Global Rheumatoid Arthritis Therapeutics Market Size to Grow at a CAGR of 2.70% in the Forecast Period of 2023-2028
Rheumatoid Arthritis Therapeutics Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 58.71 billion
• Forecast CAGR (2023-2028): 2.70%
The global rheumatoid arthritis therapeutics market Is being driven by the increasing prevalence and diagnoses of rheumatoid arthritis in patients worldwide. Treatments such as Janus-Kinase inhibitors and medicines that target tumour necrosis factor are emerging as effective options to treat rheumatoid arthritis. Additionally, the abundance of new medications developed to treat the illness strengthens the market's influence. Further, the existence of clear regulatory rules in developed economies is aiding the market growth.
Despite the advent of new medications, disease-modifying antirheumatic drugs (DMARDs), the major treatments for the condition, continue to hold a dominant market share. The global market for rheumatoid arthritis therapeutics has been significantly impacted by the increase in obese population, growing awareness of rheumatic illnesses, introduction of new biopharmaceuticals, and the growing elderly population.
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For the global rheumatoid arthritis therapeutics market in the years to come, biopharmaceuticals are expected to be a significant driver for the market due to their effectiveness in combatting disease severity. Since they were instrumental in reducing the severity of the disease in numerous nations, biopharmaceuticals would likely see an increase in sales in the following years. While biopharmaceuticals are relatively expensive as they are in a nascent stage in the market, increased penetration would likely help lower prices in the long term.
Rheumatoid Arthritis Therapeutics Industry Definition and Major Segments
Rheumatoid arthritis (RA) is an auto-immune disorder in which the immune system mistakenly views a person's cellular and organ make-up as antigenic substances, leading to the production of antibodies against the person's own body. The illness usually targets the linings of the joints, causing bone erosion, joint inflammation, and excruciating pain. The condition, which initially affects the joints in the fingers and toes, could progress to numerous organs if left untreated.
Based on product type, the market can be bifurcated into:
o Non-Steroidal Anti-Inflammatory Drugs (NSAIDs)
o Synthetic Disease-Modifying Antirheumatic Drugs (SDMARDs)
On the basis of sales type, the market can be segmented into:
• Over-the-Counter (OTC)
Based on distribution channel, the market can be divided into:
• Hospital Pharmacy
• Retail Pharmacy
On the basis ofregion, themarket is segmentedinto:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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Rheumatoid Arthritis Therapeutics Market Trends
As more patients visit doctors and rheumatologists for their concerns, the prescription segment is expected to grow in the rheumatoid arthritis therapeutics market throughout the forecast period. Meanwhile, over the counter medications would still be preferred by patients with minor symptoms of rheumatoid arthritis.
In North America, rising RA prevalence, increased health consciousness among the populace, and high public and private healthcare spending have considerably influenced the region's position in the rheumatoid arthritis therapeutics market. It is expected that North America's revenue growth will be aided by easy access to high-quality healthcare, advantageous reimbursement policies, a strong clinical pipeline, and approval of novel pharmaceuticals. In Europe, the major market drivers are an increase in the number of cases and the development of novel treatments and cutting-edge healthcare options to combat the condition
Key Market Players
The major players in the global rheumatoid arthritis therapeutics market report are:
• Pfizer Inc.
• Amgen Inc.
• Bristol-Myers Squibb Company
• F. Hoffmann-La Roche Ltd
• UCB S.A.
• Gilead Sciences, Inc.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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