by The Cosentyx drug market has witnessed significant growth in recent years owing to the rising prevalence of autoimmune diseases such as psoriatic arthritis and ankylosing spondylitis worldwide. Cosentyx, developed by Novartis AG, is a human monoclonal antibody that selectively binds to and inhibits interleukin-17A (IL-17A) cytokine. The drug provides relief from symptoms like joint pain, and skin lesions associated with plaque psoriasis, psoriatic arthritis, and ankylosing spondylitis. Cosentyx offers advantages like high efficacy, good safety profile and convenient dosing over alternative therapies, which has made it one of the preferred treatment options for many patients and doctors.
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. The increasing awareness about the availability of novel targeted treatment options and rising healthcare expenditure in developing nations present lucrative growth opportunities in the market.
Novartis AG is focusing on the Cosentyx Drug Market Growth by conducting clinical trials to expand approved indications and geographical presence in emerging markets like Asia and Latin America.
Market drivers
The increasing prevalence of chronic autoimmune diseases globally due to changing lifestyle factors and aging population is a major driver for the Cosentyx drug market. It is estimated that over 1.5 million Americans suffer from ankylosing spondylitis, while psoriatic arthritis affects over 2 million Americans. Cosentyx offers an effective treatment alternative to this growing patient pool.
PEST Analysis
Political: Drug pricing policies differ on Cosentyx Drug Market Regional Analysis and has implications. Regulations on drug approvals also impacts market dynamics.
Economic: Economic downturns affect healthcare budgets and drug spending. Market depends on employment rates and accessibility of health insurance coverage.
Social: Increase in auto-immune diseases drives demand. Awareness campaigns help patients seek treatment early. Ageing population fuels requirement for biologics and specialty drugs.
Technological: Advancements in biologics and targeted therapies help treat chronic conditions better. Digital tools aid patients manage their treatment and lifestyle. Use of real world data benefits research and drug development.
Regions with highest value concentration
North America accounts for around 45% value share currently led by developed markets of US and Canada. High healthcare spends, developed healthcare infrastructure and favorable reimbursement scenarios create sustained demand. Established biologics market and widespread medical insurance coverage aid region’s prominence.
Fastest growing region
Asia Pacific excluding Japan is poised to exhibit strongest growth through the forecast period aided by expansion of healthcare facilities, increasing medical tourism, rising income levels and rapidly growing elderly demographics in major countries. China, India, South Korea and other Association of Southeast Asian Nations represent huge untapped potential. Initiatives to boost generic and biologics manufacturing add to region’s attractiveness over coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Priya Pandey
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement. LinkedIn Profile
