Lupus is an autoimmune disease in which the immune system of the body mistakenly attacks healthy tissues and organs. Some of the common symptoms of lupus include fatigue, joint pain, skin rashes, among others. Lupus therapeutics are primarily used to reduce pain, inflammation and other disease symptoms. The increasing approvals of novel biologics with better efficacy and safety profiles compared to conventional therapeutics are assisting patients in effectively managing the disease.
The global Lupus Therapeutic Market is estimated to be valued at US$ 30 billion in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Rising incidences of lupus disease presents a key growth opportunity for players in the lupus therapeutics market. It is estimated that around 1.5 million Americans and at least 5 million people globally suffer from a form of lupus. Factors such as rising environmental pollution, increasing awareness about early diagnosis and availability of advanced treatment options are contributing to the growing prevalence of lupus disease globally. The increasing patient pool suffering from lupus indicates potential for higher adoption of lupus therapeutics, thereby driving market growth over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the biotechnology industry requires substantial R&D investment and clinical trials for FDA approval which creates entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate as the lupus therapeutic market has large customer base with increasing demand for effective treatment options.
Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of many ingredient and drug manufacturers.
Threat of new substitutes: The threat of new substitutes is high as research continues for developing novel biologics and small molecule drugs with improved efficacy and safety profile.
Competitive rivalry: The competitive rivalry is high among existing players to gain higher market share through new product launches and approvals.
SWOT Analysis
Strength: Significant unmet medical need for safe and effective lupus therapeutics. Increasing FDA approvals are expanding treatment options.
Weakness: High attrition rate and long development cycle of novel drugs increases the costs. Risk of adverse effects and relapse associated with existing therapies.
Opportunity: Growth prospects in emerging markets of Asia Pacific and Latin America. Continuous clinical research to develop pipeline of targeted biologics and small molecule drugs.
Threats: Stringent regulatory requirements for approval. Challenges in differentiating new drugs from existing portfolio due to complex disease pathogenesis.
Key Takeaways
The Global Lupus Therapeutic Market Growth is expected to witness high during the forecast period of 2023-2030. The market size is projected to reach US$ 50 Billion by 2030 growing at a CAGR of 5.6% from 2024 to 2030.
Regional analysis: North America is currently the dominant region for lupus therapeutics market owing to robust research activities, pharmaceutical industry and growing prevalence of SLE. However, Asia Pacific region is expected to grow at the fastest rate during the forecast period driven by increasing healthcare expenditure, large patient pool and improved access to novel therapies.
Key players operating in the Lupus Therapeutic market are GlaxoSmithKline, F. Hoffmann-La Roche Ltd, Pfizer Inc, AstraZeneca, Eli Lilly and Company, Bristol-Myers Squibb Company and others
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