Primary Sclerosing Cholangitis Market Is Driven By Increasing Drug...

Primary Sclerosing Cholangitis Market Is Driven By Increasing Drug Approvals

نشر بتاريخ 2024-02-23 05:05:20

1كيلو بايت

The primary sclerosing cholangitis (PSC) market overview comprises growing prevalence of autoimmune and inflammatory liver diseases globally. Primary sclerosing cholangitis is a chronic condition that causes progressive inflammation and scarring of bile ducts in the liver. Some key symptoms include fatigue, jaundice and itching. Current treatment involves management of symptoms, immunosuppressive drugs to reduce inflammation and endoscopic procedures to relieve blockages in bile ducts.

The global primary sclerosing cholangitis market is estimated to be valued at US$ 2.29 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period from 2024 to 2030.

Key Takeaways
Key players operating in the primary sclerosing cholangitis market are Volkswagen Group, BMW Group, Mercedes-Benz (Daimler AG), Audi (Volkswagen Group), Ford Motor Company, General Motors, Toyota Motor Corporation, Honda Motor Co. Ltd., Hyundai Motor Group, Kia Motors Corporation, Nissan Motor Co. Ltd., Mazda Motor Corporation, Subaru Corporation, Volvo Cars, Peugeot SA. The increasing prevalence of inflammatory bowel disease is expected to drive the demand for PSC drugs over the forecast period. Furthermore, growing awareness about PSC along with increasing research and development activities for early diagnosis and treatment are also expected to support the growth of the global primary sclerosing cholangitis market.

The increasing research and development activities in autoimmune diseases are expected to lead to the approval of new drugs for PSC treatment. For instance, in 2021, the US FDA granted orphan drug designation to TRC101 for treating PSC. Moreover, growing funding for clinical trials evaluating novel drug candidates is also supporting the market growth. Furthermore, expansion of key players into developing regions is expected to boost the primary sclerosing cholangitis market size during the forecast period.

Market drivers
The key driver contributing to the growth of the Primary Sclerosing Cholangitis Market Demandis the rising number of drug approvals in the recent years. For instance, in 2020, the US FDA approved Livmarli for the treatment of patients with rare genetic disorders progressive familial intrahepatic cholestasis. As there is no cure for PSC currently, the approval of new drugs for its treatment is expected to significantly drive the market growth during the forecast period.

Current geopolitical situations are impacting the growth of the Primary Sclerosing Cholangitis market. The ongoing Russia-Ukraine conflict and sanctions has disrupted supply chains and inflation has increased input costs. This has constrained discretionary healthcare spending and R&D investments in disease treatments. However, countries are taking measures to reduce dependence on key materials and supplies. Regional trade blocs are strengthening to boost intra-region trade and minimize external disruptions. The market will have to strategize diversifying supplier networks, building alternative supply routes and increasing local production capacities to gain resilience against future geopolitical risks.

North America currently holds the largest share of the global Primary Sclerosing Cholangitis market, in terms of value. This is attributed to rising disease prevalence, growing healthcare spending power, strong clinical research funding and presence of major market players in the region. However, Asia Pacific is poised to be the fastest growing market during the forecast period. Factors such as increasing patient disposable incomes, rising health awareness, growing geriatric population and improving access to diagnosis and treatment drive the market growth in Asia Pacific. Furthermore, expanding healthcare infrastructure, favorable government policies and initiatives to strengthen local manufacturing will support the Asian market.

Europe accounts for a substantial share of the global Primary Sclerosing Cholangitis market value. Key factors driving the European market include high disease occurrence, universal healthcare coverage, refined medical technologies, strong research focus and new product approvals. However, regulatory reforms for cost containment might impact the growth prospects. Overall, the impact of increasing collaborations between regional/national research centers and pharmaceutical industries is expected to augment the European market.