Lupus Therapeutics Market Driven By Increasing Prevalence Of Lupus Globally
Author : Leena Shedmake | Published On : 22 Jan 2024
Lupus is a chronic autoimmune disease that can damage any part of the body such as joints, kidneys, brain, heart or lungs. Treatments aim to reduce symptoms, prevent damage to vital organs and minimize disease activity and flare-ups. Medications commonly used are corticosteroids, antimalarial drugs, immunosuppressants and biologics. Therapies targeting specific cells and molecules involved in the immune response are under development.
The global lupus therapeutics market is estimated to be valued at US$ 30 Mn 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 Dynamics:
One of the key drivers for the growth of the lupus therapeutics market is the increasing prevalence of lupus globally. As per recent estimates, about 5 million people worldwide are living with lupus. The disease is more common in women as compared to men. Regions with highest prevalence include North America, Europe, Middle East and Asia Pacific. Development and approval of new drugs for treatment is another major growth factor. Continuous research is ongoing to develop targeted therapies with novel mechanisms of action and improved efficacy and safety profiles. However, high cost of biologic drugs remains a key challenge.
SWOT Analysis
Strength: Lupus therapeutic market has witnessed significant growth opportunities due to increased research and development activities. Major companies are developing novel drug formulations for faster recovery of lupus patients. The increased understanding of disease pathology has enabled development of targeted treatment options.
Weakness: High costs associated with drug development and clinical trials restrict penetration in developing markets. Limited treatment options and frequent drug resistance are major challenges. Social stigma attached to autoimmune disorders hamper patients from seeking timely treatment.
Opportunity: Increasing prevalence of lupus globally presents lucrative opportunities. Focus on emerging economies with large patient pools yet to be tapped. Combination therapies and pipeline drugs targeting new disease pathways offer scope for market expansion.
Threats: Stringent regulatory environment for drug approval delays market access. Supply chain disruptions during pandemic negatively impact market revenues. Side effects of existing medications and inconsistent treatment response are key concerns.
Key Takeaways
The Global Lupus Therapeutic Market Size is expected to witness high growth over the forecast period on account of rising disease incidence worldwide.
North America currently dominates market share owing to developed healthcare infrastructure and supportive patient assistance programs. However, Asia Pacific region is emerging as the fastest growing market for lupus therapeutics driven by growing medical tourism coupled with increasing healthcare spending in China and India.
Key players operating in the lupus therapeutic market are GlaxoSmithKline, F. Hoffmann-La Roche Ltd, Pfizer, AstraZeneca, and Eli Lilly and Company. GlaxoSmithKline recently received US FDA approval for Benlysta, the first biologic treatment approved for lupus in over 50 years. The drug has shown promising results for reducing symptoms and slowing disease progression.
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