Why The Psoriatic Arthritis Treatment Market Is Set To Grow
The increasing prevalence of psoriatic arthritis (PsA) and high adoption rate of conventional DMARD therapies in cost-sensitive markets are the major factors projected to drive the growth of the psoriatic arthritis treatment market throughout the forecast period. According to the latest research by the company, the global psoriatic arthritis (PsA) treatment market is expected to account for over US$ 15,631.0 Mn in terms of value by 2028 end. The report on the psoriatic arthritis (PsA) treatment market further projects significant growth potential through to 2028.
Increasing burden of psoriatic arthritis (PsA), worldwide, in recent years, and increasing clinical research on the development of new drugs for psoriatic arthritis (PsA) treatment are expected to significantly boost the market for psoriatic arthritis (PsA) treatment during the forecast period. According to the Arthritis Foundation, around 60 to 70% patients with psoriasis go on to suffer from PsA, and 15 to 20% arthritis patients go on to suffer from psoriasis, which is expected to contribute to the growth of the market for psoriatic arthritis (PsA) treatment market.
Companies are investigating several novel anti-rheumatic disease modifying agents that are expected to be present in the market in the next 10 years, the uptake of which by patients and prescribers will significantly push market growth for psoriatic arthritis (PsA) treatment over the forecast period. Increasing funding for research and development is one of the factors shaping economic growth and driving the psoriatic arthritis (PsA) treatment market.
The emergence of novel therapies for psoriatic arthritis (PsA) treatment creates huge opportunities for the psoriatic arthritis (PsA) treatment market to grow during the forecast period. Enhanced understanding of PsA pathophysiology has led to the innovation and development of new agents targeting different molecules that drive disease pathogenesis, such as IL-17, IL-12/23, IL-23, JAKs, and PDE4, which have created a huge opportunity in the market for psoriatic arthritis (PsA) treatment for the near future.
With the growing potential of biosimilars DMARDs, as majority of the blockbuster antibody products such as Erbitux (Feb 2016), Remicade (Dec 2016), and Tysabri (2020) are poised to expire protection in the next few years, manufacturers of antibody-based drugs have a huge opportunity to enter into the thriving market of biosimilars, which is expected to further boost the psoriatic arthritis (PsA) treatment market in the forecast period.
The focus of various manufacturers on extending their product pipelines with the expiry of the patents of various novel formulations is expected to generate significant opportunities in psoriatic arthritis (PsA) treatment to enhance the use of these products, due to comparatively lower prices as well as their widespread acceptance for rheumatoid arthritis and psoriatic arthritis (PsA) treatment. According to the National Psoriasis Foundation, there are more than 20 drugs in phase II and more than 28 drugs in phase III in clinical trials, along with 24 drugs approved by the FDA for psoriasis and psoriatic arthritis (PsA) treatment. Due to a strong product pipeline in psoriasis and psoriatic arthritis (PsA) treatment, various manufacturers are filing approval applications to the FDA for the launch of products, which is expected to spur the psoriatic arthritis (PsA) treatment market. In 2017, the U.S. Food and Drug Administration (FDA) approved tofacitinib (Xeljanz) and ixekizumab (Taltz) for psoriatic arthritis (PsA) treatment.
We have segmented the global psoriatic arthritis (PsA) treatment market based on product type, route of administration, and distribution channel. By product type, the psoriatic arthritis (PsA) treatment market is segmented into nonsteroidal anti-inflammatory drugs, disease modifying antirheumatic drugs, and biologics. In terms of revenue, the biologics segment, by product type, in the psoriatic arthritis (PsA) treatment market, is projected to hold a significant share over the forecast period. By route of administration, the psoriatic arthritis (PsA) treatment market is segmented into oral and injectable. The distribution channel segments in the psoriatic arthritis (PsA) treatment market include hospital pharmacies, retail pharmacies, and mail order pharmacies.
The company?s report tracks some of the key companies operating in the psoriatic arthritis (PsA) treatment market, such as Pfizer Inc., Johnson & Johnson, AbbVie Inc., Amgen Inc., Bristol-Myers Squibb Company, UCB S.A., Eli Lilly & Co, Novartis AG, Celgene Corporation, and AstraZeneca PLC, among others. Key companies such as Amgen, AbbVie Inc. are expected to hold more than 56% revenue share for biosimilars in the global psoriatic arthritis (PsA) treatment market.
Final Thoughts
The psoriatic arthritis treatment market is growing at a rapid pace. This makes for a potential wider range of options for anyone suffering from psoriatic arthritis, and even better options on the horizon.
