Market Research Future (MRFR) has published on the “Global Gout Market”.
The gout market is estimated to register a CAGR of 11.75% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global gout market— Novartis AG (Switzerland), Lannett (US), Horizon Therapeutics plc (US), Takeda Pharmaceutical Company Limited (Japan), GlaxoSmithKline plc (UK), Regeneron Pharmaceuticals, Inc (US), Teijin Limited (Japan), Viatris Inc (US), Boehringer Ingelheim International GmbH (Germany), ROMEG Therapeutics, LLC (US) and others.
The global gout market is accounted for to register a CAGR of 11.75% during the forecast period and is estimated to reach USD 11.13 billion by 2032 .
The largest growth trend is increasing prevalence of gout disease. The market space witnesses clinical research activity for development of advanced therapeutics across the globe. In addition, rising demand of advance therapeutics are drive the growth of gout market.. One such key growth factor is rising healthcare expenditure an exponential increase in Year on Year (%) growth due to the rising prevalence of disease.
Furthermore, growing awareness about the gout disease is drive the growth gout market. However, stringent government regulations are expected to hamper the growth of the global market. Nevertheless, the technological advancement in imaging modalities is projected to create lucrative opportunity pockets for market players. We estimate a more focused business initiates targeting the same would result in greater revenue pockets for market players.
The global gout market is segmented into treatment and diagnosis, application, end user, and region.
Based on treatment and diagnosis, the market is segmented into diagnosis and treatment. The treatment segment was attributed to holding the largest market share in 2022 with a market share of 55.6% revenue as estimated by MRFR analysts.
Treatment is the largest and fastest-growing segment, owing to increasing prevalence of gout and availability of advanced therapeutics. Moreover, the major players include Novartis AG (Switzerland), GlaxoSmithKline plc (UK), Takeda Pharmaceutical Company Limited (Japan), Boehringer Ingelheim International GmbH (Germany), Viatris Inc (US). These companies are indulged and highly active in developing gout therapeutic products for gout diseases.
Further, we estimate that the market segment will continue to pool in the largest chunk of revenue during the forecast period. It has been identified that the segment market yet witnesses continuous innovations and movements in terms of new products launches.
Based on application, the global gout market has been segmented into acute gout, chronic gout. The chronic gout segment was expected to hold the largest market share in 2022.
Further, based on the end user, the market is segmented into hospitals & clinics, specialty centers, and others. hospitals & clinics segments are projected to have the largest market share during the forecast period.
Access full report @ https://www.marketresearchfuture.com/reports/gout-market-5909
The global gout market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World.
The global gout market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe gout market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The gout market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World gout market comprises of Middle East, Africa, and Latin America.
The imperative factors, such as the increasing prevalence of gout, growing adoption of biologics, and rising R&D activities on regenerative medicines. For instance: In 2021, as per the Journal of the American Medical Association (JAMA) Network, an estimated 9.2 million people are affected by gout in the US, and it is more common in men and older people. Moreover, the growing awareness about the health & accessibility of new treatment methods, the presence of major key players is driving the growth of gout market in the North America region.
Moreover, the Europe market has been persistently growing owing to factors such as the rising geriatric population prone to gout is driving up demand for effective treatment & therapeutics, and growing healthcare expenditure, For instance, according to the Eurostat database, healthcare expenditure was USD 176.61 billion in 2021. Thus, rising healthcare expenditure also increases the company activities and government initiatives in developing effective diagnoses and treatment & therapeutics for gout. These factors are anticipated to positively impact the growth of the gout market.
Additionally, market factors, such as the growth in the improving healthcare infrastructure, growing investment by major players with local manufacturers. Japan continues to see significant growth in terms of development of advance therapeutics are driving the Asia-Pacific region’s growth.
Furthermore, the rest of the world's patient portal market is divided into the Middle East, Africa, and Latin America. The market factors such as lack of skilled professionals to manufacture gout therapeutics drugs, dearth of awareness regarding the symptoms of the disease and increased funding are all contributing to the region's biotechnology industry's growth.
Key Findings of the Study