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 products are used for the treatment of systemic lupus erythematosus (SLE), commonly known as lupus. SLE is a chronic autoimmune disease that causes inflammation and tissue damage in various parts of the body including joints, skin kidneys, blood cells, brain, heart and lungs. The disease affects approximately 1.5 million people in the U.S. and drugs therapies help reduce disease symptoms and organ damage.
Market Dynamics:
The lupus therapeutic market is driven by increasing prevalence of SLE globally. According to estimates, around 1.5 million Americans and at least 5 million people worldwide have lupus. It is most common in women aged 15 to 44, with 90% of people with the disease being women. Furthermore, rising R&D investments by key players for development of novel and targeted therapies and rising awareness about disease management are also fueling market growth. However, high treatment costs, availability of alternative treatment methods and lack of FDA approved drugs for certain indications restrain the market growth.
The lupus therapeutic market dynamics include drivers such as increasing disease prevalence globally. The autoimmune disease affects approximately 1.5 million people in the U.S. Rising investments in R&D for novel and targeted therapies is also boosting the market. However, high treatment costs and availability of alternative treatment methods poses challenge. Strict FDA regulations for drug approval further restrains market growth.
SWOT Analysis
Strength: Explain in three sentences
The global lupus therapeutic market is continuously innovating and developing novel drugs and treatment options which helps in effective management of the disease. Moreover, rising awareness programs for lupus are helping patients take informed decisions regarding treatment. Increased diagnostic rates are also benefiting early identification and management of lupus.
Weakness: Explain two weaknesses in three sentences
High treatment and monitoring costs associated with lupus management acts as a barrier, especially in low income countries. Also, lack of approved therapeutic alternatives further limits treatment options for patients with severe or resistant forms of lupus.
Opportunity: Explain two opportunities in three sentences
Growing geriatric population prone to autoimmune disorders like lupus present major opportunities. Furthermore, partnerships between players for fast tracked drug development can further expand the treatment landscape.
Threats: Explain two threats in two sentences
Stringent regulatory processes for novel drug approvals can delay market entries. Emergence of alternative treatment modes can also challenge existing revenue patterns.
Key Takeaways
The Global Lupus Therapeutic Market is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing prevalence of autoimmune diseases. It is estimated that around 5 million people worldwide suffer from lupus.
Regional analysis: North America region currently dominates the global lupus therapeutic market and is expected to grow at a CAGR of 7.2% during forecast period. This can be attributed to presence of advanced healthcare facilities and growing patient awareness in the region. The Asia Pacific region is expected to exhibit the fastest CAGR of 10.1% during the forecast period due to rising healthcare expenditure and improving diagnostic capabilities in emerging countries like China and India.
Key players: Key players operating in the lupus therapeutic market are 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.
