At 6.8% CAGR, South & Central America Gastrointestinal Drugs Market is Projected to be Worth US$ 3,375.85 Million by 2031, Says Business Market Insights

According to Business Market Insights' research, the South & Central America gastrointestinal drugs market was valued at US$ 1,999.39 in 2023 and is expected to reach US$ 3,375.85 million by 2031, registering a CAGR of 6.8% from 2023 to 2031. Strategic initiatives by companies and rising cases of gastrointestinal diseases are among the critical factors attributed to the South & Central America gastrointestinal drugs market expansion.

Companies operating in the gastrointestinal drugs market constantly focus on strategic developments such as product approvals, collaborations, funding, agreements, and new product launches, which help them improve their sales, increase their geographic reach, and improve their capacities to cater to a greater than existing customer base. A few strategic initiatives taken by key players operating in the gastrointestinal drugs market are mentioned below:

•          In September 2023, Vivante Health closed US$ 31 million in a Series B funding round led by Mercato Partners, a new investor, to advance the digital digestive health platform. The new funding is mainly received due to the latest GIThrive platform enhancements that highlight the platform's unique ability to provide proper care at the right time. Series B Capital provides continued technological advancements designed to predict the onset and progression of gastrointestinal conditions and provide complete virtual care.

•          In May 2020, Sanofi, a top manufacturer of brands such as Buscopan for Irritable Bowel Syndrome and Dulcolax for constipation relief, entered the digestive wellbeing market space with the introduction of a new food supplement, Buscobiota. Buscobiota contains three types of Lactobacillus and two types of Bifidobacterium, which can be utilized as a preventive medication for chronic constipation.

Therefore, strategic initiatives by various companies focusing on the development of drugs for the treatment of digestive diseases are likely to offer growth opportunities to the gastrointestinal drugs market in the coming years.

On the contrary, high cost of biologics hampers the growth of South & Central America gastrointestinal drugs market.

Based on drug class, the South & Central America gastrointestinal drugs market is segmented into biologics, antidiarrheal and laxatives, acid neutralizers, anti-inflammatory drugs, antiemetic and antinauseants and others. The biologics segment held 27.6% share of the South & Central America gastrointestinal drugs market in 2023, amassing US$ 551.62 million. It is projected to garner US$ 941.32 million by 2031 to expand at 6.9% CAGR during 2023–2031.

By application, the South & Central America gastrointestinal drugs market is segmented into irritable bowel syndrome, inflammatory ulcerative colitis, Crohn’s disease, gastroenteritis, celiac disease and others. The irritable bowel syndrome segment held 30.7% share of the South & Central America gastrointestinal drugs market in 2023, amassing US$ 612.76 million. It is projected to garner US$ 1,062.51 million by 2031 to expand at 7.1% CAGR during 2023–2031.

By route of administration, the South & Central America gastrointestinal drugs market is bifurcated into oral and parenteral. The oral segment held 65.5% share of the South & Central America gastrointestinal drugs market in 2023, amassing US$ 1,309.43 million. It is projected to garner US$ 2,287.60 million by 2031 to expand at 7.2% CAGR during 2023–2031.

By distribution channel, the South & Central America gastrointestinal drugs market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment held 49.7% share of the South & Central America gastrointestinal drugs market in 2023, amassing US$ 992.91 million. It is projected to garner US$ 1,734.84 million by 2031 to expand at 7.2% CAGR during 2023–2031.

Based on country, the South & Central America gastrointestinal drugs market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil held 53.0% share of South & Central America gastrointestinal drugs market in 2023, amassing US$ 1,059.03 million. It is projected to garner US$ 1,857.12 million by 2031 to expand at 7.3% CAGR during 2023–2031.

Key players operating in the South & Central America gastrointestinal drugs market are Sanofi SA, GSK Plc, Johnson & Johnson, Bausch Health Companies Inc, AstraZeneca Plc, Takeda Pharmaceutical Co Ltd, AbbVie Inc, Bayer AG, and Pfizer Inc, among others.

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