Press release
Arthritic Therapeutic Market Set to Soar as Global Elderly Population Reaches 1.4 Billion by 2030
https://www.alliedmarketresearch.com/arthritic-therapeutic-market
The global arthritic therapeutics market, valued at $79.5 billion in 2022, is set to grow at a CAGR of 5.5%, potentially reaching $136.1 billion by 2032. Key factors driving this expansion include the aging population, lifestyle factors, and advancements in biologics and biosimilars.
๐๐๐ญ ๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ฉ๐ฒ ๐จ๐ ๐ญ๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ: https://www.alliedmarketresearch.com/request-sample/2571
Market Drivers
โข Aging Population: By 2030, the World Health Organization estimates that 1.4 billion people worldwide will be over 60, amplifying demand for arthritis treatments.
โข Arthritis Prevalence: CDC data indicates that approximately 53.2 million U.S. adults have arthritis, highlighting the need for effective treatments.
โข Healthcare Infrastructure: Investment in healthcare infrastructure globally is facilitating better arthritis diagnosis, management, and treatment access.
Market Segmentation
1. By Product Type
โข NSAIDs: Dominated the market in 2022 due to widespread use in pain relief.
โข Biologics: Expected to grow fastest, with targeted treatments improving symptom management.
2. By Application
โข Rheumatoid Arthritis: Holds the largest share, driven by innovative treatments and research.
โข Osteoarthritis: Poised for rapid growth due to rising obesity rates and aging demographics.
3. By Region
โข North America: The largest revenue share in 2022, driven by advanced healthcare and patient awareness.
โข Asia-Pacific: Predicted to grow at the highest CAGR, supported by economic development and aging populations.
Key Market Dynamics
โข Rising Biosimilar Demand: Biosimilars offer affordable alternatives to established biologics, increasing market competition and reducing treatment costs.
โข Innovation in Personalized Medicine: Targeted treatments, especially biologics, are evolving to improve patient outcomes.
โข Economic Pressures: The ongoing economic challenges might impact patient access to expensive biologics, but increased biosimilar availability could offset this by offering cost-effective options.
Challenges Facing the Market
โข Alternative Therapies: Some patients prefer non-traditional treatments like acupuncture or dietary supplements.
โข Diagnosis Delays: Lack of awareness and diagnostic resources can hinder early treatment and impact market growth.
Recent Developments
โข FDA Approvals: Recent FDA approvals for innovative treatments, such as Novartis' Cosentyx IV formulation, highlight a focus on psoriatic arthritis and ankylosing spondylitis.
โข Biologic Advancements: Amgen's Otezla and AbbVie's SKYRIZI provide targeted solutions, meeting demand for comprehensive care in arthritis management.
Future Outlook
With the rapid growth in biosimilar research, increasing awareness, and an expanding geriatric population, the arthritic therapeutics market is poised for sustained growth, providing patients with diverse and affordable treatment options.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/2571
๐๐จ๐ง๐ญ๐๐๐ญ
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