特应性皮炎药物全景图：生物制品加速市场扩容，关注潜力靶点和序贯治疗

Industry Investment Rating - The report maintains a "Strong Overweight" rating for the pharmaceutical industry, specifically focusing on the atopic dermatitis (AD) drug market [1] Core Views - The global AD patient population exceeds 230 million, with China accounting for over 70 million patients, of which approximately 28% are moderate to severe cases [3][10] - The global AD drug market is projected to surpass $30 billion by 2034, driven by the expansion of biologics and innovative therapies [3][21] - Dupilumab, the first IL-4Rα inhibitor for moderate-to-severe AD, achieved global sales of €10.7 billion in 2023, with expected sales of €13 billion in 2024 [3][21] - China's AD market is rapidly growing, with the market size expected to reach $7.07 billion by 2030, driven by the launch of new therapies and increasing drug penetration [22][25] Epidemiology - AD is a chronic inflammatory skin disease with a complex pathogenesis involving genetic predisposition, skin barrier dysfunction, and immune system dysregulation [5] - The disease typically begins in infancy, with 50% of patients developing symptoms before the age of 1 [10] - In China, the AD patient population exceeds 70 million, with moderate-to-severe cases accounting for approximately 28% [10][11] Treatment Landscape - Topical corticosteroids remain the first-line therapy for AD, while biologics and small-molecule targeted drugs offer new treatment options [14][15] - Dupilumab, an IL-4Rα inhibitor, has demonstrated significant efficacy in treating moderate-to-severe AD, with long-term safety and efficacy data supporting its use [31][34] - JAK inhibitors, such as upadacitinib and abrocitinib, provide rapid relief of itching and skin clearance, but carry potential safety concerns [50][54] Market Potential - The global AD drug market reached $13.62 billion in 2023 and is expected to grow to $31.44 billion by 2034 [21] - Dupilumab's sales are dominated by the US market, which accounted for 72.7% of total sales in the first three quarters of 2024, while other regions showed faster growth rates [21] - China's AD market is projected to grow rapidly, driven by the increasing patient population and the launch of new therapies [22][25] Innovation Trends - IL-4Rα remains the most popular target in China, with multiple domestic companies developing IL-4Rα inhibitors in late-stage clinical trials [28][30] - Emerging targets such as IL-13, IL-31, and OX40/OX40L are being explored to improve efficacy and safety, with several dual-specific and triple-specific antibodies in development [37][42][45] - JAK inhibitors are gaining traction due to their oral administration and rapid onset of action, but safety concerns remain a key challenge [50][54] Investment Recommendations - Companies with first-mover advantages and differentiated R&D strategies, such as Keymed Biosciences, Hengrui Medicine, Innovent Biologics, InnoCare Pharma, and Zai Lab, are recommended for investment [60]