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Chronic Spontaneous Urticaria Market Trends, Top Companies, Share, Growth And Forecast 2033
Chronic Spontaneous Urticaria Market Trends
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According to The Business Research Company's, The chronic spontaneous urticaria market size has grown strongly in recent years. It will grow from $1.90 billion in 2023 to $2.06 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to improved diagnostic tools, growing awareness among healthcare, patient advocacy and support groups, ongoing studies and clinical trials exploring new therapies, and growing healthcare expenditure.
The chronic spontaneous urticaria market size is expected to see strong growth in the next few years. It will grow to $2.84 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to an increase in the number of diagnosed CSU cases, a growing patient pool, healthcare infrastructure development, favorable regulatory environment facilitating, patient-centric care models, and economic growth in emerging markets. Major trends in the forecast period include technology innovations, biological therapy advancements, personalized medicine, telemedicine and digital health, advanced diagnostic tools, AI and machine learning, and surging drug approvals and launches.
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Market Drivers and Trends:
Increasing alcohol consumption is expected to propel the growth of the chronic spontaneous urticaria market going forward. The rising consumption of alcohol can be attributed to various factors, such as social norms, stress, advertising, affordability, and availability. Alcohol consumption can potentially exacerbate symptoms of chronic spontaneous urticaria in some individuals, leading to increased hives and swelling. For instance, in February 2024, according to rehabs.UK, a UK-based provider of addiction recovery support and advice services, 55% of men reported weekly alcohol consumption, while 41% of women. Additionally, 8% of men reported drinking alcohol almost daily, compared to 5% of women. Over the years from 2021 to 2022, there were 342,795 hospital admissions solely attributable to alcohol, translating to a rate of 626 admissions per 100,000 people. Therefore, increasing alcohol consumption is driving the growth of the chronic spontaneous urticaria market.
Major companies operating in the chronic spontaneous urticaria market are developing advanced next-generation monoclonal anti-immunoglobulin E (IgE) antibodies to enhance treatment efficacy and reduce dosing frequency. Next-generation monoclonal anti-immunoglobulin E (IgE) antibodies refer to newer versions designed to improve efficacy and dosing intervals in treating conditions such as chronic spontaneous urticaria. For instance, in January 2021, Novartis AG, a Switzerland-based pharmaceutical company, received US Food and Drug Administration approval for the ligelizumab (QGE031) Breakthrough Therapy designation for the treatment of chronic spontaneous urticaria (CSU) in patients who have an inadequate response to H1-antihistamine treatment. Ligelizumab is the first treatment to receive this designation at CSU.
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Major Key Players of the Market:
F. Hoffmann-La Roche Ltd., Merck & Co. Inc., AbbVie Inc., Bayer AG, Sanofi SA, AstraZeneca plc, Novartis AG, GlaxoSmithKline plc, Eli Lilly and Company, Amgen Inc., Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., Aurobindo Pharma Limited, Cipla Limited, Genentech Inc., Dr. Reddy's Laboratories Ltd., Hikma Pharmaceuticals plc, Celltrion Inc., Allakos Inc., United BioPharma Inc.
Chronic Spontaneous Urticaria Market 2024 Key Insights:
• The chronic spontaneous urticaria market size is expected to see strong growth in the next few years. It will grow to $2.84 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Impact Of Increasing Alcohol Consumption On The Chronic Spontaneous Urticaria Market
• Innovative Solutions Enhanced Chronic Spontaneous Urticaria Treatment Market
• North America was the largest region in the chronic spontaneous urticaria market in 2023
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