Colchicine Market Growth 2022-2030: Increasing Clinical Studies of Colchicine Drugs for Various Applications
The global colchicine market size is expected to reach USD 2,552.84 Million in 2030 and register a revenue CAGR of 8.4%, according to the latest report by Reports and Data. Some key factors such as increasing incidences of gout across the globe and increasing prevalence of other related diseases such as Familial Mediterranean Fever (FMF) and arthritis are factors driving global market revenue growth. Increase in the number of clinical trials for colchicine has had a positive impact on the discovery of therapeutic alternatives for a variety of conditions, including cardiovascular diseases, COVID-19 symptom treatment, and others.
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Colchicine is an alkaloid medication that was first licensed by the Food and Drug Administration (FDA) in 1961 and is mostly used to treat gout attacks. Gout is characterized by joint discomfort and inflammation, and it is caused by an excess of uric acid collecting in joints in the form of needle-like crystals. A gout is simply a severe form of inflammatory arthritis.
Increase in clinical trials for colchicine is setting a trend that researchers say is encouraging the development of new medicines that is expected to aid pharmaceutical companies and consumers. In the last ten years or more, clinical trials for colchicine have increased dramatically, and North America and Asia Pacific countries have emerged as one of the top global locations for clinical studies. Increased focus of the US government and pharmaceutical firms on the positive effects of colchicine in the treatment of disorders such as Behcet's Disease, Dermatitis Herpetiformis, and others has prompted scientists to seek out more therapeutic options.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Cipla Inc., Cardinal Health, Alchem International, Medinova AG, Odan Laboratories Ltd., Prasco Laboratories, Rhea Pharmaceutical, Takeda Pharmaceuticals, Romeg Therapeutics, LLC, Endo International plc, Mylan Pharmaceuticals Inc., West-Ward Pharmaceuticals, and Wockhardt
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Some Key Highlights from the Report:
- Based on dosage formulation, the solid segment accounted for largest revenue share in 2021 and is expected to continue to contribute major revenue share over the forecast period. The solid dosage form of colchicine is preferred owing to ease in preparation, more stable than other forms, appropriate for a long-term release and easy handling.
- Based on application, Familial Mediterranean Fever segment is expected to account for substantially large revenue share during the forecast period. Colchicine is so successful at preventing FMF and the development of amyloidosis that the accurate diagnosis and treatment are the most critical parts of medical care.
- On the basis of route of administration, the topical segment is expected to register a robust revenue CAGR throughout the forecast period, owing to evaluation parameter that is considered for topical dosage form are stability, penetrability, solvent property, and others.
- Based on age, geriatric segment is expected to account for substantially large revenue share during the forecast period. Geriatrics are more likely to be prone to Gout arthritis resulting in one of the driving factors for the colchicine market among seniors.
- On the basis of sales channel, the online pharmacies segment is expected to register a robust revenue CAGR throughout the forecast period, owing to its rising popularity because of its ease and convenience.
- Based on end-user, hospitals & clinics segment is expected to account for a substantially large revenue share during the forecast period. Growth of the hospitals & clinics segment is attributed to increasing number of hospitals in emerging Asian economies.
- North America accounted for largest revenue share in global colchicine market during the forecast period owing to increasing occurrences of gout and pain-related disorders, as well as the rising prevalence of gout treatments in the US
- Asia Pacific is expected to register a robust revenue CAGR throughout the forecast period, owing to increasing research and development activities in the region and growing geriatric population, which is expected to boost the incidence of gout.
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Colchicine Market Segmentation:
Dosage Formulation Outlook (Revenue, USD Million, 2019 - 2030)
- Semisolid Gel
Application Outlook (Revenue, USD Million, 2019 - 2030)
- Actinic Keratosis
- Behcet's Disease
- Dermatitis Herpetiformis
- Familial Mediterranean Fever
- Paget's Disease
- Other Applications
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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