Sjogren's Syndrome Market Estimated To Witness High Growth Owing To Increasing Geriatric Population
Sjogren's syndrome is an autoimmune disorder that causes dryness of the eyes and mouth due to inflammation and damage to the glands that produce tears and saliva. It commonly occurs in middle-aged and older adults, especially women. Some key symptoms include dry eyes, dry mouth, fatigue, and joint pain. Treatment aims to relieve symptoms and may include artificial tears, wearing moisture goggles, using mouthwashes or chewing sugar-free gum. Severe cases can lead to complications like eye infections, dental problems or neurological issues.
The global Sjogren's Syndrome Market is estimated to be valued at US$ 242.81 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the Sjogren's syndrome market is the increasing geriatric population worldwide. Sjogren's syndrome is more commonly seen in middle-aged and older women, and the risk increases with age. As life expectancy rises across global populations, the prevalence of age-related health conditions like Sjogren's syndrome is also projected to increase significantly. According to the United Nations, the number of people aged 60 years or older is expected to nearly double from 962 million globally in 2017 to about 2.1 billion in 2050. As the elderly demographic grows in major regions, it will augment the need for effective diagnosis and treatment of Sjogren's syndrome over the forecast period. The innovation of new drugs with novel mechanisms of action and fewer side effects is also fueling market gains. Several biopharma players have product pipelines targeting various pathological pathways of this condition.
SWOT Analysis
Strength: The Sjogren's Syndrome market is witnessing a growing diagnosis rates due to increasing awareness about the disease symptoms. Development of advanced diagnostic techniques and assays to detect biomarkers related to Sjogren's syndrome is positively impacting the market growth. Researchers are conducting extensive research to develop targeted therapeutics such as novel drugs and biologics to treat both symptoms and causes of Sjogren's syndrome effectively.
Weakness: High costs associated with diagnosis and treatment poses a major challenge for market growth. Lack of approved drug therapy and complexity in managing the symptoms makes treatment difficult. Absence of definitive diagnostic tests also limits early and accurate diagnosis of Sjogren's syndrome.
Opportunity: Growing geriatric population prone to autoimmune disorders provides lucrative growth opportunities. Unmet needs in relation to improving quality of life of patients suffering from Sjogren's syndrome offers scope for novel product innovations. Emerging economies with large patient pool yet to be addressed presents substantial untapped market potential.
Threats: Stringent regulatory processes for drug approval delays market access of new therapies. Reimbursement issues further challenge market prospects. Intense competition from alternative treatment options also threatens market growth.
Key Takeaways
The global Sjogren’s Syndrome Market Share is expected to witness high growth over the forecast period of 2023 to 2030 driven by rising prevalence of the disease. According to research, around 4 million Americans are estimated to suffer from primary Sjogren's syndrome indicating significant burden of the disease. The global Sjogren's syndrome market is estimated to be valued at US$ 242.81 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the global market and is expected to maintain its lead position during the forecast period. This can be attributed to advanced healthcare infrastructure, presence of key market players, growing R&D investments for drug development and high diagnosis rates in the US. Asia Pacific is poised to register fastest growth due to rising healthcare expenditure, large patient pool and growing medical tourism in the region.
Key players: Key players operating in the Sjogren's Syndrome market are Abcam plc, Bio-Rad Laboratories, Inc., Cell Signaling Technology, Inc., BD Biosciences, Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., BioLegend, Inc., Merck KGaA, Novus Biologicals, LLC, R&D Systems, Inc. (a Bio-Techne brand), Santa Cruz Biotechnology, Inc., Beckman Coulter, Inc., Miltenyi Biotec GmbH, GeneTex, Inc., MBL International Corporation. These major players are focusing on new product launches, acquisitions and strategic collaborations to strengthen their market position.
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