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Hidradenitis Suppurativa Market Size, Share, Growth Analysis, Business Insights And Forecast To 2033
Hidradenitis Suppurativa Market
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According to The Business Research Company's, The hidradenitis suppurativa market size has grown strongly in recent years. It will grow from $1.06 billion in 2023 to $1.15 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increased diagnosis awareness, limited treatment options, advancements in dermatology, rising disease prevalence, patient advocacy initiatives.
The hidradenitis suppurativa market size is expected to see strong growth in the next few years. It will grow to $1.5 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to biologic therapies development, precision medicine approaches, clinical trial expansion, global initiatives and funding, healthcare policy support. Major trends in the forecast period include advanced immunomodulatory therapies, telemedicine and remote monitoring, patient-centric care, minimally invasive surgical interventions, personalized lifestyle recommendations.
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Market Drivers and Trends:
The rise in the prevalence of skin diseases is driving the growth of the hidradenitis suppurativa market going forward. Skin diseases refer to a wide range of skin problems, including those attributed to bacterial infections, viral infections, fungal infections, allergy symptoms, skin malignancies, and parasites. Hidradenitis suppurativa (HS), a chronic and severe skin disorder, is driving the development of new products and services for its management due to increased awareness, accurate diagnosis, a growing patient pool, and research advancements. For instance, in January 2022, according to the report published by the American Cancer Society Inc., a US-based voluntary organization for cancer awareness, the estimated cases of skin cancer increased to 106,110 in 2021, an increase of 5.8% from 100,350 in 2020. Therefore, the rise in the prevalence of skin diseases propels the growth of the hidradenitis suppurativa market.
Utilization of biologics is a key trend gaining popularity in the hidradenitis suppurativa market. Major companies operating in the hidradenitis suppurativa market are investing in research and development, resulting in an approved biologic therapy for hidradenitis suppurativa and sustaining their position in the market. For instance, in June 2023, the European regulatory authority approved Novartis AG, a Switzerland-based pharmaceutical company, for Cosentyx for hidradenitis suppurativa. Cosentyx is the first and only completely human biologic that specifically blocks interleukin-17A, an essential cytokine associated with hidradenitis suppurative disease. Cosentyx is a well-established medication that has been clinically researched for over 14 years.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson, AbbVie Inc., Novartis AG, Bristol-Myers Squibb Company, AstraZeneca PLC, Abbott Laboratories, Eli Lilly and Co Ltd., Amgen Inc., Boehringer Ingelheim International GmbH, UCB S.A., Incyte Corporation, Kyowa Kirin Co. Ltd., Leo Pharma A/S, Almirall S.A., Galapagos NV, Genentech Inc., Tolmar Inc., Alvotech Holdings S.A., Aclaris Therapeutics Inc., Kymera Therapeutics Inc., Acelyrin Inc., AnaptysBio Inc., XBiotech Inc., Arcutis Biotherapeutics Inc., InflaRx N.V., VYNE Therapeutics Inc., Arena Pharmaceuticals Inc., MoonLake Immunotherapeutics AG, Zynerba Pharmaceuticals Inc.
Hidradenitis Suppurativa Market 2024 Key Insights:
• The hidradenitis suppurativa market size is expected to see strong growth in the next few years. It will grow to $1.5 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• The Rise In The Prevalence Of Skin Diseases
• Transforming Hidradenitis Suppurativa Treatment Through Innovative Therapies
• North America was the largest region in the hidradenitis suppurativa market in 2023
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