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The global psoriatic arthritis treatment market size was valued at USD 8,700 million in 2021 and is projected to reach around USD 21,500 million in 2030 exhibiting a CAGR of 11.5% in the forecasted period. Upsurge in biological and biosimilar treatments, growth in incidence of psoriatic arthritis, development in R&D activities to manufacture new drugs for the therapy of psoriatic arthritis, surge in demand for psoriatic arthritis treatment products, rise in geriatric population, robust pipeline of biosimilar & biologic products, and upsurge in awareness concerning psoriatic arthritis treatment are the foremost factors that boost the development of the global psoriatic arthritis treatment market. However, high cost of treatment and deficiency of regularization tools for diagnosis are anticipated to hamper the market growth.
Obesity and overweight are considered as excessive or irregular fat gatherings that can harm one's health. In 2016, about 1.9 billion individuals aged 18 and up were overweight. More than 650 million of those individuals were overweight. In 2016, 39% of people aged 18 and up were overweight, and 13% were obese. Similarly, in 2020, about 39 million kids below the age of five were bulky or obese. In 2016, roughly 340 million kids and teenagers aged 5 to 19 were measured overweight or obese. Subsequently, it is projected that the risk of psoriatic arthritis will rise as the incidence of obesity grows.
Furthermore, unhealthy lifestyle selections such as extreme smoking and alcohol intake are risk factors for the growth of psoriatic arthritis. Moreover, the increase of novel therapeutic methods is anticipated to boost the market's growth. Its incidence has been steadily growing over the last few years, which has been associated to elderly populations, hectic lifestyles, hereditary alterations, and expanding life expectancy.
Other important factors that are predicted to contribute to the global market income growth contain the increasing prevalence of immune system ailments brought on by unhealthy and traumatic lifestyles and the growth of advanced biologics and biosimilar for safer and more efficient treatment.
The COVID-19 pandemic has altered the way that patients who need recurrent interaction with medical amenities are treated. Patients with psoriatic arthritis are utilizing telehealth services and online pharmacy resolutions more regularly to obtain their medicines and meds sent at home. Furthermore, the co-morbidities that are present in psoriatic patients contain heart conditions, diabetes, anxiety, stress, and other psychological diseases. Present research focuses on avoiding psoriatic arthritis patients from using immunosuppressant medications across the COVID-19 pandemic. The COVID-19 pandemic had an insignificant effect on the psoriatic arthritis market medicines. In spite of the dermatologists being inaccessible due to the lockdown, the telehealth services provided by the healthcare facilities are assisting to support the psoriatic arthritis patients.
Drug Type Insights
Based on drug type, presently, the biologic disease modifying anti-rheumatic drugs (DMARDs) segment rules the global psoriatic arthritis treatment market, and is predicted to continue this trend throughout the forecast period. This is credited to upsurge in demand & developed acceptability for inventive therapies, surge in implementation of biological therapies, and convenience of generic biologic drugs. Furthermore, increase in incidence of psoriatic arthritis, upsurge in biologics in pipeline, and developments in biologics along with minimal health side effects have increased the psoriatic arthritis treatment market growth.
Route of Administration Insights
As per the route of administration, the injectable segment produced the highest revenue in 2021, and is anticipated to maintain its governance during the forecasted period. This is attributed to growing R&D to develop latest drugs, increase in awareness for psoriatic arthritis treatment, growth in healthcare budgets of advanced & emerging nations, escalation in consumption of injectable psoriatic arthritis treatment drugs, and compensation available for injectable drugs.
Among all regions, North America accounted for the maximum share owing to the enormous investments in research and development of therapeutic selections and combined with the growing implementation of biological therapies to treat psoriasis arthritis. Furthermore, the existence of large manufacturers and the constant number of clinical trials and drug authorizations by the U.S. Food and Drug Administration will further aid this region rule the market in the upcoming years.
Europe ranks second in terms of market size however Asia Pacific market is expected to appear as the fastest rising region in the forecast period on account of the refining healthcare infrastructure, increase in medical expenditure, and the entrance of new biologics. The other factors such as increase in focus of prominent manufacturers on increasing their geographical existence in developing Asia-Pacific nations to capture high growth prospects, and presence of large inhabitants are anticipated to boost the growth of the psoriatic arthritis treatment market in Asia-Pacific.
Key Companies Insights
The market for Psoriatic arthritis treatment is moderately competitive. With the rising applications of Psoriatic arthritis treatment, new players are considering to enter the market. The companies are also involved in activities like joint ventures, acquisitions, partnerships, mergers, and collaborations. These activities aid in growing the effect of the players in the Psoriatic arthritis treatment market, ultimately boosting the market growth. Some of the key companies working in the global Psoriatic arthritis treatment market include:
• Bayer AG
• Bristol-Myers Squibb Company
• Johnson & Johnson Services, Inc.
• Pfizer Inc.
• Eli Lilly and Company
• Novartis AG
• GlaxoSmithKline plc.
• F. Hoffmann-La Roche Ltd
• Other players
Some of the Recent Developments:
• In August 2019, Otezla was acquired by Amgen. This new therapy will assist to support the complete portfolio of Amgen.
• In December 2017, the U.S. Food and Drug Administration (FDA) allowed the use of Infliximab, an antibody to combat diseases such as ankylosing spondylitis, plague psoriasis, Crohn’s disease, and others.
• Non-steroidal Anti-inflammatory Drugs (NSAIDS)
• Non-biologic Disease Modifying Anti-Rheumatic Drugs (DMARDs)
• Biologic Disease Modifying Anti-Rheumatic Drugs (DMARDs)
By Route of Administration
• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies
• North America
o South Korea
• Latin America
o South Africa
o Saudi Arabia
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