Introduction to Ixekizumab
Ixekizumab is a biologic drug used primarily to treat moderate to severe plaque psoriasis, psoriatic arthritis, and ankylosing spondylitis. It belongs to the class of IL-17 inhibitors, which target the interleukin-17A cytokine involved in inflammatory processes.
Market Size and Growth
The global ixekizumab market has been experiencing significant growth. As of 2022, the market size was valued at USD 899.22 million. It is projected to reach USD 1,484.85 million by 2030, with a Compound Annual Growth Rate (CAGR) of 6.70% during the forecast period of 2023-2030[1].
Drivers of Market Growth
Several factors are driving the growth of the ixekizumab market:
Rising Prevalence of Psoriasis and Psoriatic Arthritis
The increasing prevalence of psoriasis and psoriatic arthritis globally is a major driver. These conditions are the primary indications for ixekizumab, and their rising incidence directly increases the demand for this medication[1].
Increasing Geriatric Population
The geriatric population is more prone to developing psoriasis and psoriatic arthritis. As the global geriatric population grows, so does the demand for treatments like ixekizumab[1].
Rise in Healthcare Spending
Many countries are allocating significant portions of their healthcare budgets to treat age-related diseases. This increased healthcare spending supports the use of advanced treatments, including biologics like ixekizumab[1].
Research and Development Activities
The rise in research and development activities is expected to lead to advancements, new indications, and increased awareness of ixekizumab. Collaborations between pharmaceutical companies and healthcare providers can further enhance its market presence[1].
Market Segmentation
The ixekizumab market is segmented based on several criteria:
By Drug Class
The market includes interleukin inhibitors and other drug classes. Ixekizumab, being an IL-17 inhibitor, falls under the interleukin inhibitors category[1].
By Demographic
The market is segmented into adult and pediatric demographics. However, the primary focus is on adults due to the higher prevalence of psoriasis and psoriatic arthritis in this age group[1].
By Application
Ixekizumab is used to treat ankylosing spondylitis, psoriatic arthritis, psoriasis, and other conditions. Psoriasis and psoriatic arthritis are the main drivers of market growth[1].
By Dosage Form
The drug is available in subcutaneous solution form, among others. The subcutaneous solution is the most common dosage form for ixekizumab[1].
By End-Users
Hospitals dominate the end-user segment due to the wide range of applications of ixekizumab in these settings. Other end-users include clinics and other healthcare facilities[1].
By Distribution Channel
The distribution channels include hospital pharmacies, retail pharmacies, and online pharmacies. Hospital pharmacies are a significant channel due to the frequent use of ixekizumab in hospital settings[1].
Financial Performance and Projections
Revenue Growth
The revenue growth of ixekizumab is robust, driven by increasing demand and expanding indications. The market is expected to grow from USD 899.22 million in 2022 to USD 1,484.85 million by 2030[1].
Key Players
Eli Lilly and Company is a major player in the ixekizumab market. The company's financial reports indicate strong revenue growth driven by key products, including ixekizumab. For instance, in Q3 2024, Eli Lilly reported a 20% increase in worldwide revenue, partly driven by volume growth of key products like ixekizumab[2].
Challenges and Restraints
Despite the positive growth trajectory, the ixekizumab market faces several challenges:
High Cost Associated with the Drug
The high cost of developing and distributing ixekizumab is a significant restraint. This cost can limit access to the drug, especially in regions with limited healthcare budgets[1].
Side Effects
Ixekizumab is associated with several side effects, including nausea, diarrhea, weight loss, abdominal pain, swelling, rash, hives, and breathing problems. These side effects can deter some patients and healthcare providers from using the drug[1].
Lack of Awareness
Limited awareness about ixekizumab and its benefits can also hinder market growth. Educational campaigns and collaborations between pharmaceutical companies and healthcare providers are essential to address this issue[1].
Competitive Landscape
The global IL-17 biologics market, which includes ixekizumab, is competitive and growing. The market is expected to generate USD 10.9 billion by 2030, up from USD 4.37 billion in 2022, with a CAGR of 12.3% during the forecast period of 2024-2030. Other drugs in this class, such as secukinumab, bimekizumab, and brodalumab, also contribute to the market's growth[4].
Impact of Biosimilars
The emergence of biosimilars can impact the market dynamics of biologic drugs like ixekizumab. While biosimilars can reduce costs and increase access, they also pose a competitive threat to branded biologics. Pharmaceutical companies are investing in their own biosimilar products to mitigate this risk[3].
Conclusion
The ixekizumab market is poised for significant growth driven by increasing prevalence of psoriasis and psoriatic arthritis, rising healthcare spending, and advancements in research and development. However, the market faces challenges such as high costs, side effects, and lack of awareness. Addressing these challenges through educational campaigns, cost management strategies, and continued innovation will be crucial for sustaining market growth.
Key Takeaways
- The global ixekizumab market is projected to reach USD 1,484.85 million by 2030, growing at a CAGR of 6.70%.
- Rising prevalence of psoriasis and psoriatic arthritis, increasing geriatric population, and rising healthcare spending are key drivers.
- High costs, side effects, and lack of awareness are significant restraints.
- The market is segmented by drug class, demographic, application, dosage form, end-users, and distribution channels.
- Hospital pharmacies dominate the end-user segment.
- Eli Lilly and Company is a major player in the ixekizumab market.
FAQs
What is the primary indication for ixekizumab?
Ixekizumab is primarily used to treat moderate to severe plaque psoriasis, psoriatic arthritis, and ankylosing spondylitis.
What is the expected market size of ixekizumab by 2030?
The ixekizumab market is expected to reach USD 1,484.85 million by 2030[1].
What are the major drivers of the ixekizumab market?
The major drivers include the rising prevalence of psoriasis and psoriatic arthritis, increasing geriatric population, and rising healthcare spending[1].
What are the significant challenges facing the ixekizumab market?
High costs associated with the drug, side effects, and lack of awareness are significant challenges[1].
Who are the key players in the ixekizumab market?
Eli Lilly and Company is a major player in the ixekizumab market[2].
Sources
- Data Bridge Market Research - Global Ixekizumab Market – Industry Trends and Forecast to 2030
- Lilly - Lilly Reports Q3 2024 Financial Results Highlighted by Strong Volume
- CAS.org - The Rise of Biologics: Emerging Trends and Opportunities
- Business Wire - Global IL-17 Biologics Market Research Report 2023
- PR Newswire - Lilly Reports Fourth-Quarter 2022 Financial Results, Core Business Growth and Pipeline Advancements Support Strong Long-Term Outlook
