by The Primary Sclerosing Cholangitis Market is estimated to be valued at US$ 3,604.7 Mn in 2022 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Primary sclerosing cholangitis (PSC) is a rare, chronic, progressive liver disease characterized by inflammation and scarring of the bile ducts inside and outside the liver. This progressive destruction of bile ducts within the liver can eventually lead to cirrhosis of the liver and liver failure. Common symptoms include fatigue, jaundice and itchy skin.
Market Dynamics:-
Increasing prevalence of primary sclerosing cholangitis due to unknown etiology is a major driver of the primary sclerosing cholangitis market. PSC has no cure to date and requires lifelong management of symptoms and complications further augmenting the market growth. Lack of approved drugs for PSC indication has led to off-label use of existing drugs for autoimmune, inflammatory and fibrotic conditions, fueling the market size.
SWOT Analysis:-
- Strength:
- Increasing research and development activities for developing effective therapeutics is expected to drive the market growth. Several clinical trials are being conducted to evaluate drug candidates.
- Rising awareness regarding primary sclerosing cholangitis is positively impacting the market. Various non-profit organizations are conducting awareness programs.
- Availability of various treatment options such as medications, endoscopic procedures, and liver transplantation provide hope to patients.
- Weakness:
- Lack of approved drugs for effective treatment of primary sclerosing cholangitis poses a major challenge. Existing treatment options only manage symptoms.
- High costs associated with liver transplantation limits its widespread adoption in developing regions.
- Opportunity:
- Emerging economies presents lucrative growth opportunities owing to increasing healthcare expenditure and large patient population base.
- Ongoing research on developing biomarker-based diagnostic tests is expected to expedite the diagnosis process.
- Threats:
- Chronic nature of the disease affects treatment compliance and dropout rates from clinical trials.
- Stringent regulatory process for drug approval delays market accessibility of new treatment options.
Key Takeaways:-
The Global Primary Sclerosing Cholangitis Market Growth is expected to witness high, exhibiting CAGR of 4.6% over the forecast period, due to increasing research funding initiatives for developing novel therapeutics.
Regional analysis:
North America dominated the global market in 2022 and is expected to maintain its lead over the forecast period. This is attributed to growing PSC patient pool coupled with presence of major players in the region. Asia Pacific is anticipated to be the fastest growing market due to rising healthcare expenditure, increase in disease awareness levels.
Key players:
Key players operating in the primary sclerosing cholangitis market are Dr. Falk Pharma, Intercept Pharmaceuticals, GlaxoSmithKline, Johnson & Johnson, Takeda Pharmaceutical, HighTide Therapeutics. Dr. Falk Pharma leads the market and has established its Ursodeoxycholic acid capsule brands for PSC symptom management globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
