May 22, 2024
Sjogren’s Syndrome Market

The Global Sjogren’s Syndrome Market Driven By Increase In R&D Efforts

Sjogren’s syndrome is an autoimmune disease characterized by dry eyes and dry mouth that occurs when your immune system attacks the glands that produce tears and saliva. It most often causes dryness in the eyes, mouth, nose, throat and skin. Left untreated, it can lead to further damage in joints, lungs, kidneys and other organs. Biologic therapies that regulate the immune system are gaining popularity for treating Sjogren’s syndrome symptoms. They help reduce fatigue, joint pain and other systemic manifestations.
The global Sjogren’s Syndrome market is estimated to be valued at US$ 1,524.4 million in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.

Market key Trends:

One of the key trends in the Sjogren’s syndrome market is the increasing R&D for new treatment options. Several pharmaceutical companies are conducting clinical trials to evaluate novel drugs for Sjogren’s syndrome. For instance, in 2021, Glenmark Pharmaceuticals received approval to initiate phase 3 clinical trial to evaluate safety and efficacy of GBR 315 candidate in treatment of patients with primary Sjogren’s syndrome. Similarly, Oramed Pharmaceuticals initiated a phase 2 trial in 2020 to evaluate ORMD-0801 drug candidate for treatment of symptoms in patients with Sjogren’s syndrome. Increase in R&D activities is expected to result in approval of new drugs which will drive the market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The biopharmaceutical industry has high barriers to entry due to stringent regulations and capital requirements for R&D.
Bargaining power of buyers: Buyers have significant bargaining power as there are many established treatments available for Sjogren’s syndrome reducing dependence on any single manufacturer.
Bargaining power of suppliers: Suppliers of raw materials and manufacturing equipment have moderate bargaining power due to the availability of substitute suppliers.
Threat of new substitutes: Potential new therapies for Sjogren’s syndrome pose a threat, but regulatory hurdles limit this threat in the short to medium term.
Competitive rivalry: Competition in the Sjogren’s syndrome market is high due to the presence of many major manufacturers and new market entrants.

Key Takeaways

The global Sjogren’s Syndrome Market Growth is expected to witness high growth over the forecast period of 2022-2030.

Regional analysis: North America dominates the global market currently due to established healthcare infrastructure and focus on R&D. Asia Pacific is expected to grow at a faster rate supported by rising healthcare expenditure.

Key players operating in the Sjogren’s syndrome market are F. Hoffmann-La Roche Ltd, Novartis, Swedish Orphan Biovitrum AB, AstraZeneca, Teva Pharmaceutical Industries Ltd, Zydus Cadila, and Santen Pharmaceutical Co., Ltd.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it