead to increased demand for pharmaceuticals products, significantly impacting market growth during this period.
During the forecast period, the growth of the gastrointestinal drugs market will be restrained by patent expiration of branded gastrointestinal drugs. In general, pharmaceutical companies invest a large sum of money in the drug development process and patents.