Gastroparesis is a chronic disorder characterized by delayed gastric emptying in the absence of mechanical gastric outlet obstruction. The key symptoms associated with gastroparesis include nausea, vomiting, abdominal pain, and poor appetite. The market is primarily driven by the increasing prevalence of gastroparesis due to diabetes and idiopathic causes. The demand is also growing for minimally-invasive treatment options due to the advantages of faster recovery and lower risks of complications.
The Gastroparesis Treatment Market is estimated to be valued at US$ 8964.31 Mn in 2024 and is expected to exhibit a CAGR of 3.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the gastroparesis treatment market are Evoke Pharma, Inc., Processa
Pharmaceuticals, Inc., Neurogastrx, Inc., Vanda Pharmaceuticals Inc., ANI Pharmaceuticals,
Inc., Takeda Pharmaceutical Company Limited, GlaxoSmithKline plc, Otsuka Holdings Co.,
Ltd., CinDome Pharma, Inc., PTC Therapeutics, copyright, Inc., Teva Pharmaceutical Industries
Ltd., Atlantic Healthcare, Salix Pharmaceuticals, Rhythm Pharmaceuticals, Inc., Ironwood Pharmaceuticals, Inc., Medtronic plc, Bausch Health Companies Inc., Sanofi S.A.
Market Drivers
One of the key drivers of the gastroparesis treatment market is the rising prevalence of diabetes as gastroparesis is one of the chronic complications of long-standing diabetes. Moreover, increased awareness regarding gastroparesis among patients and physicians and strong R&D support from pharmaceutical companies for developing novel therapies are further propelling the market growth.
Challenges in the Gastroparesis Treatment Market:
The gastroparesis treatment market is witnessing several challenges currently. There is a lack of approved drugs that provide long term cure for gastroparesis. Most of the existing drugs only provide temporary relief of symptoms but do not treat the underlying cause. Due to the complex and poorly understood pathophysiology of gastroparesis, developing novel drug treatments is a major challenge. Another challenge is lack of early diagnosis as the symptoms are often overlooked or misdiagnosed initially. Gastroparesis Treatment Market share is also expanding globally due to rising awareness regarding gastroparesis disorders and increasing healthcare expenditure. For instance, many developing countries are witnessing rising incidences of gastroparesis due to lifestyle changes and diet patterns.
SWOT Analysis
Strength: The market has strong research and development activities focused on developing new and better treatment options. Growing prevalence of diabetes and increase in awareness about gastroparesis are driving demand.
Weakness: Lack of approved drugs for long term cure. High cost of new therapies. Dependence on few key players.
Opportunity: Untapped emerging markets hold potential for future growth. New drug delivery techniques and advances in gastric pacemaker devices offer opportunities.
Threats: Intense competition amongst key players. Challenges in clinical development of new drugs due to complex disease pathology. Delays in approval and commercialization. Patent expiries of blockbuster drugs.
Geographical Regions
North America currently dominates the gastroparesis treatment market accounting for more than 40% of global market share in terms of value. Presence of leading manufacturers, high healthcare spending, and growing prevalence of gastroparesis are major factors for high market concentration in the region. Europe is the second largest market supported by availability of advanced treatment facilities and favorable reimbursement policies.
Fastest Growing Geographical Region:
Asia Pacific region is projected to witness the highest growth during the forecast period attributed to expanding patient pool, rising incidence of diabetes, increasing healthcare spending, and growing medical tourism. Rapid economic development in countries like India and China is positively influencing the market. Favorable government initiatives and improving access to healthcare present lucrative opportunities for market players in the Asia Pacific gastroparesis treatment market.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )
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