Psoriatic Arthritis Treatment Market is Estimated to Witness High Growth Owing to Increasing Prevalence of Psoriatic Arthritis
The Global psoriatic arthritis treatment market is estimated to be valued at US$ 13788.72 Mn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 To 2031.
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The psoriatic arthritis treatment market comprises drugs that provide relief from symptoms of psoriatic arthritis such as pain, swelling and joint stiffness. These include disease-modifying anti-rheumatic drugs (DMARDs), nonsteroidal anti-inflammatory drugs (NSAIDs), biologic disease-modifying antirheumatic drugs (bDMARDs) and Janus kinase inhibitors (JAK inhibitors). Psoriatic arthritis is a chronic inflammatory arthritis that affects the joints and tendons in about 30% people suffering from psoriasis. Increasing prevalence of psoriatic arthritis and growing access to effective treatment options are expected to drive market demand.
The Global psoriatic arthritis treatment market is estimated to be valued at US$ 13788.72 Mn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 To 2031.
Key Takeaways
The Psoriatic Arthritis Treatment Companies are AbbVie, Inc., Amgen, Inc., Johnson Johnson Services, Inc., Bristol-Myers Squibb Company, Celgene Corporation, Novartis International AG, Eli Lilly and Company, Pfizer, Inc., UCB S.A., and AstraZeneca plc. These players are focused on developing new and more effective drugs to cater to unmet needs in treatment of psoriatic arthritis. Increasing investment in R&D is helping key players develop novel treatment options and gain competitive edge in the market.
The market provides significant growth opportunities for players involved in development of biosimilars and new pipeline drugs for treatment of psoriatic arthritis. With patent expiries of major drugs, the market is expected to witness entry of lower-cost biosimilars which can increase accessibility of treatment. Moreover, rising geriatric population suffering from psoriatic arthritis presents attractive opportunities for long-term management of the condition.
With increasing acceptance of biologics and emergence of newer systemic therapies, the Psoriatic Arthritis Treatment Market Demand is expected to witness high growth in developing regions such as Asia Pacific and Latin America. Governments across emerging countries are supporting development of healthcare infrastructure which can boost availability of advanced treatment options. Initiatives to spread awareness about psoriatic arthritis will further accelerate the demand for treatment in the global market.
Market Drivers
Increasing prevalence of psoriatic arthritis is a major factor driving the market as it elevates the need for effective treatment of the disease. Growing geriatric population also enhances the risk of developing psoriatic arthritis thereby escalating the demand. In addition, rising healthcare expenditure across developing nations has improved access to advanced treatment regimens such as biologics further propelling market revenues. Innovation leading to launch of newer drugs with enhanced efficacy and better safety is also facilitating revenue generation in the global psoriatic arthritis treatment market.
PEST Analysis
Political: Regulations regarding the approval process and drug pricing affect the market. Governments aim to provide affordable treatment options to citizens.
Economic: Economic growth improves healthcare expenditure. But high drug costs burden patients in some countries. Insurance coverage and government programs aid patients' access and ability to pay.
Social: Growing social acceptance reduces stigma around the condition. Patient support groups create awareness. Urbanization and lifestyle changes influence disease prevalence.
Technological: Advancements in biologics and targeted small molecules improve treatment efficacy and safety. Digital health solutions aid remote monitoring and management. collaboration leads to new drug discovery.
The geographical regions where the market is currently concentrated in terms of value are North America and Europe. North America alone accounts for over 40% market share currently due to factors like high disease prevalence, good healthcare infrastructure and insurance coverage. Countries like the US and major Western European markets are major revenue generators.
The Asia Pacific region is poised to be the fastest growing market during the forecast period. This is attributed to factors like rising disease incidence owing to lifestyle changes, growing economic ability of patients to pay as incomes rise as well as expanding medical access in emerging countries through governmental programs. Growing patient awareness too will support uptake of recommended treatment options. Market growth in India and China is expected to lead the Asia Pacific market growth.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
