by Ursodeoxycholic acid is a conjugated bile acid used primarily for the dissolution of cholesterol gallstones and treatment of gallstone diseases. It is also used to treat primary sclerosing cholangitis and autoimmune hepatitis. The formulation is manufactured as oral capsules containing 250 mg of ursodeoxycholic acid. It exerts its action by binding to bile acids in the liver, stimulating bile flow, and dissolving cholesterol and bilirubin deposits in bile ducts and gallbladder.
The global ursodeoxycholic acid market is estimated to be valued at US$ 640.45 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The demand for liver disease treatment and increasing prevalence of gallstone diseases are some of the major drivers expected to boost growth of the global ursodeoxycholic acid market over the forecast period. According to the Centers for Disease Control and Prevention, over 1 in 15 Americans currently have gallstones. This rising incidence of gallbladder diseases is expected to boost demand for ursodeoxycholic acid, which is primarily used as the first line treatment for gallstone dissolution. Furthermore, increasing prevalence of chronic cholestatic liver diseases such as primary biliary cholangitis and primary sclerosing cholangitis also contributes to the growth of the market. Primary biliary cholangitis affects approximately 1 in 1,000 women over the age of 40 and the only FDA approved drug for the treatment of primary biliary cholangitis is ursodeoxycholic acid. Thus, increasing prevalence of chronic liver diseases indicate lucrative growth opportunities for players in the ursodeoxycholic acid market.
Segment Analysis
The global ursodeoxycholic acid market can be segmented based on disease indication, distribution channel, and geography. Based on disease indication, the primary sclerosing cholangitis segment is expected to hold a largest market share during the forecast period. This is due to the rising prevalence of primary sclerosing cholangitis around the world. Based on distribution channel, the hospital pharmacies segment is expected to dominate the global market during the forecast period owing to rising healthcare infrastructure and accessibility of ursodeoxycholic acid through hospitals.
PEST Analysis
Political: Entry of new players in the market is governed by strict regulations and guidelines set by regulatory authorities such as the FDA which may restrict the entry of new entrants.
Economic: Rising healthcare expenditure and growing per capita disposable income in emerging economies is driving the growth of the ursodeoxycholic acid market globally.
Social: Increasing awareness regarding liver disorders and availability of effective treatment options are positively impacting the adoption of ursodeoxycholic acid.
Technological: Advancements in drug delivery methods including capsule and tablet formulations are supporting the compliance and convenience of patients undergoing ursodeoxycholic acid treatment.
Key Takeaways
The Global Ursodeoxycholic Acid Market Demand is expected to witness high growth during the forecast period of 2023 to 2030 propelled by rising prevalence of liver disorders. The global ursodeoxycholic acid market is estimated to be valued at US$ 640.45 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.
Regionally, North America is expected to dominate the global market owing to new product approvals, favorable reimbursement policies, and growing healthcare expenditure in the region.
Key players operating in the ursodeoxycholic acid market are Fender Musical Instruments Corporation, Gibson Brands, Ernie Ball Inc. Key players are involved in new product launches, partnerships and collaborations to strengthen their market position. For instance, in 2022, Ernie Ball Inc launched a new line of premium strings to expand its product offerings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
