The Cosentyx drug market is witnessing increased focus on developing targeted drugs for various autoimmune disorders such as psoriasis, psoriatic arthritis, ankylosing spondylitis etc. Cosentyx, which is a human monoclonal antibody, works by selectively inhibiting the activity of interleukin-17A, a protein involved in causing inflammation. With its high selectivity and precision in treating various autoimmune conditions with fewer side effects compared to other therapeutics, Cosentyx has revolutionized treatment regimens for patients worldwide.
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 of 2024 to 2031.
Key Takeaways
Key players operating in the Cosentyx drug market are Novartis AG. Novartis AG is a leading player in the Cosentyx drug market with strong product offerings and global footprint.
Secondly, the rising incidences of various autoimmune disorders including psoriasis, psoriatic arthritis and ankylosing spondylitis are driving the demand for targeted drugs like Cosentyx Drug Market Size across regions. As per estimates, over 125 million people worldwide suffer from psoriasis.
Additionally, Novartis AG is focusing on expanding the reach of Cosentyx to newer geographies which is expected to boost the global adoption of the drug over the forecast period. It has presence in over 90 countries which is anticipated to increase in coming years.
Market key trends
One of the key trends gaining prominence in the Cosentyx drug market is the rising focus on personalized medicine for treating autoimmune disorders. Companies are engaged in biomarker analysis and understanding genetic basis for variations in treatment response. This is allowing development of therapies tailored to individual patient needs. As a result, drugs like Cosentyx which work through selective inhibition are finding wider application.
Porter’s Analysis
Threat of new entrants: High capital requirements and established networks of existing players make entry difficult for new players in the market.
Bargaining power of buyers: Large buying groups and presence of substitutes increase bargaining power of buyers in the market.
Bargaining power of suppliers: Suppliers of raw materials and services have moderate bargaining power due to availability of substitute suppliers in the market.
Threat of new substitutes: Emergence of bio-similar products pose threat of substitution to existing branded products in the market.
Competitive rivalry: Large number of players amid increasing competition intensifies rivalry in the market.
Geographical Regions
North America accounts for the largest share in the global Cosentyx drug market regional analysis owing to growing prevalence of autoimmune diseases and presence of major market players in the region.
Asia Pacific is poised to witness fastest growth during the forecast period attributed to rising healthcare spending, large patient pool, and increasing awareness about biosimilar drugs in emerging countries of China and India.
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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