Inflammatory bowel disease market to grow by $7.61b until 2028

It is driven by a rising prevalence of chronic gastrointestinal conditions.

The global inflammatory bowel disease (IBD) market is projected to grow by $7.61b until 2028 at a compound annual growth rate (CAGR) of 5.48%.

A report by Technavio revealed that the market, which covers chronic gastrointestinal conditions such as Crohn’s disease and ulcerative colitis, is driven by rising prevalence rates, particularly in developed regions.

“Entities such as biotechnology companies, academic institutions, and research organisations are actively engaged in advancing the understanding of IBD aetiology and developing new treatments,” Technavio said.

Meanwhile, other factors fueling the market’s expansion include growing awareness, improved diagnosis, and the development of novel therapeutic approaches.

However, the market for IBD therapeutics faces high costs which could impede further growth.

“The average cost of these therapies, including drugs, doctor fees, and hospital visits, ranges from $6,000 to $32,000 per year. Biologics, which are preferred for moderate to severe IBD, cost an average of $2,500 to $5,500 per month,” The report added.