SEATTLE, March 19, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global Primary Biliary Cholangitis Treatment Market was valued at US$ 526.4 million in 2017, and is projected to exhibit a CAGR of 36.3% during the forecast period (2018 – 2026).
Key Trends and Analysis of the Primary Biliary Cholangitis Treatment Market:
Rising prevalence of primary biliary cholangitis is expected to drive the market growth. For instance, as per National Center for Biotechnology Information (NCBI) data, the prevalence of PBC from 2006 through 2016, increased from 21.7 to 39.2 per 100,000 persons in the U.S.
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Moreover, increasing number of Food and Drug Administration (FDA) approvals for the drugs to treat PBC is contributing to the market growth. For instance, in May 2016, the U.S. Food and Drug Administration (FDA) approved Ocaliva (obeticholic acid) in combination with ursodeoxycholic acid (UDCA) for the treatment of Primary Biliary Cholangitis (PBC) in adults with an inadequate response to UDCA. Moreover, in 2016, Ocaliva was assigned fast track designation and orphan drug designation by the U.S. FDA.
Furthermore, increasing initiatives such as acquisitions by key players is anticipated to drive the market size. For instance, in June 2016, Retrophin, Inc. acquired ownership of a liquid formulation of ursodeoxycholic acid from Asklepion Pharmaceuticals, LLC. Ursodeoxycholic acid is a naturally occurring bile acid that dissolves gall stone rich in cholesterol and improves the flow of bile in primary biliary cholangitis.
Among regions, North America is anticipated to witness lucrative market share in primary biliary cholangitis treatment market, owing to growing initiatives by market players to develop advance treatment options for PBC. For instance, in October 2016, TARGET PharmaSolutions, Inc., U.S.-based Company, in collaboration with Intercept Pharmaceuticals, Inc., launched its TARGET-PBC (Primary Biliary Cholangitis) platform. TARGET-PBC platform has been created to advance the understanding of real world treatment patterns in PBC.
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Key Market Takeaways:
- The global Primary Biliary Cholangitis Treatment Market is projected to witness CAGR of 36.3% during the forecast period (2018 – 2026), owing to increasing U.S. Food and Drug Administration approvals for the treatment of primary biliary cholangitis. For instance, in February 2018, the U.S.FDA granted orphan drug designation (ODD) to Calliditas Therapeutics AB for the treatment of Primary biliary cholangitis (PBC).
- Among region, Asia Pacific is expected to show significant growth for Primary Biliary Cholangitis Treatment Market, owing to increasing initiatives by various association in Asia Pacific, which in turn is expected to drive growth of the primary biliary cholangitis treatment market. For instance, in 2017, the Japanese Biliary Association (JBA) and the Intractable Hepatobiliary Disease Study Group of Japan estimated that there were 2,000 to 3,000 patients with PBC in Japan. Also, in 2017, Japanese researchers planned to collect DNAs from Japanese PSC patients, to examine difference in genetic background between the East and the West of Japan.
- Major players operating in the global Primary Biliary Cholangitis Treatment Market include Novartis AG, Bristol-Myers Squibb, NGM Biopharmaceuticals, Lumena Pharmaceuticals, Inc., TARGET PharmaSolutions, Inc., Intercept Pharmaceuticals, Inc., Teva Pharmaceutical Industries Ltd, Retrophin, Inc., Calliditas Therapeutics AB., and GlaxoSmithKline (GSK) pharmaceutical.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.