The global Psoriatic Arthritis (PsA) Treatment Market Size is anticipated to approach US$ 10.3 billion by 2022. The market is estimated to reach US$ 15.6 billion by 2028, with a 7.1% CAGR.
The Psoriatic Arthritis (PsA) Treatment Market is expected to develop at a 7.1% CAGR between 2022 and 2028, up from a 6.7% CAGR between 2013 and 2021, according to Future Market Insights.
According to the Arthritis Foundation, approximately 70% of psoriasis patients have psoriatic arthritis, while up to 20% of arthritis patients have psoriasis.
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The growing burden of psoriasis and psoriatic arthritis on the healthcare industry has spurred clinical research in the field of psoriatic arthritis in recent years.
The continued use of conventional disease-modifying anti-rheumatic medications (DMARDs), particularly in cost-sensitive regions, is expected to increase demand for psoriatic arthritis treatment in the future years.
Role of Strong Product Pipeline & Mounting Clinical Research Investments
According to the National Psoriasis Foundation, over 20 psoriasis and psoriatic arthritis medications are now in phase II clinical trials, with another 28 in phase III. However, the FDA has already approved around 24 medications for the treatment of psoriasis and psoriatic arthritis.
While a robust product pipeline continues to drive demand for psoriasis and psoriatic arthritis treatment, current statistics show that many pharmaceutical companies are shifting their focus to competitive pricing approaches in order to gain widespread acceptance in the coming years. Future Market Insights just released new data from their investigation of the global psoriatic arthritis therapy market. The market would grow at a rate of more than 7% per year by 2022, according to the estimate.
Industry Behemoths Cover More than 55% Market Value Share
In a largely consolidated worldwide landscape of psoriatic arthritis treatment market, industry giants such as Novartis AG and AbbVie Inc., which include biologics in their core portfolio, account for more than 55% of total revenue. While market leaders continue to focus on FDA clearances and clinical trials, data indicates that different pricing strategies are becoming increasingly important.
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Moreover, prominent players in psoriatic arthritis treatment market are likely to augment investments in R&D of biosimilars, biologics, and TNF (tumor necrosis factor) inhibitors to target regional markets. A number of leading drug manufacturers are also maintaining sizable investments in DMARDs that are scheduled for market entry in next few years. This is perceived as a strong factor improving growth prospects of psoriatic arthritis treatment market, according to the report.
Besides all these, strategic acquisitions, partnerships, and collaborations will remain the preferred expansion strategies adopted by a majority of prominent operators in psoriatic arthritis treatment landscape,” says a senior research analyst at the company.
Demand for Biologics & DMARDs Gaining Momentum
Research-driven understanding of the pathophysiology of psoriatic arthritis is fueling the introduction of innovative therapies in psoriatic arthritis treatment market, triggering innovations among the market participants – thereby supporting the growth of psoriatic arthritis treatment market. Targeted biological therapy has been demonstrating a decent success rate in terms of inducing temporary pain relief resultant of psoriatic arthritis, and thus continues to represent an attractive position in the psoriatic arthritis treatment market.
The report says that the demand for biologics accounts for more than 55% share of the global market revenue, whereas DMARDs demand makes up for more than 3/4th of the total market value. Although a majority of psoriatic arthritis patients opt for injectable as a preferred route of administration of psoriatic arthritis treatment, increasing introduction of innovative oral drugs is uplifting the popularity of orally administered psoriatic arthritis treatment.
Development of novel oral treatments for psoriatic arthritis is likely to favor the growth of North America’s market. Growing availability of combination therapies and relatively economical biosimilar antibody therapeutics are identified to be the primary boosters for the growth of Europe’s market. Collectively, North America and Europe account for over 60% share in the global value of psoriatic arthritis treatment market. The report indicates that the psoriatic arthritis market in Asia Pacific is likely to display high growth potential in the course of next few years.
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Psoriatic Arthritis (PsA) Treatment Market by Category
Product Type:
- Non-steroidal Anti-inflammatory Drugs
- Disease Modifying Anti-rheumatic Drugs
- Corticosteroids
- Antimalarial
- Methotrexate
- Others
- Biologics
- TNF Inhibitors
- Interleukin Inhibitors
Route of Administration:
- Injectable
- Oral
Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Mail Order Pharmacies
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