Rockville, Jan. 19, 2024 (GLOBE NEWSWIRE) -- The global cutaneous fibrosis treatment market is estimated to be US$702.2 million in 2024. The market is projected to rise at a 5.9% CAGR through 2034. The market is projected to surpass a valuation of US$ 1,243.6 million by 2034.
Several factors are leading to growth in the number of patients needing cutaneous fibrosis treatment. The rise in the number of scleroderma-affected patients is one of the key reasons for the upswing in the demand for treatment. Other disorders like keloid are also influencing people to seek out cutaneous fibrosis treatment.
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Other reasons for the increase in patients requiring cutaneous fibrosis treatment include the number of people admitted with wounds to hospitals and the number of people undergoing radiation therapies. The trends dictate the normalization of appearance-improving treatments for cancer patients. Similarly, people involved in accidents or who received any other type of wound also look to shape up appearances. Thus, the profile of cutaneous fibrosis treatment is rising.
Cutaneous fibrosis treatment is still an evolving medical science. Thus, there is still ignorance about the treatment among the people. The lack of awareness extends to the disorders related to cutaneous fibrosis themselves. The limited number of treatment options is also negatively impacting the market. However, market players invest in Research and Development to develop novel drugs and treatments.
| Report Attribute | Details |
| Value Projection (2034) | US$ 1,243.6 million |
| Growth Rate (2024-2034) | 5.9% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 40 Tables |
| No. of Figures | 200 Figures |
Key Takeaways from the Market Study
- The global cutaneous fibrosis treatment market is projected to expand at a CAGR of 5.9% through 2034.
- The North America cutaneous fibrosis treatment market is expected to grow at a CAGR of 6.1% from 2024 to 2034.
- The cutaneous fibrosis treatment industry is expected to register a CAGR of 6.1% in the United States over the forecast period.
- Mexico's cutaneous fibrosis treatment industry is expected to rise at a CAGR of 6.6% through 2034.
- Based on indication, the scleroderma segment to lead the market, with an expected share of 68.3% in 2024.
“The introduction of new products into the market depends on the approvals of regulatory bodies like the American Food and Drug Administration (FDA). On a positive note for the market, the rate of approvals from regulatory bodies has been consistent, allowing market players to expand the product line. Thus, the favorable disposition of regulatory bodies is filling the market with promise." says a Fact.MR analyst.
Key Companies Profiled in This Report
- Novartis AG
- Pfizer
- Sanofi
- F. Hoffmann La Roche (Genetech, Inc.)
- Boehringer Ingelheim International GmbH
- Jubilant Cadista
- Horizon Pharma USA, Inc.
- Bristol-Myers Squibb Company
- Teva Pharmaceuticals
- Amgen
- Johnson & Johnson Services
New Forms of Treatment and Drugs Take Centre Stage for Market Players
Market players are concentrating on developing innovative forms of treatment. Sales through the online channel are also receiving prominence in company policies. Some prominent companies in the market are Bristol-Myers Squibb Company, Teva Pharmaceuticals, Amgen, and Johnson & Johnson Services.
Some of the recent developments in the market are:
- In October 2023, Kyverna Therapeutics’ KYV-101 drug was announced to be cleared for investigative use by the FDA.
- In a 2021 study, the effects of Rituximab were found to be beneficial in treating systemic sclerosis.
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Country-wise Insights
In the market, North America holds a prominent position. The North American market is expected to be valued US$ 249.0 million in 2024, with a 35.5% market share. In North America, the market is anticipated to grow at a robust 6.1% CAGR between 2024 and 2034. The market is anticipated to have increased to US$ 452.0 million throughout the projected period, with a share of 36.4% in North America.
In 2024, Latin America is projected to provide 6.6% of the total, valued at US$ 46 million. The projected CAGR for Latin America is estimated to be 5.8% on average during the forecast period. Latin America's market share is predicted to be 6.5% by 2034, and the region's valuation is projected to reach US$ 81 million.
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About Fact.MR:
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