Press release
Psoriatic Arthritis Treatment Market to Exhibit 9.5% CAGR and Reach $13.12 Billion: Advanced Predictive Analytics offered by RCM to Boost Growth
Psoriatic Arthritis Treatment Market
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Geographical Analysis:
• North America (The U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and the Rest of Latin America)
• The Middle East & Africa (South Africa, GCC, and the Rest of the Middle East & Africa)
What is the Scope of the Report?
The report is based on a qualitative and quantitative analysis of the market and emphasizes mainly on drivers, restraints, challenges, and upcoming opportunities. It also discusses the key industry trends, current developments, and other insights into the market. The report also highlights the list of players operating in the market and their attributed factors. The report is available for sale on the company website.
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Drivers & Restraints
Rising Prevalence of Psoriasis Arthritis to Augment Growth
The growing geriatric population and the increasing prevalence of psoriatic arthritis are the key factors boosting the global psoriatic arthritis treatment market growth. This disease is likely to prevail in people leading a stressful lifestyle. This, coupled with the increasing affordability of biologic products and new product launches, will also contribute positively to the growth of the market.
On the negative side, the impact of the COVID-19 pandemic has reduced the urgency of other diseases and therefore hampered the growth of the market for psoriatic arthritis. Moreover, the high cost of biologic products used for treating this kind of disease may pose a major challenge to the growth of this market.
Nevertheless, the continuously rising patient pool and the increasing preference for the use of biological treatment products especially by dermatologists are likely to create lucrative growth opportunities for the market in the coming years.
Segmentation-
DMARDs Segment to Dominate Market Owing to Increasing Adoption of Biological Therapies
Among all drug class types, the biologic disease modifying anti-rheumatic drugs (DMARDs) segment earned the largest psoriatic arthritis treatment market share in 2019. This is accountable to the increasing adoption of biological therapies, a factor that is attributable to its efficacy towards disease management.
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Regional Analysis-
Rising Adoption of Biological Therapies to help North America Continue Dominating Market
Among all regions, North America accounted for the largest share on account of the massive investments in research and development of therapeutic options and coupled with the increasing adoption of biological therapies to treat psoriasis arthritis. Moreover, the presence of large manufacturers and the continuous number of clinical trials and drug approvals by the U.S. Food and Drug Administration will further help this region dominate the market in the coming years.
Europe ranks second in terms of market size whereas Asia Pacific market is likely to emerge as the fastest growing region in the forecast duration on account of the improving healthcare infrastructure, rise in medical expenditure, and the entry of novel biologics.
Competitive Landscape-
Players Focusing on Getting FDA Approvals of their Products to Stay Ahead in the Competition
The competitive landscape of the global psoriatic arthritis treatment market is consolidated in nature on account of the presence of a few players. Among them, AbbVie is holding the leading position in the market owing to its most popular brand, Humira used for treating psoriatic arthritis. Some of the other players are engaging in launching products and anticipating FDA approvals to gain a competitive edge in the market competition.
Industry Developments
December 2017 - The U.S. Food and Drug Administration permitted the use of Infliximab, an antibody for fighting diseases such as plague psoriasis, ankylosing spondylitis, Crohn's disease, and others.
August 2019 - Otezla was acquired by Amgen for USD 13.4 billion cash. This new therapy will help to strengthen the overall portfolio of Amgen.
List of Companies Profiled in the market for psoriatic arthritis treatment:
• Bayer AG (Leverkusen, Germany)
• Bristol-Myers Squibb Company (New York, United States)
• AstraZeneca (Cambridge, United Kingdom)
• Johnson & Johnson Services, Inc. (New Jersey, United States)
• Pfizer Inc. (New York, United States)
• Eli Lilly and Company (Indiana, United States)
• Novartis AG (Basel, Switzerland)
• GlaxoSmithKline plc. (Brentford, United Kingdom)
• Hoffmann-La Roche Ltd (Basel, Switzerland)
• Amgen (Califormia, United States)
• Sanofi (Paris, France)
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