Lichen planus is a common inflammatory skin condition of unknown origin characterized by itchy, purplish bumps or rashes on the skin, mouth, scalp, genitals or nails. Some key symptoms include small, flat-topped bumps or lesions, appearance of purple-colored patches or plates on the skin with lacy white lines or scratch marks, lesions covering large areas of the skin and intense itching. The exact cause of lichen planus is still unknown but it is believed to be an autoimmune disorder where the immune system mistakenly attacks healthy skin cells. The condition is usually treated through topical corticosteroids like cortisone or topical calcineurin inhibitors which help reduce inflammation and itching. In some cases of severe lichen planus, immunosuppressant drugs may be prescribed along with phototherapy using ultraviolet light.
The Global Lichen Planus Market is estimated to be valued at USD 150.1 million in 2024 and is expected to reach USD 251.2 million by 2031, growing at a compound annual growth rate (CAGR) of 7.6% from 2024 to 2031.
Key Takeaways:
Key players operating in the Lichen Planus Marketare Pfizer Inc., Mylan Pharmaceuticals Inc., Glenmark Pharmaceuticals, Merck & Co., Inc. and GlaxoSmithKline plc.
The lichen planus market is anticipated to witness robust growth due to the growing prevalence of lichen planus worldwide and the rising awareness about the importance of early disease diagnosis and treatment.
The market is also expected to grow owing to increasing number of product approvals, rising healthcare expenditure in developing countries and growing adoption of biologics and biosimilars.
Market Key Trends:
One of the key trends observed in the Lichen Planus Market is the ongoing research and development around identifying more effective therapeutic targets for the treatment of lichen planus. Several new biologic drugs targeting cytokines and other immune pathways are currently under clinical trials which could potentially improve patient outcomes compared to existing treatment options. Additionally, the launch of novel drug delivery formulations such as topical nanoparticles, gels and patches can help enhance treatment efficacy and improve patient compliance in managing the condition over the long-term. Overall, the lichen planus market is poised to grow significantly over the forecast period driven by scientific and technological advancements.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as setting up new production facility requires huge capital investment and R&D efforts to gain brand recognition.
Bargaining power of buyers: The bargaining power of buyers is moderate since buyers have various treatment options to choose from and purchasers are major pharmaceutical companies.
Bargaining power of suppliers: The bargaining power of suppliers is low given the presence of many suppliers and easy availability of raw materials.
Threat of new substitutes: The threat of new substitutes is low as lichen planus has limited treatment options currently and developing new treatment takes many years of clinical trials.
Competitive rivalry: The competitive rivalry in the market is high among existing firms to gain higher market share through new product launches and strategic partnerships.
The geographical region where the lichen planus market in terms value is currently concentrated is North America. This is attributed to growing prevalence of lichen planus, strong healthcare infrastructure, and higher per capita healthcare expenditure.
Asia Pacific region is expected to be the fastest growing market for lichen planus over the forecast period owing to increasing incidences of autoimmune diseases, growing awareness about its treatment options, and rising healthcare spending in countries like India and China.
Author Bio:
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
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