SEATTLE, June 19, 2019 /PRNewswire/ -- According to Coherent Market Insights, the global ursodeoxycholic acid market was valued at US$ 457.3 million in 2017, and is projected to exhibit a CAGR of 10.1% over the forecast period (2018 – 2026).
Key Trends and Analysis of the Ursodeoxycholic Acid Market:
Market players are involved in gaining approval for ursodeoxycholic acid for various new indications in Europe. Approval for ursodeoxycholic acid for new indications is expected to support market growth over the forecast period. For instance, in May 2017, IntraBio Ltd. received orphan designation from the European Commission, for ursodeoxycholic acid for treatment of Niemann-Pick disease.
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Furthermore, key players are adopting merger and partnership strategies in order to add ursodeoxycholic acid to their product portfolios, for treatment of various diseases. For instance, in February 2019, EA Pharma Co., Ltd. signed a license agreement with Dr. Falk Pharma GmbH, to grant EA Pharma the rights to develop, manufacture, and commercialize nor-ursodeoxycholic acid.
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Key Market Takeaways:
- The ursodeoxycholic acid market is expected to exhibit a CAGR of 10.1% during the forecast period (2018 – 2026), owing to increasing incidence of gall stones, cystic fibrosis, and other disorders. According to the Cystic Fibrosis Foundation's 2015 data, around 30,000 people suffer from cystic fibrosis in the U.S. Moreover, around 1,000 new cases of cystic fibrosis are diagnosed in the country, annually.
- North America is expected to dominate the global market as key players in the region are focusing on inorganic growth strategies and gaining approval for new indications of ursodeoxycholic acid. For instance, in 2016, Retrophin, Inc., a U.S. based biopharmaceutical, signed a definitive agreement to purchase rights, titles, and ownership of a liquid formulation of ursodeoxycholic acid from Asklepion Pharmaceuticals, LLC.
- Moreover, increasing use of ursodeoxycholic acid in combination with other new drugs is expected to lead to its high demand, and thus, support the market growth over the forecast period. For instance, in May 2016, Intercept Pharmaceuticals, Inc. received the U.S. Food and Drug Administration approval for its new drug Ocaliva (obeticholic acid), indicated for treatment of primary biliary cholangitis (PBC) in combination with ursodeoxycholic acid (UDCA) in adults having an inadequate response to UDCA, or as a single therapy in adults who are unable to tolerate UDCA.
- Key players operating in the global ursodeoxycholic acid market Dipharma Francis Srl, ERREGIERRE S.p.A., Grindeks, Industria Chimica Emiliana, Mitsubishi Tanabe Pharma Corporation, Zhongshan Belling Biotechnology Co., Glenmark Pharmaceutical Limited, Abil Chempharma Private Limited, Biotavia Labs Pvt Ltd, Daewoong Bio Inc., PharmaZell GmbH, and Suzhou Tianlu Bio-pharmaceutical Co., Ltd.
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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
Primary Biliary Cirrhosis Drugs Market, By Drug (Ursodeoxycholic Acid (Ursodiol), Obeticholic Acid (Ocaliva), and Others (Anti-Inflamatory, Anti-Pruritics and Anti-Histamines)), and By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) - Global Industry Insights, Trends, Outlook and Opportunity Analysis 2018-2026
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