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The Primary Biliary Cholangitis (PBC) Therapeutics Market size is estimated to grow by USD 346.85 million at a CAGR of 8.75% between 2023 and 2028.
The advent of telehealth and remote monitoring has significantly contributed to the market growth. In addition, the COVID-19 pandemic in 2020 accelerated the adoption of telehealth services, transforming healthcare delivery. Moreover, telehealth enables remote consultations, diagnosis, treatment, and monitoring for primary biliary cholangitis patients and others, improving access to care. In addition, telehealth platforms allow primary biliary cholangitis patients to consult specialists virtually. Hence, such factors are positively impacting the market.
Technavio has segmented the market into Type, Distribution Channel, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
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The primary drug segment is estimated to witness significant growth during the forecast period. There has been an increasing demand for the primary drug segment which is contributing to the dominant position of this segment in the global primary biliary cholangitis therapeutics market.
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The primary drug segment was the largest segment and was valued at USD 271.39 million in 2018. Moreover, factors including high adoption of the primary drug for the treatment of primary biliary cholangitis and the effectiveness of the primary drug, coupled with the rise in the number of patients suffering from primary biliary cholangitis and the availability of various primary drugs in the pipeline is fuelling the growth of this segment. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
The growth of the drug stores and retain pharmacies segment in the global primary biliary cholangitis therapeutics market is fuelled by the high sales of drugs from the drug stores and retail pharmacies. In addition, the geriatric population is more vulnerable to a number of diseases and increases the dependence on drug stores. Moreover, factors including the expanding geriatric population, increasing awareness and screening efforts for primary biliary cholangitis, and the preference for outpatient care and follow-up treatment outside of hospital settings contribute to the growth of the drug stores and retail pharmacies segment in the primary biliary cholangitis (PBC) therapeutics market. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 50% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. Some of the main factors that are contributing to the primary biliary cholangitis therapeutics market growth in North America include the increase in the number of clinical trials, the availability of advanced healthcare facilities, and increasing healthcare expenditure from government organizations. Moreover, factors including the increasing awareness about primary biliary cholangitis and the growing need for treating it in its early stages are contributing to the regional and global primary biliary cholangitis therapeutics market growth. In addition, the presence of advanced healthcare infrastructure in the region and the availability of various patient assistance programs fuels the market growth in the region. Hence, such factors are driving the market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global primary biliary cholangitis therapeutics market witnessed a significant slowdown due to the disruption of research activities such as clinical trials, restrictions on patient recruitment, and new product development in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of research activities. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Abbott Laboratories: The company offers primary biliary cholangitis therapeutic treatment under rapid diagnostics, which includes infectious disease, cardiometabolic and informatics, toxicology, and consumer diagnostics.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
A key factor shaping the primary biliary cholangitis therapeutics market growth is the increasing demand for R&D due to government healthcare expenditure. In several applications, from small laboratory studies to large-scale production of specialty pharmaceutical products, the ability to obtain an enriched sample of small molecules, cells, proteins, nucleic acids, or clean solutions is essential, including primary biliary cholangitis therapeutics. In addition, complying with government regulations that deal with the purity and consistency of primary biliary cholangitis therapeutics requires a well-thought-out enrichment plan.
Moreover, several specialties pharmaceutical companies are investing heavily in R&D. For instance, on average, the pharmaceutical company spends around 15%-20% of its revenue on R&D activities. In addition, increased R&D spending by pharmaceutical manufacturers is expected to increase the number of primary biliary cholangitis therapeutics in the market which is positively impacting the primary biliary cholangitis therapeutics market. Therefore, it is expected to drive the market growth during the forecast period.
Stringent government regulations on primary biliary cholangitis therapeutics are one of the key challenges hindering the primary biliary cholangitis therapeutics market growth. Several market players are offering primary biliary cholangitis therapeutics that are subject to government regulations, such as the US Food and Drug Administration (US FDA), the conformite European (CE) Marking in Europe, and other regulations in different regions and countries worldwide. In addition, commercialization of these products with different technologies is a challenging process.
Moreover, they require premarket approval from notified bodies, including private organizations recognized by the European Free Trade Association. In addition, these devices cannot be marketed without successfully completing clinical trials, which is time-consuming, expensive, and uncertain. Furthermore, the laws and regulations of the approval process for primary biliary cholangitis therapeutics vary across countries, which is a major challenge faced by multinational companies. Hence, such factors are negatively impacting the primary biliary cholangitis therapeutics market. Therefore, it is expected to hinder market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Primary Biliary Cholangitis Therapeutics Market Customer Landscape
The primary biliary cholangitis therapeutics market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Primary Biliary Cholangitis Therapeutics Market Scope |
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Report Coverage |
Details |
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Page number |
151 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.75% |
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Market Growth 2024-2028 |
USD 346.85 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
8.0 |
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Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
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Performing market contribution |
North America at 50% |
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Key countries |
US, Canada, Germany, UK, and China |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Abbott Laboratories, AbbVie Inc., Alkem Laboratories Ltd., Eli Lilly and Co., GENFIT SA, Glenmark Pharmaceuticals Ltd., ICE S.p.a., Intercept Pharmaceuticals Inc., Ipsen Pharma, Leeford Healthcare Ltd., NGM Biopharmaceuticals Inc., Novartis AG, Teva Pharmaceutical Industries Ltd., Viatris Inc., and Zydus Lifesciences Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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