Analyzing the Future of Skyrizi Market Dynamics 2025-2034: Growth Rate, Trends, and Major Opportunities
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What key factors are powering the surge in the skyrizi market right now?
In the recent past, the market size for Skyrizi has seen an increase of XX% (HCAGR). Projected growth suggests it will expand from $XX million in 2024 to $XX million in 2025, indicating a compound annual growth rate (CAGR) of XX%. This upward trend in the historical phase can be associated with increasing recognition of persistent inflammatory disorders, growth in biosimilars, enhanced global accessibility to healthcare, expanded clinical indications, and increased data on long-term safety.
How fast Is the skyrizi market expected to grow, and what’s its future value?
Growth projections anticipate that the Skyrizi market will experience an XX% future compound annual growth rate (FCAGR) over the coming years. This is expected to increase the market’s worth to $XX million by 2029. The projected growth in the forecast period is largely due to increased use of Skyrizi for psoriasis treatment, a rise in patient numbers, an aging population, better diagnosis from increased awareness, and a higher intake of refined foods. Key trends for the forecast period encompass biologic technological innovations, moving towards combination therapies, developments in diagnostic technologies, a transition from oral to injectable treatments, and the use of artificial intelligence in the development of drugs.
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What are the leading drivers of growth in the skyrizi market?
The skyrizi market is predicted to expand due to the escalating occurrence of psoriasis. Psoriasis, a longstanding autoimmune disease, leads to a swift accumulation of skin cells resulting in skin scaling. The increased incidence of psoriasis is linked to factors like genetic susceptibility, environmental catalysts, heightening awareness and detection rates, alterations in lifestyle, and the escalating effect of stress and immune-based disorders on overall wellness. Skyrizi, a therapeutic biologic agent that targets interleukin-23 (IL-23), aids in psoriasis treatment by specifically obstructing this cytokine, a critical player in the inflammation process. This helps reduce skin inflammation, assuage symptoms like redness and scaling, and enhance overall skin clearance amongst individuals dealing with moderate to severe plaque psoriasis. For example, as per the data shared by the National Psoriasis Foundation (NPF), a non-profit organization based in the US, in December 2022, around 8 million Americans and 125 million individuals globally (representing 2-3% of the worldwide populace) are affected by psoriasis. Approximately 30% among them also develop psoriatic arthritis. Consequently, the escalating occurrence of psoriasis propels the growth of the skyrizi market.
What are the key segments defining the skyrizi market?
The skyrizi market covered in this report is segmented –
1) By Indication: Plaque Psoriasis; Crohn’s Disease; Ulcerative Colitis
2) By Formulation: Pre-Filled Syringes; Vials
3) By Distribution Channel: Hospital Pharmacies; Retail Pharmacies; Online Pharmacies
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Who are the key players steering the development of the skyrizi market?
Major companies operating in the skyrizi market are AbbVie Inc.
What emerging trends are influencing the growth of the skyrizi market?
One significant trend in the Skyrizi marketplace involves focusing on broadening therapeutic uses such as ulcerative colitis in order to improve treatment results for autoimmune disorders. Skyrizi is certified for the management of moderate-to-severe ulcerative colitis (UC), demonstrating considerable clinical enhancements in patients who haven’t benefitted from other therapies. As an example, the US-based biopharmaceutical company AbbVie Inc. received approval from the European Commission for Skyrizi (risankizumab) to treat adult patients with moderately to severely active ulcerative colitis (UC) who haven’t responded or are resistant to conventional or biologic treatments in July 2024. This approval was based on the positive findings from the INSPIRE and COMMAND Phase 3 studies, specifically showing mucosal recovery in patients with no prior biologic or JAK inhibitor use. The Skyrizi dosage regimen includes a 1,200 mg induction, followed by 180 mg or 360 mg maintenance doses every 8 weeks.
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Which regions are most influential in expanding the skyrizi market?
North America was the largest region in the skyrizi market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the skyrizi market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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