The Lupus Therapeutic Market is estimated to be valued at US$ 3035.59 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Lupus therapeutic drugs are used for the treatment of autoimmune disease called systemic lupus erythematosus (SLE). SLE is a chronic inflammatory disease that can affect various body organs including skin, joints, lungs, kidneys, and brain. Biologics such as Benlysta (belimumab) and non-biologics such as hydroxychloroquine are commonly used for the treatment and management of lupus symptoms.
Market key trends:
One of the key trends contributing to the growth of the lupus therapeutic market is increasing prevalence of lupus across the globe. According to Lupus Foundation of America, around 1.5 million Americans and at least 5 million people worldwide have a form of lupus. It is most common in women as nine out of ten patients are women. Moreover, African Americans, Latin Americans, Asians and Native Americans are two to three times more likely to develop lupus as compared to Caucasians. Increasing awareness about early diagnosis and treatment of lupus symptoms is also driving more patients to seek medical help and opt for drugs to manage disease progression. This growing patient pool suffering from lupus is fueling revenue growth of lupus therapeutics market.
Porter’s Analysis
Threat of new entrants: The biopharmaceutical industry requires high R&D investment which acts as a barrier for new entrants. However, specialized biosimilar drugs offer opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as lupus drugs have limited therapeutic options. However, large buyers can negotiate on price and purchase in bulk.
Bargaining power of suppliers: The suppliers of active pharmaceutical ingredients and contract manufacturing organizations have moderate bargaining power due to limited supplier base and stringent regulatory requirements.
Threat of new substitutes: There exists potential threat from new specialized biologic agents and targeted small molecules entering the market.
Competitive rivalry: The market has presence of large multinational players and increasing competition.
SWOT Analysis
Strength: Established distribution channel and R&D capabilities of major players. Growing demand for targeted specialty drugs.
Weakness: High costs associated with R&D and manufacturing. Limited therapeutic options and treatment challenges in lupus.
Opportunity: Emerging biosimilars market and focus on combination therapies. Untapped opportunities in developing regions.
Threats: Stringent regulatory framework. Patent expiration of major drugs. Reimbursement issues.
Key Takeaways
The Global Lupus Therapeutics Market Size is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing awareness and demand for targeted specialty biologics. The United States holds the largest share in the market due to growing lupus patient pool and favorable reimbursements.
Regional analysis: North America dominates the global market accounting for around 45% of total market share in 2023, followed by Europe. Asia Pacific is expected to be the fastest growing regional market, expanding at a CAGR of 10.8% during the forecast period. This is attributed to rising healthcare spending, growing disease burden, and increasing penetration of biologics in countries such as India and China.
Key players: Key players operating in the lupus therapeutic market include Hikma Pharmaceuticals PLC, Lupus Therapeutics, Dr. Reddy's Laboratories Ltd., GlaxoSmithKline plc, Amgen Inc., Novartis AG, Sanofi, UCB S.A., ImmuPharma PLC, Bayer AG, Merck & Co., Inc., Aurinia Pharmaceuticals Inc., Pfizer Inc., ADMA Biologics, Inc., AstraZeneca, F.Hoffmann-La Roche Ltd, Bristol-Myers Squibb Company, Teva Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, and Boehringer Ingelheim International Gmbh.
For More Insights, Read: https://www.newswirestats.com/lupus-therapeutic-market-demand-growth-and-regional-outlook-by-2030/
