Primary Sclerosing Cholangitis Market is Anticipated to Witness Moderate Growth Owing to Increasing Research Funding and Innovation in Drugs
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Primary Sclerosing Cholangitis Market |
The primary sclerosing
cholangitis (PSC) market overview comprises growing prevalence of autoimmune
and inflammatory liver diseases globally. Primary sclerosing cholangitis is a
chronic condition that causes progressive inflammation and scarring of bile
ducts in the liver. Some key symptoms include fatigue, jaundice and itching.
Current treatment involves management of symptoms, immunosuppressive drugs to
reduce inflammation and endoscopic procedures to relieve blockages in bile
ducts.
The global primary sclerosing
cholangitis market is estimated to be valued at US$ 2.29 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period
from 2024 to 2030.
Key Takeaways
Key players operating in the
primary sclerosing cholangitis market are Volkswagen Group, BMW Group,
Mercedes-Benz (Daimler AG), Audi (Volkswagen Group), Ford Motor Company,
General Motors, Toyota Motor Corporation, Honda Motor Co. Ltd., Hyundai Motor
Group, Kia Motors Corporation, Nissan Motor Co. Ltd., Mazda Motor Corporation,
Subaru Corporation, Volvo Cars, Peugeot SA. The increasing prevalence of
inflammatory bowel disease is expected to drive the demand for PSC drugs over
the forecast period. Furthermore, growing awareness about PSC along with increasing
research and development activities for early diagnosis and treatment are also
expected to support the growth of the global primary sclerosing cholangitis
market.
The increasing research and
development activities in autoimmune diseases are expected to lead to the
approval of new drugs for PSC treatment. For instance, in 2021, the US FDA
granted orphan drug designation to TRC101 for treating PSC. Moreover, growing
funding for clinical trials evaluating novel drug candidates is also supporting
the market growth. Furthermore, expansion of key players into developing
regions is expected to boost the primary sclerosing cholangitis market size
during the forecast period.
Market drivers
The key driver contributing to
the growth of the primary sclerosing cholangitis market is the rising number of
drug approvals in the recent years. For instance, in 2020, the US FDA approved
Livmarli for the treatment of patients with rare genetic disorders progressive
familial intrahepatic cholestasis. As there is no cure for PSC currently, the
approval of new drugs for its treatment is expected to significantly drive the
market growth during the forecast period.
Current geopolitical situations
are impacting the growth of the Global
Primary Sclerosing Cholangitis Market Size. The ongoing Russia-Ukraine
conflict and sanctions has disrupted supply chains and inflation has increased
input costs. This has constrained discretionary healthcare spending and R&D
investments in disease treatments. However, countries are taking measures to
reduce dependence on key materials and supplies. Regional trade blocs are
strengthening to boost intra-region trade and minimize external disruptions.
The market will have to strategize diversifying supplier networks, building
alternative supply routes and increasing local production capacities to gain
resilience against future geopolitical risks.
North America currently holds the
largest share of the global Primary Sclerosing Cholangitis market, in terms of
value. This is attributed to rising disease prevalence, growing healthcare
spending power, strong clinical research funding and presence of major market
players in the region. However, Asia Pacific is poised to be the fastest
growing market during the forecast period. Factors such as increasing patient
disposable incomes, rising health awareness, growing geriatric population and
improving access to diagnosis and treatment drive the market growth in Asia
Pacific. Furthermore, expanding healthcare infrastructure, favorable government
policies and initiatives to strengthen local manufacturing will support the
Asian market.
Europe accounts for a substantial
share of the global Primary Sclerosing Cholangitis market value. Key factors
driving the European market include high disease occurrence, universal
healthcare coverage, refined medical technologies, strong research focus and
new product approvals. However, regulatory reforms for cost containment might
impact the growth prospects. Overall, the impact of increasing collaborations
between regional/national research centers and pharmaceutical industries is
expected to augment the European market.
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