The Cluster Headache Market Is Estimated To Witness High Growth
The Cluster Headache Market is estimated to be valued at US$ 402.12 Mn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The cluster headache market covers drugs for both acute treatment and preventive treatment. Triptans and oxygen therapy are often used for acute treatment to relieve symptoms during an attack. Drugs like verapamil, lithium, and anti-seizure drugs are commonly used for preventive treatment to reduce the frequency and severity of attacks. Non-drug treatments like nerve blocks and neurostimulation devices are also available.
Market key trends:
The high prevalence and recurrence of cluster headache attacks drives the need for effective treatment options. According to stats, about 1% of the general population experiences cluster headaches at some point. Men are affected about 2-3 times more than women. Research into understanding the pathophysiology and identifying new therapeutic targets is ongoing. This is expected to resulted in the development and approval of novel drugs with improved efficacy and safety profiles over the forecast period. Currently approved drugs only provide partial relief and many patients do not get complete remission of attacks. Thus, there remains a significant unmet need for more effective long-term management of this painful condition.
Porter's Analysis
Threat of new entrants: Low barriers to entry such as capital requirements makes threat of new entrants high in the cluster headache market.
Bargaining power of buyers: Large number of buyers and availability of substitute products increases the bargaining power of buyers in the cluster headache market.
Bargaining power of suppliers: Presence of many suppliers and easy availability of raw materials reduces the bargaining power of suppliers in the cluster headache market.
Threat of new substitutes: Emergence of new migraine treatments poses threat of substitutes in the cluster headache market.
Competitive rivalry: Intense competition exists among existing players in the cluster headache market.
SWOT Analysis
Strength: Availability of various treatment options such as medications, nerve stimulation devices, and oxygen therapy provides strength to the cluster headache market.
Weakness: High prevalence but low diagnosis rate and lack of disease awareness are major weaknesses faced in the cluster headache market.
Opportunity: Rising healthcare expenditure in emerging countries and ongoing research & development activities for new treatment options offer growth opportunities in the cluster headache market.
Threats: Stringent regulations for product approval and adverse effects associated with existing treatments pose threats to the cluster headache market.
Key Takeaways
The Global Cluster Headache Market Demand is expected to witness high growth, exhibiting CAGR of 6.4% over the forecast period, due to increasing prevalence of cluster headaches across the globe. As per estimates, around 1 in 1000 people worldwide suffer from cluster headaches.
Regional analysis
North America dominates the global cluster headache market and is estimated to grow at a high CAGR owing to rising healthcare expenditure and presence of major players in the region. Europe is the second largest market for cluster headaches attributed to increasing awareness about the condition. Meanwhile, Asia Pacific is expected to register fastest growth in the forecast period driven by expanding medical tourism industry in countries like India.
Key players
Key players operating in the cluster headache market are Zosano Pharma, Eli Lilly and Company, Lundbeck Seattle BioPharmaceutical, Winston Laboratories, GlaxoSmithKline plc., ElectroCore Medical LLC, Autonomic Technologies, Inc., AstraZeneca plc., Allergan plc., Bayer AG, F. Hoffmann-La Roche Ltd, Novartis AG, Sun Pharmaceutical Industries Ltd, Teva Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, Sanofi, and AbbVie Inc.
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