(I-BusinessNews.Com, July 10, 2021 ) Psoriatic Arthritis Market size is projected to reach $13.8 billion by 2026, growing at a CAGR of 7.4% during the forecast period 2021-2026. Psoriatic arthritis is a condition that combines the swollen joints of arthritis with psoriasis and causes red patches of skin topped with silvery scales. It is characterized by a form of inflammation of psoriasis and joints. In the absence of proper treatment, psoriatic arthritis leads to irreversible joint damage. Increase in the demand for magnetic resonance imaging technology for the treatment of psoriatic arthritis, rise in the adoption of enzyme inhibitors and interleukin inhibitors in developed nations, presence of strong pipeline of drugs, growing demand for immunosuppressant drugs, and increase in the research and development activities are the factors that are set to drive the growth of the Psoriatic Arthritis Market for the period 2021-2026.
Psoriatic Arthritis Market Segment Analysis – By Drug Class
The Psoriatic Arthritis Market based on the Drug Class can be further segmented into the Non-steroidal anti-inflammatory drugs (NSAIDs), Biologics, Disease-modifying Antirheumatic Drugs (DMARDs), and Others. The Biologics segment held the largest share in 2020 and is also estimated to be the fastest growing segment with a CAGR of 8.1% over the period 2021-2026. This growth is owing to the factors such as rise in the demand for immunosuppressant drugs, strong commercial performances of already existing products, and increase in the launches of promising pipeline candidates. Biologics are very target-specific and have less toxicity, which is driving the growth of the Psoriatic Arthritis Market. The Disease-modifying Antirheumatic Drugs (DMARDs) segment held the second largest share in 2020 owing to its ability to control symptoms and minimize joint damage and stave off future complications. DMARDs are maintaining their presence on account of the first-line of treatment and applicability of corticosteroids.
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Psoriatic Arthritis Market Segment Analysis-By Route of Administration
The Psoriatic Arthritis Market based on the Route of Administration can be further segmented into the Oral, Topical, and Injectable. The Injectable segment held the largest share in 2020 and is also estimated to be the fastest growing segment with a CAGR of 7.9% over the period 2021-2026. This growth is owing to the factors such as rise in the product launches of biologics and biosimilars and increase in the adoption through subcutaneous or intravenous routes for injecting biosimilars. It allows for greater tolerance of the drug product components with blood components. The growing demand for magnetic resonance imaging-guided injections is driving the growth of the Psoriatic Arthritis Market. The Oral segment held the second largest share in 2020 owing to factors such as safety, good patient compliance, ease of ingestion, and ability to accommodate various types of drugs.
Psoriatic Arthritis Market Segment Analysis – By Geography
North America held the largest share with 33% of the overall market in 2020. The growth in this segment is owing to the factors such as increase in the prevalence of obesity, rise in the adoption of magnetic resonance imaging technology for the treatment of psoriatic arthritis, and growing expenditure on psoriatic arthritis therapeutics. The rise in the adoption of enzyme inhibitors and interleukin inhibitors for the treatment of psoriatic arthritis is driving the growth of the Psoriatic Arthritis Market. Asia-Pacific is estimated to be the fastest growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as rise in the demand for immunosuppressant drugs, growing focus on improving the reimbursement policies, and increasing demand for innovative medicines with improved safety and efficacy profiles.
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Psoriatic Arthritis Market Drivers
Presence of Strong Pipeline of Drugs
The medications showing effectiveness against the cases of psoriatic arthritis are increasingly being adopted across the world. Key players in developed nations are also focusing on enhancing the penetration of innovative immunosuppressant drugs for the treatment of psoriatic arthritis, which is one of the major factors that is driving the growth of the Psoriatic Arthritis Market.
Increase in the Research and Development Activities
The rise in the research and development activities by the key players has resulted in an increase in the development of biosimilar drugs with enhanced effectiveness. The rapid increase in the prevalence of psoriatic arthritis has further propelled the demand for research activities, which is propelling the growth of the Psoriatic Arthritis Market.
Psoriatic Arthritis Market Challenges
High Cost of Treatment
Economically weak regions with low expenditure on healthcare are posing a threat to the penetration of these products in the markets. The high cost of these immunosuppressant drugs is making them unaffordable to the population in these regions and resulting in delay in diagnosis and gaps in clinical management, which one of the major factors that is estimated to reduce the growth of the Psoriatic Arthritis Market.
Psoriatic Arthritis Market Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Psoriatic Arthritis Market. Key companies of this market are Amgen Inc, AbbVie Inc, Bristol-Myers Squibb Company, Johnson & Johnson Services Inc, Celgene Corporation, Eli Lilly and Company, Novartis International AG, Pfizer Inc, UCB S.A., and AstraZeneca plc among others.
Acquisitions/Product Launches:
In January 2020, UCB Company has launched CIMZIA® (certolizumab pegol) to treat plaque psoriasis, psoriatic arthritis, pustular psoriasis, and psoriatic erythroderma to provide Japanese psoriatic arthritis patients with a highly effective new biologic option that provides durable disease control.
In August 2019, Amgen Inc has acquired Otezla (apremilast), which is the oral and non-biologic treatment for psoriasis and psoriatic arthritis. This acquisition provides an opportunity to strengthen presence in inflammation and continue geographic expansion.
Key Takeaways
Geographically, North America Psoriatic Arthritis Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the growing adoption of enzyme inhibitors and interleukin inhibitors for the treatment of psoriatic arthritis.
The rise in the demand for biological immunosuppressant drugs in developing nations is driving the biologics segment.
The high cost of treatment is one of the major factors that is said to reduce the growth of the Psoriatic Arthritis Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Psoriatic Arthritis Market report.
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