by Cosentyx, also known as secukinumab, is a human monoclonal antibody used as a treatment for moderate to severe plaque psoriasis, psoriatic arthritis and ankylosing spondylitis. The medication selectively binds to and neutralizes interleukin-17A, which reduces inflammation associated with these conditions. Cosentyx provides a viable treatment option both as a first-line agent and for patients who have not responded well or are unable to tolerate other therapies.
The Global Cosentyx Drug Market Is Estimated To Be Valued At US$ 5.32 Bn In 2024 And Is Expected To Exhibit A CAGR Of 7.3% Over The Forecast Period 2024 To 2031.
Key Takeaways
Key players operating in the Cosentyx Drug Market are Novartis AG. Novartis AG is the current maker of Cosentyx and holds the patent. However, biosimilars are expected to enter the market post-patent expiry providing more treatment options.
The increasing prevalence of plaque psoriasis, psoriatic arthritis and ankylosing spondylitis worldwide is expected to drive the for Cosentyx Drug Market Demand. According to estimates, around 125 million people globally suffer from psoriasis. Moreover, awareness regarding newer treatment alternatives is encouraging more patients to opt for biologics over conventional therapies.
Novartis is expanding its Cosentyx production capacity globally to meet the rising demand. It has added new manufacturing sites in Ireland and Singapore to double the drug substance manufacturing capacity. The company is also working on expanding access to Cosentyx in emerging markets through partnerships and patient assistance programs.
Market Key Trends
The Cosentyx Drug Market Size and Trends is the increasing adoption of biosimilars. Patent expiry of blockbuster biologics is providing opportunities for biosimilar manufacturers to enter the market with more affordable treatment options. This is expected to significantly drive down prices, benefiting a larger patient pool globally. However, developing biosimilars remains a complex process requiring extensive clinical research and approvals. Their uptake will largely depend on physician and patient acceptance levels.
Porter’s Analysis
Threat of new entrants: High financial and R&D requirements to enter the biological and biosimilar drugs market pose high barriers.
Bargaining power of buyers: Large pharmaceutical companies have more bargaining power over small biologics companies due to their size and market reach.
Bargaining power of suppliers: Due to specialized knowledge and manufacturing processes required, biologics suppliers have considerable bargaining power over buyers.
Threat of new substitutes: Approval pathway for generic drugs is not applicable to biologics due to their structural complexity, limiting threat from substitutes.
Competitive rivalry: The market is moderately competitive with large pharmaceutical companies having stiff competition with smaller biologics manufacturers.
Geographical Regions
North America currently holds the largest share of the Cosentyx drug market in terms of value, owing to growing healthcare expenditure and high disease prevalence in the region. The United States accounts for the majority share due to favorable reimbursement policies and presence of major market players.
Asia Pacific region is poised to witness the fastest growth over the forecast period owing to increasing healthcare spending, large patient pool, and growing adoption of biosimilar drugs in emerging countries like China and India. Growing geriatric population susceptible to rheumatological disorders further drives the market in the Asia Pacific region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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