by Cosentyx drug is a monoclonal antibody used for the treatment of moderate to severe plaque psoriasis and psoriatic arthritis. It works by selectively inhibiting an important signaling protein called interleukin-17A (IL-17A) which is a major trigger of inflammation in plaque psoriasis and psoriatic arthritis. Cosentyx provides relief from symptoms such as skin lesions, pain and swelling.
The global Cosentyx drug market is estimated to be valued at US$ 5.32 billion in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Cosentyx drug market is Novartis AG.
Key opportunities in the Cosentyx Drug Market Size include growing number of patients suffering from psoriasis and psoriatic arthritis globally. According to estimates, over 100 million people worldwide have psoriasis. Additionally, increasing healthcare expenditure and adoption of biologics for treatment of various autoimmune diseases will drive the market growth.
The market is witnessing high growth in countries like United States, United Kingdom, Germany, Spain, Italy, France and Japan. Companies are focusing on expanding their presence in emerging Asian countries like India and China through collaborations with local players.
Market Drivers
The rising disease burden of psoriasis and psoriatic arthritis globally is a key factor driving the market. According to WHO, around 2-3% of the world’s population suffer from psoriasis. Additionally, improving access to healthcare facilities and rising healthcare spending on biologics are fueling the demand for Cosentyx drug.
PEST Analysis
Political: The regulatory policies and laws defined by government and regulatory authorities that govern the approval and commercialization of drugs.
Economic: The economic growth and spending on healthcare has direct impact on demand of such new biologic drugs. Any change in income levels can affect the affordability of high-priced drugs.
Social: Growing awareness and focus on better management of chronic diseases is fueling demand of novel targeted treatment options. Rising lifestyle diseases prevalence is another key societal factor.
Technological: Advancements in biologic drug development and manufacturing technologies help continuously improve efficacy and safety profile of new biologic treatments. Digital healthcare solutions are enabling better chronic disease management.
Geographical Concentration
The Cosentyx drug market regional analysis in terms of value is highly concentrated in developed regions of North America and Europe due to higher adoption rates and spending on expensive biologic drugs. The US accounts for the largest share currently owing to presence of supportive regulatory framework and high affluence levels.
Fastest Growing Region
Asia Pacific region is poised to witness strongest growth in the forecast period supported by expanding patient pool, rising healthcare investments, increasing medical tourism and gradual uptake of high-cost biologic drugs especially in large economies like China and India.
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
