May 21, 2024
Eczema Therapeutics Market

Eczema Therapeutics Market is Estimated to Witness High Growth Owing to Advancements in Targeted Biologics

Eczema therapeutics aims to reduce the severity of eczema symptoms and flare-ups by treating the underlying causes and minimizing itching and inflammation. Topical corticosteroids remain as first-line treatment options, but newer therapies are being developed. Biologics are gaining prominence for targeting specific molecules that drive eczema.

The Global Eczema Therapeutics Market is estimated to be valued at US$ 21973.78 Bn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period of 2024 to 2030.

Key Takeaways

Key players operating in The Eczema Therapeutics Market are Nedmag Industries Mining & Manufacturing B.V., Nabaltec AG., Huber Engineering Materials, Kyowa Chemical Industry Co. Ltd., Konoshima Chemicals Co. Ltd., Tateho Chemical Industries Co., Ltd., Baymag Inc., Sakai Chemical Industries Co. Ltd., Lehmann & Voss & CO. KG., Martin Marietta Materials Inc., Xinyang Mineral Group, Premier Periclase Ltd., Israel Chemicals Ltd., and Premier Magnesia LLC.

Key opportunities in the market include large untapped markets in developing countries and rising demand for advanced biological therapies. Companies are investing in development of more targeted biologics to treat specific inflammatory mediators like interleukin receptors.

Recent advancements in biologic therapies involve development of monoclonal antibodies targeting interleukins like IL-4, IL-13 and IL-31 which are central to eczema pathogenesis. This provides better efficacy and safety over conventional systemic therapies.

Market Drivers

The rising prevalence of atopic dermatitis cases globally is a major growth driver for the eczema therapeutics market. According to some estimates, over 31 million Americans and about 10-20% of children worldwide are affected by eczema. Growing awareness regarding availability of new treatment options also contributes to the market growth. Furthermore, rapid adoption of newer therapies, increasing healthcare expenditure, and development of combination therapies will further aid the market expansion during the forecast period.

Current Challenges in Eczema Therapeutics Market

The eczema therapeutics market is facing various challenges currently. The high cost of targeted biologics drugs is a major challenge as they constitute the lion’s share of the total cost of eczema treatment. Lack of approved drugs for severe eczema is another challenge as many patients do not respond well to conventional drugs. Adherence to treatment regimen is also a challenge due to the chronic nature of the disease which requires long term use of medications having undesirable side effects. Misdiagnosis of eczema cases as something else is yet another issue limiting access to right treatment. Developing drugs targeting the cause of eczema rather than just the symptoms remains an ongoing challenge as well.

SWOT Analysis

Strength: Growing research and development activities for development of novel and targeted treatment options. Growing awareness about available treatment alternatives is also helping increase patient adherence.

Weakness: Dependence on few major players for novel drugs development resulting in high costs. Lack of approved drugs for severe eczema cases remains a major limitation.

Opportunity: Untapped growth potential in developing regions provides scope for market expansion. Scope for development of drugs targeting eczema causes at molecular level offers new opportunities.

Threats: Threat from generic drugs once patents of major products expire. Stringent regulatory processes for new drugs approval poses delays and uncertainties.

Geographical Regions

North America region currently dominates the eczema therapeutics market in terms of value due to high awareness, healthcare spending and presence of major players. Europe is second largest market followed by Asia Pacific region which is witnessing fastest growth and offers scope for market expansion supported by improving access and economic growth.

Fastest Growing Regions

Asia Pacific region is projected to be the fastest growing regional market during the forecast period supported by improving access to healthcare services, growing medical tourism and rise in disposable incomes in emerging economies. Latin America and Middle East regions also offer scope for above average growth rates over coming years.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it