The growth of the psoriatic arthritis treatment market is attributed to rise in prevalence of psoriasis & psoriatic arthritis disease across the globe. Furthermore, surge in demand for novel treatments coupled with increase in number of pipeline drugs for psoriatic arthritis treatment is the major factors that contributes toward the growth of the global market.
The 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.
Prime determinants for growing market
Rise in prevalence of psoriasis & psoriatic arthritis disease, increase in number of pipeline drugs, and surge in government expenditure on healthcare have boosted the growth of the global psoriatic arthritis treatment market. However, poor demand in under-developed countries hampers the market. On the contrary, growth potential in the emerging market is expected to create lucrative opportunities in the near future.
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.
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.
Major market player
- AbbVie Inc.
- Bristol-Myers Squibb Company
- Amgen Inc.
- Eli Lilly And Company
- Celgene Corporation
- Merck & Co Inc.
- Johnson & Johnson
- Pfizer Inc.
- Novartis AG
- UCB S.A.
Key Findings of the Study:
- On the basis of drug type, the biologics segment held more than one-half share in the global market in 2018.
- By type, the prescription drug segment accounted for the largest market share in 2018, and is expected to remain dominant throughout the forecast period.
- Depending on route of administration, the injectable segment held more than half share in the global market in 2018.
- Region wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 9.1% during the forecast period.
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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