Pune, India, August 2019, MRFR Press Release/- Market Research Future has Published a Cooked Research Report on the Global Cholic Acid Market.
Cholic acid is an active pharmaceutical ingredient that is primarily used for manufacturing medications for the dissolution of gallstones. Apart from that, it is also in the treatment of bile acid synthesis disorders and Zellweger Spectrum Disorders. Market Research Future (MRFR) has launched a report on the global cholic acid market with forecasts for the period of 2018-2024. After thorough analysis, MRFR has asserted that the Global Cholic Acid Market is due to reach USD 92,412.51 at a CAGR of 7.90% by the end of the forecast period.
Cholic acid is being extensively used as an intermediate for the production of ursodeoxycholic acid (UDCA) in the pharmaceutical industry. UDCA is an active pharmaceutical ingredient and helps in the dissolution of gall stones. The global cholic acid market is growing on the back of surging incidence rate of gall stones and gallbladder cancer, which generates demand for medications. Other factors substantiating the growth of the market include high prevalence of obesity among the global population and rapidly aging geriatric population.
Cholic acid has demonstrated its efficacy as a therapy for children with primary bile acid synthesis defects and other genetic deficiencies. Pharmaceutical companies are increasing producing cholic acid drugs to cater to the existing demand for the product. Moreover, the US Food and Drug Administration (FDA) has also been approving a number of cholic acid products, which can be evidenced by the approval of Cholbam (cholic acid) capsules, developed for the treatment for pediatric and adult patients with bile acid synthesis disorders in 2015.
Concurrently, the growth of the market might be hindered by stringent regulatory policies governing the pharmaceutical industry is expected to deter the growth of the market. Meanwhile, the pharmaceutical industry is rapidly developing in the Middle East & Africa. The low cost of production of cholic acid in the region is likely to provide opportunities for the growth of the market.
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Region-wise, the cholic acid market has been segmented into the Americas, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
Europe has captured 39.5% share of the global cholic acid market. The region is concentrated with various leading market players such as Industria Chimica Emiliana (ICE), Istituto Biologico Chemioterapico SpA, Prodotti Chimici Alimentari (PCA) SpA, due to which the production of cholic acid is considerably high in the region. The healthcare sector in the region is liable for the generation of substantial demand for cholic acid.
APAC has secured the second spot in the global cholic acid market. The incidence rate of gallstones has gone up in recent years, which induces a high demand for cholic acid. China, South Korea, Japan, and India are the key players in the APAC cholic market.
The Americas cholic acid market is anticipated to exhibit the highest CAGR of 8.47% over the forecast period. A gradual rise in the prevalence of gallstones in the region has reflected favorably on the growth of the market.
MEA accounts for the smallest portion of the market. The market is expected to be driven by a steady rise in the geriatric population and rapidly expanding pharmaceutical industry.
Panjin Hengchanglong Pharmaceutical (China), Fujimoto Chemicals (Japan), Daewoong Bio, Inc. (South Korea), Erregierre SpA (Italy), Dipharma Francis SRL (Italy), Kinsy SL (Spain), Zhejiang Yongning Pharmaceutical (Zhejiang), Industria Chimica Emiliana SRL (Italy), Showa Denko KK (Japan), Retrophin, Inc. (US), New Zealand Pharmaceuticals Limited (New Zealand), PharmaZell GmbH (Germany), Alchem International Ltd (US), Suzhou Tianlu Biopharmaceuticals Co. Ltd (China), and Istituto Biologico Chemioterapico SpA (Italy) are the key players in the global cholic acid market.