Irritable Bowel Syndrome Treatment Market

Irritable bowel syndrome (IBS) is a chronic, functional gastrointestinal (GI) disorder that affects millions of people worldwide. In this disorder, the large intestine is affected which further leads to abdominal pain, bloating, diarrhea, and cramping. IBS may negatively affect the daily routine life such as work, sleep, diet, ability to travel, sexual function, and personal relationships. There is a significant economic burden owing to the growing prevalence of IBS, as IBS causes both losses in work productivity of the patient and high healthcare costs. Factors such as rising prevalence of anxiety, strong drug pipeline, and increasing prevalence of depression are major drivers propelling the market growth.

Anxiety is considered to be a leading cause of IBS as it leads to abdominal cramps and pain. According to a report by the World Health Organization (WHO), the portion of the global population with anxiety disorders was estimated to be 3.6% in 2015. It also stated that in the year 2015 the total estimated number of people living with anxiety disorders globally was about 264 million. According to the same source, in 2015, about 36.17 million cases of anxiety disorders were reported in the European region. According to the updated report by the Anxiety and Depression Association of America, in 2017, approximately 30% of the adult population in North America had anxiety disorders. Moreover, anxiety acts as a trigger for IBS symptoms in many people. According to a survey carried out by the Gastrointestinal Society in 2016, about 32% IBS patients had some form of mood disorders, 27% had the gastroesophageal reflux disease, and 27% had anxiety disorders. Furthermore, as anxiety is related to irritable bowel syndrome, the increasing prevalence of anxiety is expected to provide favorable background for the market to grow over the forecast period.

The growing reimbursements for IBS in certain developed countries such as the US are expected to provide huge opportunities for the market growth in the future. In the US, the prevalence of IBS is increasing owing to which Medicare provides reimbursement in certain cases. In general, Medicare covers all medically necessary tests required for the diagnosis of IBS. In addition to this, there is a limited coverage for prescript medications under Original Medicare (Part A and Part B). However, if the patient has a Medicare Part D Prescription Drug Plan, medications for irritable bowel syndrome may be covered. Additionally, some of the private insurance companies provide life insurance for patients with IBS. For Instance, the JRC Insurance Group based in California provides life insurance to people with irritable bowel syndrome. Moreover, some companies also provide medical travel insurances for people with irritable bowel syndrome. For instance, TICORP Limited under its trade name Staysure provides travel insurance for people with IBS. The company looks after the patient in the event of a medical emergency while away from home country. In addition to this, the company has operations in the US, the UK, and Canada. Thus, the improving reimbursement scenario for irritable bowel syndrome is expected to contribute to the market growth.

Strict government regulations for the approval of drugs or treatments for IBS may hamper the market growth over the forecast period. The US Food Drug and Administration (FDA) is a globally renowned regulatory body engaged in monitoring and approving drugs and medical devices. This regulatory body strictly regulates the treatment products developed for irritable bowel syndrome. For instance, in May 2015, Viberzi got the approval for the treatment for IBS-D, whereas, in February 2017, FDA advised discontinuing Viberzi for patients who do not have a gallbladder, after getting the report of 120 serious cases of pancreatitis or death. Thus, market players have challenges to develop another treatments for IBS-D. Moreover, the European Medicines Agency (EMA) is a decentralized agency of the European Union which is responsible for scientific evaluation, supervision, and safety monitoring of medicines in the European Union (EU). The European medicines regulatory network is a closely coordinated regulatory network of national competent authorities in the Member States of the European Economic Area (EEA) working together with EMA and the European Commission. Thus, for the launch of new treatments for IBS the company is required to get an approval from the European medicine regulatory network. Additionally, continuous changes in norms of regulatory bodies operating globally can affect the growth of the market. Moreover, strict legal formalities create problems for market players to introduce new treatment options for IBS.