Global Scleroderma Diagnostics and Therapeutics Market: Snapshot
The scleroderma therapeutics and diagnostics market exhibits high potential due to untapped needs and is set to grow rapidly in the near future due to the increasing focus globally on treatment of orphan diseases. The lack of approved drugs in the market makes it a highly opportune condition for players to convert their innovative drug ideas into successful treatment methods for this rare chronic inflammatory disease.
According to Transparency Market Research, the global scleroderma diagnostics and therapeutics market was valued at US$1,633.5 mn in 2015 and is projected to expand at a CAGR of 9.7% from 2016 to 2024 to reach US$3,663.7 mn by 2024.
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Physician and Patient Preference to make Immunosuppressive Agents Leading Drug Category
Presently, there is no approved drug for treatment of this orphan disease. Although drugs to manage symptomatic relief are available in the scleroderma therapeutics market, the treatment of scleroderma is challenging for a physician, since no two patients are alike in the progress of their disease. Thus, a host of different drugs are prescribed to every patient, depending on the extent, severity and nature of their symptoms.
It has been observed that patient consumption patterns in the global scleroderma diagnostics and therapeutics market are inclined towards immunosuppressive agents, which have shown to provide relief against several symptoms in both systemic and localized scleroderma cases. Moreover, of the very few treatments identified to efficaciously modify the course of scleroderma, physicians often recommend immunosuppressive agents to manage the most common symptoms of the disease. The segment, as a result, accounts for the dominant share in the global market.
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Prostacyclin analogues have been found to have a potent effect in treating systemic scleroderma patients who suffer from pulmonary arterial hypertension. However, these drugs are expensive and thus, even though a smaller sub-set of patients is administered with these agents, their market value is high. This segment grabbed over 8.0% share of the global scleroderma therapeutics market in 2015, and is anticipated to slightly decline by 2024 owing to availability of cheaper alternatives within this segment.
Developed Regions to Continue to Command Dominance
Owing to better diagnostic and treatment rates, in part due to proactive awareness-raising initiatives by various foundations, have aided North America and Europe gain the predominant share in the global scleroderma diagnostics and therapeutics market. North America accounted for a share of nearly 34.0% while Europe held nearly 30% of the global scleroderma therapeutics market in 2015. This is attributed to presence of renowned pharmaceutical companies, research organizations, and institutes in the regions, which are focused on finding a standard treatment for the condition.
The North America and Europe markets for scleroderma diagnostics and therapeutics are expected to retain their dominance in the global scleroderma diagnostics and therapeutics market throughout the forecast period, exhibiting CAGRs of 11.2% and 10.9%, respectively, over the period between 2016 and 2024. The ongoing cutting-edge research pertaining to scleroderma will aid the growth of a niche scleroderma diagnostics and therapeutics market in these regions.
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Asia Pacific represents some of the world’s key emerging economies, which have the potential to adopt quickly to new therapies, provided they are available at reasonable costs. Due to the price-sensitive nature of the market, as well as availability of cheaper generics and reasonable clinical diagnostic rates compared to North America and Europe, the market for Asia Pacific gained the third position in terms of market share in 2015. The Asia Pacific market will also retain its position in the global market over the forecast period, with factors such as large population and high unmet needs working in favor of market expansion in the region.
Actelion Pharmaceuticals, Inc., Boehringer Ingelheim, Bayer AG, Cytori Therapeutics, Inc., Corbus Pharmaceutical Holdings Inc, Cumberland Pharmaceuticals, Inc., Gilead Sciences, Inc., Pfizer, Inc., and Sanofi are some of the key players operating in the global scleroderma diagnostics and therapeutics market.
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