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Ankylosing Spondylitis Global Market Analysis, Trends, Growth, Research And Forecast 2033
Ankylosing Spondylitis Global Market Analysis
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According to The Business Research Company's, The ankylosing spondylitis market size has grown strongly in recent years. It will grow from $5.41 billion in 2023 to $5.86 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to hla-b27 discovery, biologic treatments development, pain management approaches, patient advocacy and awareness, nsaids and disease modifying drugs.
The ankylosing spondylitis market size is expected to see strong growth in the next few years. It will grow to $7.89 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to personalized medicine approach, novel biologics development, early intervention and screening, lifestyle and diet management, telemedicine and remote monitoring. Major trends in the forecast period include biosimilar availability, targeted pain therapies, patient-reported outcomes (pros) emphasis, community support programs, regenerative medicine exploration.
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Market Drivers and Trends:
The increasing geriatric population is expected to propel the growth of the ankylosing spondylitis market going forward. The geriatric population refers to an increase in the proportion of elderly people due to changes in the age structure of a population. This demographic shift has increased the number and proportion of people over the age of 60. Ankylosing spondylitis treatment and drugs help to improve mobility and manage pain in the geriatric population having ankylosing spondylitis condition. For instance, in October 2022, according to World Health Organization, a Switzerland-based international public health organization, by 2030, 1 out of 6 people in the world will be aged more than 60 years or above, and in 2020, there was a rise in 1 billion aged people reaching to 1.4 billion. Therefore, the increasing geriatric population is driving the growth of the ankylosing spondylitis market.
The advancements in therapeutic options are a key trend gaining popularity in the ankylosing spondylitis market. Companies operating in ankylosing spondylitis are advancing new therapeutic options to sustain their position in the market. For instance, in December 2021, Pfizer Inc., a US-based pharmaceutical and biotechnology company received FDA approval for XELJANZ (tofacitinib) for the treatment of active ankylosing spondylitis. XELJANZ (tofacitinib) is a Janus kinase (JAK) inhibitor effective for five immuno-inflammatory conditions. This medication is effective against intolerance or inadequate response to one or more tumor necrosis factor (TNF) blockers. The XELJANZ (tofacitinib) does not require infusion or injection to deliver the medication.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson Pvt. Ltd., Merck & Co. Inc., AbbVie Inc., Novartis AG, Bristol-Myers Squibb, Eli Lilly and Company, Gilead Sciences Inc., Boehringer Ingelheim International GmbH, Amgen Inc., Cedars-Sinai, Viatris Inc., Astellas Pharma Inc., Regeneron Pharmaceuticals Inc., AstraZeneca plc, UCB Inc., Cipla Inc., Zydus Lifesciences Limited, Celltrion Inc., Hetero Labs Ltd., UCSF Health, Janssen Biotech Inc., Sandoz International GmbH, Reliance Life Sciences Pvt. Ltd., Affibody Medical AB
Ankylosing Spondylitis Market 2024 Key Insights:
• The ankylosing spondylitis market size is expected to see strong growth in the next few years. It will grow to $7.89 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Ankylosing Spondylitis Market Surges With The Growing Geriatric Population Worldwide
• Advancements In Therapeutic Options Drive Growth In The Ankylosing Spondylitis Market
• North America was the largest region in the ankylosing spondylitis market in 2023
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