Rheumatology Therapeutics Market: Burgeoning Elderly Population Drives Growth
A report by Transparency Market Research uncovers after in-depth study that the global rheumatology therapeutics market will rise at a lackluster CAGR of 2.7% from 2017 to 2025 to become worth US$ 52.96 bn by 2025 from US$41.88 bn in 2016.
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The various drug classes in the global rheumatology therapeutics market are disease modifying anti-rheumatic drugs (DMARDs), non-steroidal anti-inflammatory drugs (NSAID’s), corticosteroids, uric acid drugs, etc. The DMARDs, which is a group of medicines or combination of medicines used to treat rheumatic diseases by blocking the inflammation, accounts for maximum share in the market at present. They are categorized into two major types - biologic DMARDs and synthetic DMARDs. By rising at a 2.6% CAGR from 2017 to 2025 the segment is expected to retain its dominant share in the upcoming years.
Geographically, the key segments of the global rheumatology therapeutics market are North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Of them, North America leads the market with dominant share on account of a burgeoning geriatric population highly susceptible to various kinds of rheumatology disorders. Further, uptake of biologics and biosimilar products for treating moderate to severe rheumatoid arthritis and superior healthcare facilities has also proved beneficial to the market in the region.
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Burgeoning Elderly Population Drives Growth
Rheumatology is the multidisciplinary approach towards the diagnosis and treatment of the various rheumatic disease which includes clinical problems in joints, soft tissues, heritable connective tissue disorders, vasculitis, and autoimmune diseases. Rheumatic disease is associated with inflammation that affects the bones, tendons, ligaments, and sometimes organs.
At the forefront of driving growth in the global rheumatology therapeutics market is the ever-increasing elderly population worldwide and swift approval of new drugs for treating various rheumatic diseases. In August 2017, for example, the FDA approved DUZALLO drug by Ironwood Pharmaceuticals, Inc. and AstraZeneca. It is the first and only therapy that leverages two types of mechanisms in gout with only one pill. Again, in 2017, Kevzara (Sanofi and Regeneron Pharmaceuticals, Inc.) got the FDA approval to treat adult patients with moderately to severely active rheumatoid arthritis (RA). In 2017, AbbVie Inc., a global leader in anti-rheumatic drugs, announced its four potential candidates, which are Upadacitinib, Risankizumab, ABBV-599, and ABT-981, that are in different phases of clinical trials to treat conditions such as rheumatoid arthritis, psoriatic arthritis, and osteoarthritis (OA).
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Investment into Research and Development Benefits Market
Other factors positively influencing the market are rising knowledge among people about rheumatic diseases and emergence of cost-effective rheumatology therapeutics. Further, increasing investment in research and development is likely to bolster the growth of global rheumatology therapeutics market during the forecast period.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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