by Ursodeoxycholic acid is an naturally occurring bile acid produced by the liver that is used for the treatment of various liver diseases. Ursodeoxycholic acid works by dissolving and flushing out cholesterol gallstones from the gallbladder and bile ducts. It is also used for dissolving small kidney stones. The increasing prevalence and growing awareness about liver diseases worldwide are driving the growth of ursodeoxycholic acid market. Ursodeoxycholic acid is commonly used for the treatment of primary biliary cirrhosis (PBC), a chronic autoimmune liver disease. It is also used for dissolving small, non-infected gallstones.
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 Key Trends:
The key trends in the ursodeoxycholic acid market include increasing research for new applications of ursodeoxycholic acid. Researchers are evaluating the potential of ursodeoxycholic acid in treating non-alcoholic fatty liver disease (NAFLD). NAFLD is emerging as one of the leading cause of liver diseases worldwide. Studies have shown that ursodeoxycholic acid played a significant role in the improvement and resolution of non-alcoholic steatohepatitis (NASH), a more severe form of NAFLD. If approved, the new application of ursodeoxycholic acid in NASH treatment can provide major growth opportunities for market players. Other trends in the market include new patent approvals and launch of generic variants of ursodeoxycholic acid that are expected to make treatment more affordable.
Porter’s Analysis
Threat of new entrants: The ursodeoxycholic acid market requires high R&D investment. Regulatory approvals for new entrants are also stringent, limiting the threat of new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power. The availability of generic alternatives provides options to buyers.
Bargaining power of suppliers: A few players dominate the supply side. This gives them better bargaining power over buyers.
Threat of new substitutes: Substitutes such as obeticholic acid offer competition. However, ursodeoxycholic acid is well-established, limiting potential impact of substitutes.
Competitive rivalry: The ursodeoxycholic acid market has few major players. Intense competition exists between players to gain higher market share.
Key Takeaways
The Global Ursodeoxycholic Acid Market Size is expected to witness high growth. 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.
Regional analysis: North America dominates the global ursodeoxycholic acid market currently due to high healthcare spending and increasing gallstone prevalence. Asia Pacific is projected to grow at the fastest pace during the forecast period with increasing awareness and healthcare investments in countries like China and India.
Key players: Key players operating in the ursodeoxycholic acid market are Fender Musical Instruments Corporation, Gibson Brands, Ernie Ball Inc., GHS Strings, C. F. Martin & Company Inc., Dunlop Manufacturing, Inc., Dean Markley USA, Inc., Kistron Co., Ltd., Rotosound Manufacturing Ltd., and DR Handmade Strings. Fender Musical Instruments Corporation and Gibson Brands have a significant market share due to their wide product portfolio and strong brand recognition.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
