PUBLISHER: The Business Research Company | PRODUCT CODE: 1428448
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428448
Hidradenitis suppurativa (HS) is a chronic skin condition characterized by the development of painful lumps deep within the skin, typically occurring in areas where skin rubs against skin, such as the armpits, inner thighs, and groin. These lumps can lead to the formation of abscesses and tunnels beneath the skin.
Various skin conditions associated with hidradenitis suppurativa include folliculitis, pimples, boils, and deep acne. Folliculitis, a common skin condition, arises when hair follicles become inflamed or infected. Treatments for folliculitis encompass creams, pills, and procedures such as laser hair removal. The products utilized for hidradenitis suppurativa treatment include tablets and intravenous (IV) injections, administered through oral and parenteral routes. Treatment modalities involve medications, surgical interventions, photodynamic therapy (PDT), laser treatment, among others. End-users of these treatments include hospitals, specialty clinics, homecare settings, and others.
The hidradenitis suppurativa (HS) research report is one of a series of new reports from The Business Research Company that provides hidradenitis suppurativa (HS) market statistics, including the hidradenitis suppurativa (HS) industry's global market size, regional shares, competitors with an hidradenitis suppurativa (HS) market share, detailed hidradenitis suppurativa (HS) market segments, market trends and opportunities, and any further data you may need to thrive in the hidradenitis suppurativa (HS) industry. This hidradenitis suppurativa (HS) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 observed in the historic period can be attributed to heightened awareness leading to increased diagnosis, limited treatment options, advancements in dermatology, a rise in the prevalence of the disease, and initiatives from patient advocacy groups.
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 anticipated in the forecast period can be attributed to the development of biologic therapies, precision medicine approaches, the expansion of clinical trials, global initiatives, funding in healthcare, and support from healthcare policies. Major trends expected in the forecast period include the advancement of immunomodulatory therapies, the integration of telemedicine and remote monitoring, a shift towards patient-centric care, the adoption of minimally invasive surgical interventions, and the implementation of personalized lifestyle recommendations.
The escalating prevalence of skin diseases is steering the expansion of the hidradenitis suppurativa market moving forward. Skin diseases encompass a broad spectrum of skin-related issues, spanning bacterial, viral, and fungal infections, allergic reactions, skin malignancies, and parasitic conditions. Hidradenitis suppurativa (HS), characterized by chronic and severe skin disorder, is driving the emergence of new products and services for its management. Factors such as heightened awareness, improved diagnostic accuracy, a growing patient pool, and advancements in research contribute to this trend. For example, as reported by the American Cancer Society Inc. in January 2022, skin cancer cases surged to an estimated 106,110 in 2021, marking a 5.8% increase from 2020's 100,350 cases. Consequently, the upsurge in skin disease prevalence propels the growth trajectory of the hidradenitis suppurativa market.
The upswing in healthcare expenditure serves as a catalyst for the expansion of the hidradenitis suppurativa market in the future. Healthcare expenditure encompasses all costs associated with providing health services, including aspects such as family planning, nutrition, and emergency assistance with a primary focus on health. Increased healthcare spending facilitates the establishment of comprehensive patient support programs, fostering improved management of hidradenitis suppurativa and positively impacting the quality of care and research in this domain. For instance, according to the 2021-2030 National Health Expenditure (NHE) report by the Centers for Medicare & Medicaid Services in March 2022, national health spending is anticipated to rise by an average of 5.1% annually between 2021 and 2030, projected to reach around $6.8 trillion by 2030. Consequently, the escalation in healthcare expenditure fuels the growth trajectory of the hidradenitis suppurativa market.
The increasing adoption of biologics stands as a prominent trend within the hidradenitis suppurativa market. Leading companies in this sector are heavily investing in research and development endeavors, resulting in the approval of biologic therapies specifically designed for managing hidradenitis suppurativa, thereby solidifying their market position. For example, in June 2023, Novartis AG, a Switzerland-based pharmaceutical company, received approval from the European regulatory authority for Cosentyx, a groundbreaking biologic therapy targeting hidradenitis suppurativa. Cosentyx represents a fully human biologic that effectively inhibits interleukin-17A, a pivotal cytokine associated with the disease. Having undergone clinical research for over 14 years, Cosentyx has established itself as a well-researched medication catering to hidradenitis suppurativa.
Strategic partnerships emerge as a significant trend gaining traction within the hidradenitis suppurativa market. Key industry players are proactively forging strategic alliances to fortify their market positions. For instance, in June 2023, Novartis, a Switzerland-based pharmaceutical company, entered into a partnership with the Emirates Dermatology Society (EDS), based in the UAE, aimed at advancing Hidradenitis Suppurativa awareness within the UAE region. The collaboration's objectives extend to providing crucial insights that aid healthcare providers and policymakers in supporting individuals grappling with this debilitating disease. Novartis and EDS are slated to establish scientific and educational platforms targeting dermatologists and patients within the UAE, fostering awareness and understanding. Furthermore, both organizations are committed to leveraging Real World Evidence (RWE) to capture and generate localized data on hidradenitis suppurativa.
In October 2022, Amgen Inc., a leading biopharmaceutical company based in the United States, successfully acquired ChemoCentryx Inc. for a substantial amount of $3.7 billion. This strategic acquisition allows Amgen to strengthen its market position by incorporating ChemoCentryx's product, TAVNEOS, into its diverse portfolio. TAVNEOS, an FDA-approved complement 5a receptor inhibitor with gastrointestinal restriction, holds significant potential as a complementary therapy for individuals affected by hidradenitis suppurativa. ChemoCentryx Inc. specializes in the development of pharmaceuticals targeting autoimmune and oncology diseases, including conditions such as hidradenitis suppurativa.
Major companies operating in the hidradenitis suppurativa market report are 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.
North America was the largest region in the hidradenitis suppurativa market in 2023. The regions covered in the hidradenitis suppurativa market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the hidradenitis suppurativa market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The hidradenitis suppurativa (HS) market consists of revenues earned by entities providing treatment to axillary-mammary-inguinal hidradenitis suppurativa, follicular hidradenitis suppurativa, gluteal hidradenitis suppurativa, and syndromic hidradenitis suppurativa. The market value includes the value of related goods sold by the service provider or included within the service offering. The hidradenitis suppurativa (HS) market also includes sales of surgery biologics, antibiotics, immunosuppressive drugs, zinc supplements, and retinoids. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Hidradenitis Suppurativa Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hidradenitis suppurativa market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hidradenitis suppurativa ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hidradenitis suppurativa market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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