The Gout Therapeutics market is anticipated to grow with a CAGR of 15.5%, over the forecast period. The major factors driving the growth of the market are rising adoption of biologics and increasing R&D on regenerative medicines, technological advancements in imaging modalities improved understanding of gout and rising prevalence of gout due to increased alcohol consumption.
For instance, according to the Partnership to Fight Chronic Disease (PFCD) survey report, in the United States, the prevalence rate of gout was increased from 0.78% in 2000 to 1.51% in 2015. Moreover, in 2017 the prevalence rate was 1489.73 (per 100,000 population).
Thus, rising prevalence of gout and considering the association between alcohol consumption and gout, it can be expected that increasing alcohol consumption will act as a driver for the growth of the gout therapeutics market, during the forecast period. However, factors such as the adverse effects of the drugs may restrain the market growth.
Key Market Trends
Antihyperuricemic Agents (Urate-Lowering Drugs) Segment is Expected to Grow with High CAGR Over the Forecast Period in the Gout Therapeutics Market
Gout is the most common form of inflammatory arthritis, characterized by painful and disabling acute attacks. It is caused by hyperuricemia and the deposition of urate crystals, in and around the joints. Long-standing untreated hyperuricemia can lead to chronic arthritis, joint damage, tophi formation, and urate nephropathy. And the Urate-lowering agents are the most preferred form of treatment when it comes to gout. Some of the most common drugs used in this segment are xanthine oxidase inhibitors (allopurinol and febuxostat), uricosuric medications (benzbromarone, probenecid, and sulfinpyrazone), and uricases (pegloticase and rasburicase).
Furthermore, as per the Australian Bureau of Statistics and National Health Survey 2017-2018, estimated that 187,000 Australians (0.8% of the population) suffer from gout condition. Gout is more common in males than females almost 9 in 10 (87%) people with gout are males. Hence, considering above all factors the segment is expected to show growth in the near future.
Asia-Pacific is Expected to Emerge as the Fastest Growing Region for the Gout Therapeutics Market
The Asia Pacific countries are anticipated to witness the fastest growth over the forecast period for this market with the presence of several high economically growing countries such as India, China, South Korea, and other South Asian countries. The factors such as diversified patient pool, increasing investment by major players with local manufacturers and hospital chains. According to the Australian Institute of Health and Welfare, estimated that in 2015-2016, gout cost the Australian health system an estimated USD 176.5 million, representing 1.4% of disease expenditure on musculoskeletal conditions and 0.2% of total disease expenditure. Additionally, lifestyle factors such as increased smoking prevalence & alcohol consumption and stressed lifestyle are likely to boost the incidence of gout over the period.
The Gout Therapeutics market is fragmented competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With the increasing prevalence of cases across the globe, few other companies are also expected to enter the market in the coming years. Some of the major players of the market are Lannett Company, Horizon Therapeutics plc, GlaxoSmithKline PLC, Mylan, and Takeda Pharmaceutical Company Ltd are among others.
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