ALBANY, N.Y., March 2, 2021 /PRNewswire/ -- Psoriatic arthritis refers to a form of arthritis that attacks people affected with psoriasis, an immune mediated skin condition. It is a kind of inflammatory arthritis. Swelling, stiffness and pain in the joints are some of the symptoms of this skin disease. Even presence of mild condition of this skin disease can lead to a substantial degree of arthritis. Increasing incidences of the condition is prophesized to bolster growth of the global psoriatic arthritis therapeutics market in near future.
Treatment of psoriatic arthritis might comprise joint replacement surgery, steroid injections, and medicines for lessening inflammation. The global psoriatic arthritis therapeutics market is likely to be mainly driven by the rise in the utilization of biologics for treating psoriatic arthritis, from moderate to serious conditions.
There is an important paradigm shift regarding the treatment of psoriatic arthritis. Such a shift is mainly driven by the emergence of biosimilars and targeted action of biologics. However, the demand from consumers for the development of reasonably priced medication and effective and safe profiles is expected to leave a positive impact on the global psoriatic arthritis therapeutics market.
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In 2017, the global market for psoriatic arthritis therapeutics was worth around US$ 6,011.7 million. The market is prophesized to rise at double-digit growth rate of 11.4 % CAGR over the forecast timeline, from 2018 to 2026. The global demand is expected to be driven by new product approvals, high unmet medical needs, and high incidences of psoriatic arthritis worldwide in the coming years.
Key Findings of Market Report
- Increased Awareness and High Prevalence of the Disease to Spur Market Growth
There exists a large pool of patient populace with huge unmet medical needs all over the world, which is likely to boost the global psoriatic arthritis therapeutics market in the years to come. It is still not clear as to what to what compels the immune system to start shelf harm; it is highly likely that both environmental and genetic factors might play a vital role in triggering such a condition. Obesity could one important factor that could lead to the triggering of the condition.
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Psoriatic arthritis could be inaccurately diagnosed as gout or rheumatoid arthritis, In recent times, increased consumer awareness supported by various public and private organizations is estimated to impact the growth of the global psoriatic arthritis therapeutics market. It is expected that such awareness is likely to diminish the rate of incorrect treatment and wrong diagnosis. These factors are prophesized to work in favor of the global psoriatic arthritis therapeutics market over the analysis timeline.
- Increased Healthcare Spending to Asia Pacific to Offer Lucrative Growth Opportunities
The high incidence of psoriatic arthritis in densely populated countries like India and China are likely to propel growth of the psoriatic arthritis therapeutics market in this region. In addition to that, a rise in per capita spending on healthcare services, augmented access to medical services, and substantial improvements in health-care systems in the region is expected to drive growth of the Asia Pacific market. The psoriatic arthritis therapeutics market is also fuelled by the presence of a large number of pharma businesses in countries like China, Japan, and India. In addition to that, the market in Asia Pacific is expected to rise owing to increased demand and acceptance of biologic drugs in various established markets like New Zealand and Australia.
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Psoriatic Arthritis Therapeutics Market: Growth Drivers
- The global psoriatic arthritis therapeutics market is considered substantially consolidated, with a handful of global players controlling a significant portion of each region's market. To expand their psoriatic arthritis therapeutics portfolio, leading players in the field are seeking strategic partnerships, acquisitions, and mergers.
- Augmented use of biologics for the treatment of serious to mild psoriatic arthritis, as well as a large patient populace with unmet healthcare needs around the world, are likely to drive the global psoriatic arthritis therapeutics market.
- There is a considerably large group of patients suffering from the condition and with huge unmet medical needs. The number of such patients is growing across the globe. Renowned pharmaceutical firms are designing new drugs to meet these unaddressed patient needs.
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Global Psoriatic Arthritis Therapeutics Market: Key Competitors
- Bristol Myers Squibb
- Eli Lilly and Company
- Janssen Biotech, Inc.
- Celgene Corporation
- Biogen Inc.
- Pfizer, Inc.
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