According to the recent research report titled ‘Global Inflammatory Bowel Disease Treatment Market Size study, by Type (Crohn's Disease, Ulcerative Colitis), By Drug Class (Corticosteroids, TNF inhibitors, IL inhibitors, Anti-integrin, JAK inhibitors) By Route of Administration (Oral Market, Retail Pharmacy), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global inflammatory bowel disease treatment market was worth USD 19.2 billion in 2020 and is expected to multiply with a CAGR of 4.8% over 2021-2027, subsequently amassing a valuation of USD 26.66 billion by the end of the forecast period.
 

As per the report findings, global inflammatory bowel disease treatment market growth can be ascribed to emergence of biosimilars, presence of robust product pipeline, and rising prevalence of Crohn’s disease and ulcerative colitis.
 

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Notably, the Crohn's and Colitis Foundation (CCFA) cites that around 70,000 new inflammatory bowel disease cases are being found in the United States each year. According to a 2019 CCFA report, 1.6 million cases of IBD were detected in the United States. Moreover, the European Federation of Crohn's and Ulcerative Colitis Associations (EFCCA) claims that the number of individuals affected by the condition reached around 3.4 billion in 2020.
 

Growing approvals for biosimilars like Hyrimoz, Imraldi, Renflexis, and Inflectra are expected to boost the use of effective treatment due to their advantages over traditional treatment approaches. In addition, the growing geriatric population is expected to fuel global inflammatory bowel disease treatment market demand in the upcoming years.
 

However, high treatment costs are anticipated to negatively impact the remuneration scope of the industry over the study duration.
 

Geographically, North America leads in terms of market share, owing to rising treatment rates, increased prescription of innovative pharmaceuticals, and improved reimbursement policies in the region.
 

On the other hand, Asia-Pacific industry is expected to develop at a decent rate over the next six years, on account of rising prevalence of Crohn's disease and ulcerative colitis, rising penetration of biosimilar prescriptions, and increasing innovative medication approvals in the region.
 

Coming to competitive terrain, Eli Lilly and Company, Pfizer Inc., Merck & Co. Inc., Takeda Pharmaceutical Co. Ltd., Novartis AG, UCB S.A., Amgen Inc., Johnson & Johnson Services Inc., Biogen Inc., and AbbVie Inc. are the leading companies impacting global inflammatory bowel disease treatment industry trends.