Market Scenario:
Market Research Future (MRFR) speculates that the Global Hidradenitis Suppurativa Market is predicted to garner USD 763.6 million, grabbing a CAGR of 4.2% during the forecast period (2017-2023). Increasing incidences of skin diseases are likely to favor the market growth to a great extent. Also known as acne inversa, hidradenitis suppurativa is referred to as a rare, inflammatory skin condition that generates as small and painful pimples on the skin. It generally occurs between 20 to 40 years of age and is three times common among the women population than in the male population. It is a dermatological disease affecting the areas of apocrine sweat glands like the area under the breast, buttocks, inner the thighs, and under the arms. Early symptoms involve local Hidradenitis and erythema, which become painful in the later stages.
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Industry Updates:
February 06, 2019: A biopharmaceutical company which develops innovative therapeutics in order to treat inflammatory diseases, InflaRx N.V. has recently announced that new clinical data with IFX-1 in patients suffering from moderate to severe Hidradenitis Suppurativa are likely to be presented at the 8th Conference of the European Hidradenitis Suppurativa Foundation.
Competitive Dashboard:
The prominent players operating the Global Hidradenitis Suppurativa Market are AbbVie Inc. (US), Johnson & Johnson Services Inc. (US), GlaxoSmithKline plc. (UK), Pfizer Inc. (US), Allergan (Republic of Ireland), Merck & Co. Inc. (US), AstraZeneca (UK), and others.
Market Potential and Pitfalls:
With augmenting incidences of several skin diseases, the Global Hidradenitis Suppurativa Market is likely to flourish. The FDA is approving clinical trials and drugs which is further contributing to the market growth. The market is also likely to expand due to the introduction of new treatment and drug options coupled with the increasing knowledge about the disease. The increasing global warming across the world has resulted in environmental changes like pollution and depletion of the ozone layer. This is further having an impact on the skin, thereby fueling the market growth throughout the appraisal period. Moreover, with rapid urbanization and rising population coupled with the improving economic condition, the quality of healthcare is rising, which is further offering an impetus to the Hidradenitis Suppurativa Market across the market.
On the contrary, the high cost of treatment and unmet medical needs and drug resistance are some of the top barriers considered to disrupt the market growth to a great extent. Despite such hiccups, technological advancements owing to the substantial investments in R&D activities are considered to propel the market growth throughout the estimated period.
Global Hidradenitis Suppurativa Market: Segmental Analysis
The Global Hidradenitis Suppurativa Market has been segmented on the basis of skin condition, treatment, and end-user.
By mode of Skin Condition, the Global Hidradenitis Suppurativa Market has been segmented into folliculitis, pimples, boils, deep-acne, and others.
By mode of Treatment, the Global Hidradenitis Suppurativa Market has been segmented into surgery, medications, photodynamic therapy (PDT), laser treatment, and others. Among these, surgical removal is considered as a preferred mode of treatment, but the disease might relapse into other areas as well.
By mode of End-User, the Global Hidradenitis Suppurativa Market has been segmented into dermatology clinics, hospitals, academic institutes, medical research centers, and others.
Regional Analysis:
Geographically, the Hidradenitis Suppurativa Market span across regions namely, North America, Asia Pacific, Europe, and the Middle East & Africa.
Among all the regions, the North American region is predicted to lead the Global Hidradenitis Suppurativa Market with the largest share. The region is presumed to a significant revenue pocket in the coming years. The growth in this region is credited to the well-developed healthcare sector coupled with the presence of a huge patient population suffering from several skin diseases and medical complications. With the uptake of latest technologies especially in the U.S., the market is likely to generate revenues. Moreover, the changing lifestyle coupled with the augmenting expenditure on cosmetics is highly supporting the market growth.
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The European region is considered to occupy the second position in the global market and is likely to experience a strong CAGR. With the resurging economy in this region, the market is sure to flourish. Additional factors promoting the market growth are the presence of a vast patient population, availability of funds for research and development, and growing teenage population in this region. Moreover, West European countries such as the U.K., Germany, and France contribute to the market growth to a large extent.
The Asia Pacific region is predicted to emerge as a promising market with China and India backed by a vast population. Also, the availability of low-cost medication in this region is influencing the market growth. With the rapid growth in the healthcare sector and increasing incidences of Hidradenitis Suppurativa in this region, the market is expected to flourish.
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