Psoriatic Arthritis Treatment Market Analysis Report: Reveals Lookout at Biggest Trends Hitting the Industry Over the Coming 12 Months
Pune, Maharashtra, India, September 10 2020 (Wiredrelease) Allied Analytics –:Global Psoriatic arthritis treatment market size was valued at $7,860 million in 2018, and is projected to reach $13,744 million by 2026, growing at a CAGR of 7.2% from 2019 to 2026.
Psoriatic arthritis is a form of arthritis disorder developed in individuals affected by psoriasis. It leads to joint stiffness, pain, and swelling. Most individuals initially develop psoriasis and are later diagnosed with psoriatic arthritis. According to a study published by Celgene Corporation, in 2018, approximately 30% of patients with psoriasis disorder develop inflammatory situation involving joints, known as psoriatic arthritis. Several prescription and over-the-counter (OTC) drugs are available for the treatment of psoriatic arthritis. Some treat symptoms of both psoriatic arthritis and psoriasis, while others help with joint issues. Medications for psoriatic arthritis treatment include NSAIDs, DMARDs, biologics, and others.
The major factors that boost the growth of the global psoriatic arthritis treatment market are rise in prevalence of psoriatic arthritis, surge in geriatric population, strong pipeline of biosimilar & biologic products, increase in demand for psoriatic arthritis drugs, and upsurge in awareness toward availability of treatment for psoriatic arthritis. In addition, strong efficacy of approved drugs, presence of large patient pool, increase in adoption of novel treatments, and surge in clinical R&D to develop new drugs for the treatment of psoriatic arthritis are expected to boost the market growth during the forecast period. Furthermore, increased risk of diseases and rise in healthcare expenditure are expected to offer lucrative opportunities for market expansion during the forecast period. However, high cost of treatment and lack of standardization tools for diagnosis are expected to hamper the psoriatic arthritis treatment market growth.
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Biologics segment dominated the market
By drug type, the biologics segment held the largest share in 2018, contributing to more than three-fifths of the global psoriatic arthritis treatment market. Moreover, the segment is expected to register the fastest CAGR of 7.9% during the forecast period. This is due to surge in patient awareness toward the availability of DMARDs drugs for psoriatic arthritis treatment, rise in prevalence of psoriatic arthritis, presence of biologics & biosimilars, and increase in healthcare expenditure in developed regions. The report includes an in-depth analysis other segments such as NSAIDs, DMARDs, and other.
Prescription segment to manifest the fastest growth through 2026
The prescription segment is expected to manifest the fastest CAGR of 7.4% during the forecast period, owing to rise in demand for prescription drugs during the treatment of psoriatic arthritis without causing side effects. Moreover, the segment dominated the global psoriatic arthritis treatment market in 2018, accounting for more than four-fifths of the market. The report also analyzes the OTC segment.
North America held the largest share
The global psoriatic arthritis treatment market across North America held the largest share in 2018, contributing for more than half of the market, owing to presence of key players in the region. Moreover, rise in prevalence of psoriatic arthritis disease, surge in demand for psoriatic arthritis treatment drugs, presence of advanced healthcare facilities coupled with trained medical professionals, and surge in number of R&D centers significantly contribute toward the growth of the North America market. However, the Asia-Pacific segment is expected to register the fastest CAGR of 9.1% during the forecast period, owing to high population base, surge in awareness about psoriatic arthritis treatment products, and increase in prevalence of psoriasis & psoriatic arthritis disease in various countries.
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Major market player
AbbVie Inc.Bristol-Myers Squibb CompanyAmgen Inc.Eli Lilly And CompanyCelgene CorporationMerck & Co Inc.Johnson & JohnsonPfizer Inc.Novartis AGUCB S.A.
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