The global cutaneous fibrosis therapy market was worth US$ 574.4 Mn in 2021 and it is expected to increase at a CAGR of 6.8% over the forecast period (2022-2032).One of the essential elements predicted to drive the cutaneous fibrosis treatment market over the coming years is the rising incidence of cutaneous fibrosis conditions such as systemic sclerosis and keloids, which has led to an increase in clinical trials for developing new therapies for treatment.
Although illnesses such as keloid, scleroderma, radiation-induced skin fibrosis, and chronic graft-versus-host disease-associated (GVHD) are common, there is less knowledge regarding the therapeutic options for cutaneous fibrosis associated with these diseases. Various firms and healthcare professionals are putting forth a lot of effort to address this low level of awareness.
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- According to the U.S. CDC, almost 75,000 people in the country suffer from systemic scleroderma.
Several environmental factors play a key role in the occurrence of systemic scleroderma, with the European region projecting high prevalence rates, following the U.S. Greater awareness of the disease and associated indications assist with augmenting diagnosis rates, which is then followed by enhanced treatment-seeking rates.
For the treatment of cutaneous fibrosis, several pharmaceutical companies are testing an array of pharmacological compounds, including biologics. A few key players are already testing pharmacological compounds for the treatment of cutaneous fibrosis, while others are waiting for regulatory authorizations to begin with the clinical assessments of their products.
Likewise, the development of many different targeted biologics and small molecule combination therapies have been introduced in recent years, which is driving the cutaneous fibrosis treatment market.
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Key Takeaways from Market Study
- By drug class, immunotherapy drugs are expected to hold 45.6% market value share by the end of 2032.
- Oral route of administration is leading with 68.2% market share in 2021.
- Scleroderma dominated the market by indication with a share of around 63.4% in 2021.
- By distribution channel, retail pharmacies are expected to be the most lucrative segment with a value share expected to reach 47% by 2032.
- North America is set to be the leading region with a projected value share of 37.4% by 2032.
“Rising prevalence of skin diseases and increasing awareness regarding cutaneous fibrosis treatments are set to propel the growth of the global cutaneous fibrosis treatment market,” says an analyst of Persistence Market Research.
Market Competition
Manufacturers and key competitors in the cutaneous fibrosis treatment market employ a variety of key promotional strategies. Acquisition is a widely-used primary marketing approach, as it allows companies to assist patients with their specific disease indications by expediting innovation and driving productivity.
- Novartis and Galapagos and MorphoSys signed an exclusive license agreement in July 2018 for MOR106, an experimental biologic drug that is a new antibody aimed against IL-17C.
- In March 2022, Pfizer Inc. signed an agreement for the acquisition of Arena Pharmaceuticals, a company that develops innovative potential therapies for the treatment of immune-inflammatory diseases.
- In March 2019, the European Commission approved Roche’s “MabThera” (rituximab) for a rare autoimmune disease.
- In October 2021, Amgen completed its acquisition of Teneobio, Inc. This acquisition helped in advancing R&D activities to develop highly innovative products for patients.
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