Primary Sclerosing Cholangitis is Estimated to Witness High Growth Owing to Rising Disease Prevalence
Market Dynamics
Rising disease prevalence along with lack of an effective cure remains the major growth driver for the primary sclerosing cholangitis market over the forecast period. According to the National Organization for Rare Disorders, PSC affects around 10-20 out of every 100,000 people in the United States. The disease is typically seen among men aged 30-50 years. Better understanding of disease pathogenesis coupled with ongoing research for developing effective therapeutic options is also augmenting the market growth. While current treatment landscape relies on symptomatic management, several drug candidates targeting various disease mechanisms are under investigation which once approved can bring transformational changes in treatment paradigm and further fuel the market growth.
SWOT Analysis
Strength: Primary Sclerosing Cholangitis market has witnessed significant growth in research and development activities by key players over the past few years. Companies are investing heavily in developing advanced treatment options such as gene therapies and stem cell therapies which can potentially cure this disease. In addition, availability of government funds and grants for rare disease research is further fueling R&D activities.
Weakness: High cost of treatment continues to be a major weakness for this market. Developing advanced cell and gene-based therapies require huge investments and make the final treatment cost very high. This poses affordability challenges for a large segment of the target patient population globally. Secondly, lack of approved treatment options limits the current market size.
Opportunity: Rising awareness about early diagnosis and management of PSC presents major growth opportunity. Initiatives by patient advocacy groups and healthcare organizations to educate people will help detect more cases at curable stages. Regionally, Asia Pacific and Latin America offer high growth potential owing to improving healthcare infrastructure and increasing healthcare spending in these regions.
Threats: Long development cycles and failure of drug candidates during clinical trials are key threats. Despite huge investments, there is no assurance that therapies under research will get approved. Stringent regulatory norms also delay market launch of new therapies. Secondly, high cost of branded therapies can encourage promotion of generics once patents expire, shrinking revenues of innovator companies.
Key Takeaways
The global Primary Sclerosing Cholangitis Market Demand is expected to witness high growth over the forecast period. The global primary sclerosing cholangitis market is estimated to be valued at US$ 1.98 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030.
Currently, North America dominates the market owing to presence of major players and faster adoption of emerging therapies. However, Asia Pacific region will emerge as the fastest growing market led by countries like China, India, Japan and South Korea where governments are increasingly focusing on rare disease research.
Key players operating in the Primary Sclerosing Cholangitis market are Acorda Therapeutics, Inc., Gilead Sciences, Inc., NGM Biopharmaceuticals, Inc., Intercept Pharmaceuticals, Inc., Dr. Falk Pharma GmbH, Allergan Plc., Shire Plc., Durect Corporation, Conatus Pharmaceuticals, Inc., Sirnaomics, Inc., and Shenzhen HighTide Biopharmaceutical Ltd. Major players are involved in partnerships, acquisitions and collaborations with biotech companies to develop advanced treatment formulations. The global market is expected to be highly competitive with these players launching novel drug candidates to gain regulatory approvals and market share.
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