United Kingdom Ulcerative Colitis market to grow to US$ 548.1 million by 2031.
From GlobeNewswire: 2024-07-30 04:08:00
The United Kingdom Ulcerative Colitis market was valued at US$ 421.3 Million in 2023 and is expected to reach US$ 548.1 Million by 2031, with a CAGR of 3.4%. Over 146,000 people in the UK are estimated to suffer from Ulcerative Colitis, leading to a rising demand for diagnostic procedures and treatment medications.
Factors driving the growth of the United Kingdom ulcerative colitis market include the increasing disease prevalence, changing lifestyle habits, and government initiatives to raise awareness. However, high treatment costs remain a challenge, with around 246,000 people in England affected by the condition, as per the Health Survey for England 2018.
The market for Ulcerative Colitis in the UK is poised to witness a CAGR of 3.4% from 2024 to 2031, driven by the growing adoption of biologics and increased research and development activities. The proctosigmoiditis segment is anticipated to dominate the market, while key players like AbbVie Inc., Merck & Co., and Novartis AG are focused on expanding their product portfolios through mergers and acquisitions.
Biologics are revolutionizing the treatment of Ulcerative Colitis, with a strong efficacy and favorable safety profiles. They accounted for over 45% of the market share in 2023 and are expected to see significant growth. Online pharmacy sales of ulcerative colitis drugs have increased due to the COVID-19 pandemic, with key players enhancing their online presence to leverage growth opportunities in the digital retail space.
Everest Medicines’ VELSIPITY and Eli Lilly’s Mirikizumab have recently received marketing authorization in the EU and UK, respectively, signaling advancements in treatment options for Ulcerative Colitis patients. The market offers opportunities in anti-inflammatory drugs and anti-TNF biologics segments, with notable growth projected in the coming years.
Read more at GlobeNewswire: United Kingdom Ulcerative Colitis Market to Reach US$ 548.1