by The Cosentyx drug market comprises biologic disease-modifying antirheumatic drugs (biologic DMARDs) that inhibit interleukin-17A, which is a protein that contributes to the inflammation associated with plaque psoriasis and psoriatic arthritis. Cosentyx is prescribed for the treatment of moderate to severe plaque psoriasis, active psoriatic arthritis, and non-radiographic axial spondyloarthritis. The drug has advantages such as one-time monthly dosing, high efficacy rates, and a favorable safety profile. The growing prevalence of immunologic and inflammatory diseases worldwide has fueled the demand for biologic therapies like Cosentyx.
The Global Cosentyx Drug Market Is Estimated To Be Valued At US$ 5.32 Bn In 2024 And Is Expected To Exhibit A CAGR Of 7.3% Over The Forecast Period 2024 To 2031.
Key Takeaways
Key players operating in the Cosentyx Drug market are Novartis AG. The key players in the market are focusing on expanding their product portfolios by developing biosimilars. For instance, in 2021, Novartis received FDA approval for its Cosentyx biosimilar Yuflyma.
The increasing healthcare expenditure and availability of health insurance are expected to offer significant opportunities for players in the Cosentyx Drug Market Growth. Additionally, collaborations and acquisitions between large pharmaceutical companies and small biologics firms are also expected to boost market.
Advancements in biosimilar technology allow the development of high-quality biologics that are more affordable than branded biologics. This is encouraging biosimilar manufacturers to develop biosimilars of blockbuster drugs like Cosentyx, thereby improving access to biologic therapies.
Market Drivers
One of the key drivers for the Cosentyx Drug Market Size and Trends is increasing research and development of biosimilars. Biosimilars offer significant cost savings compared to their reference products and expand access to biologic therapies for a larger patient base. This is prompting pharmaceutical companies to focus on biosimilar development and commercialization. Additionally, the patent expiry of major biologics is anticipated to further fuel biosimilar adoption, driving the growth of the global Cosentyx drug market.
Current challenges in Cosentyx Drug Market
The Cosentyx Drug Market faces various challenges currently like high cost of treatment, limited insurance coverage, delay in drug approval process etc. The average annual cost of Cosentyx treatment ranges between $35,000 to $50,000 which is quite high. This high cost poses affordability challenges for many patients. Also, not all insurance plans provide full coverage for costly biologic drugs like Cosentyx. Some patients have to bear partial or full treatment costs on their own which is difficult. Further, the drug approval process is lengthy which delays patient access to new effective treatment options. Overall, the high treatment expenditure and access related challenges need to be addressed to enhance patient outcomes in this market.
SWOT Analysis
Strength: Cosentyx has strong efficacy and safety profile established through various clinical trials for conditions like psoriasis, psoriatic arthritis etc. This gives it an edge over competitors.
Weakness: Being a biologic injection drug, it requires frequent hospital/clinic visits for administration which is an inconvenience for patients. The production process is also complex raising cost of treatment.
Opportunity: Growing prevalence of immune mediated inflammatory diseases indicates potential for market expansion into new therapeutic areas and geographic regions for Cosentyx.
Threats: Entry of newer innovative biologic drugs and biosimilars increases competition within the segment posing pricing and market share threats over the long-run.
Geographical regions
North America currently accounts for the largest share in the Cosentyx Drug Market in terms of value, followed by Europe. This is attributed to factors like rising disease burden, availability of advanced healthcare facilities, high healthcare spending and presence of major market players in these regions. However, Asia Pacific region is expected to witness the fastest growth over the forecast period owing to growing medical tourism, rapid economic development and expansion efforts of key companies in emerging countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Priya Pandey
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