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Giant-Cell Arteritis Market Scope, Share, Trends Analysis And Forecasts(2024 - 2033)
Giant-Cell Arteritis Market Scope
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According to The Business Research Company's, The giant-cell arteritis market size has grown steadily in recent years. It will grow from $1.02 billion in 2023 to $1.07 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to epidemiological studies, genetic insights, increasing adoption of biologics, improving diagnostic techniques, development of targeted therapies and biologics.
The giant-cell arteritis market size is expected to see strong growth in the next few years. It will grow to $1.30 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to increasing diagnosis rates, aging population, rising healthcare expenditure, patient advocacy, expansion into new geographic regions. Major trends in the forecast period include advancements in identifying and validating biomarkers, development of therapies targeting specific molecular pathways, adoption of advanced imaging techniques, drug delivery innovations, utilization of AI algorithms for predictive analytics.
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Market Drivers and Trends:
Growing emphasis on personalized medicine is expected to propel the growth of the giant-cell arteritis market going forward. Personalized medicine involves tailoring medical treatment to individual characteristics, such as genetics, lifestyle, and environment. Personalized medicine is increasing due to advancements in genomics, biotechnology, and data analytics, enabling targeted therapies that improve treatment efficacy and reduce adverse effects for individuals. Personalized medicine can aid in giant-cell arteritis (GCA) by allowing for targeted therapies based on individual patient factors such as genetic predispositions, immune profiles, and disease manifestations. For instance, in February 2024, the Personalized Medicine Coalition (PMC), a U.S.-based non-profit organization, reported that personalized medicines accounted for over one-third of new drug approvals by the U.S. Food and Drug Administration (FDA) for the fourth consecutive year in 2023. During that year, the FDA approved 16 new personalized treatments tailored for rare diseases, a significant increase from six approvals in 2022. Additionally, the approvals in 2023 encompassed seven cancer medications and three treatments for various other diseases and conditions. Therefore, growing emphasis on personalized medicine is driving the growth of the giant-cell arteritis market.
Major companies operating in the giant-cell arteritis are developing new products, such as biosimilar to expand treatment options and address the unmet medical needs of patients. A biosimilar is a biologic drug that is highly similar to an already approved biological product, with no clinically meaningful differences in terms of safety, purity, and potency. For instance, in April 2024, Fresenius SE & Co. KGaA, a German healthcare company, launched Tocilizumab-aazg in the US for treating chronic autoimmune diseases. This biosimilar is approved for conditions such as rheumatoid arthritis (RA), systemic juvenile idiopathic arthritis (JIA), polyarticular juvenile idiopathic arthritis (PJIA), and giant cell arteritis. Its approval was based on data from a randomized, double-blind, single-dose, parallel phase 1 trial comparing its pharmacokinetics, safety, and immunogenicity to both US and EU reference tocilizumab in three patient groups.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson Services Inc., F. Hoffmann-La Roche Ltd., Merck & Co. Inc., AbbVie Inc., Bayer AG, Sanofi SA, Bristol-Myers Squibb Company, Novartis AG, GlaxoSmithKline Plc, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Amgen Inc., Boehringer Ingelheim, Teva Pharmaceutical Industries Ltd., Regeneron Pharmaceuticals Inc., Astellas Pharma Inc., CSL Limited, Kiniksa Pharmaceuticals Ltd., MorphoSys AG
Giant-Cell Arteritis Market 2024 Key Insights:
• The giant-cell arteritis market size is expected to see strong growth in the next few years. It will grow to $1.30 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• Embracing Personalized Medicine A Shift Towards Tailored Healthcare Solutions
• Major Developments In Giant-Cell Arteritis Treatment
• North America was the largest region in the giant-cell arteritis market in 2023
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