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Psoriatic Arthritis Treatment Market to Soar 7.8% Annually, Reaching USD25.3 Billion by 2034 Amidst Aging Population and Biologics Innovation
Psoriatic Arthritis (PsA) Treatment Market
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Rising Incidence and Aging Demographics Fuel Demand
The need for psoriatic arthritis treatment is directly linked to the significant number of people affected by psoriasis globally, estimated at approximately 125 million. As this number climbs, so does the demand for related treatments. Psoriasis predominantly affects individuals in the 50-60 age range, and with the world's population aging rapidly, more individuals with psoriatic arthritis are seeking medical attention. Furthermore, symptoms like morning stiffness, nail pitting, and flaky scalp drive patients to seek prompt treatment, accelerating market progression.
Digitalization Enhances Treatment Accessibility
The industry is embracing the digital age, with online consulting and treatment options facilitating easier access to medicine. The widespread availability of treatment through digital platforms is leading to a faster rate of demand establishment, modernizing the market and improving patient convenience.
Challenges: High Costs and Side Effects
Despite the positive outlook, the industry faces challenges. The high cost of specific treatments can deter patients. Additionally, potential side effects of medications for psoriatic arthritis, which may include infection, lung inflammation, and hair loss, also present a negative aspect that the market must address.
Diverse Treatment Options and Clinical Trials Drive Innovation
The wide variety of available treatment options significantly boosts the industry, ranging from over-the-counter drugs to extensive surgeries, including biologics, steroid injections, and joint replacement surgeries. Regulatory bodies like the Food and Drug Administration (FDA) are rapidly approving new treatments, such as Guselkumab and Risankizumab-rzaa, further aiding the sector's ascent. The industry remains dynamic due to continuous clinical trials, with pharmaceutical companies heavily investing in research to refine treatments and promising drugs currently under trial.
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Biologics and Injectables Lead Segmental Growth
Biologics are poised to be the leading drug type, projected to account for 57.2% of the market share in 2024. While traditional DMARDs like methotrexate have been common, biological versions are gaining prominence due to their effectiveness in combating inflammation with fewer reported side effects. Regulatory approvals for biologics such as adalimumab (Humira) and ixekizumab (Taltz) further solidify their leadership. In terms of administration, injectable drugs are predicted to remain dominant, holding an 84.9% share in 2024, due to their reputation for faster therapeutic action.
Key Regional Growth Drivers
The United States is set to witness significant industry progress at a CAGR of 7.5%, driven by its rapidly aging population. India is anticipated to be a highly lucrative market, expanding at a CAGR of 8.9%, supported by national health schemes promoting psoriasis awareness. The United Kingdom is expected to see market growth at a CAGR of 7.6%, fueled by the development and approval of new drugs.
Competitive Landscape and Strategic Collaborations
The psoriatic arthritis treatment market is characterized by intense competition, with key players prioritizing new drug development. Companies like Pfizer Inc. and Johnson & Johnson are investing in trials and actively seeking partnerships to develop novel drug options. Collaborative strategies also extend to working with public bodies to raise disease awareness. Recent developments include Wellmin Health's launch of the Pathway platform in September 2023 and Biocon Biologics' agreement with Janssen Biotech Inc. in February 2024 to commercialize Bmab 1200, underscoring a dynamic market focused on innovation and patient support.
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