According to a new report published by Allied Market Research, titled, "Psoriatic Arthritis Treatment Market by Drug Type, Type, and Route of Administration: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global psoriatic arthritis treatment market size was valued at $7,860 million in 2018, and is projected to reach $13,744 million by 2026, growing at a CAGR of 7.2% from 2019 to 2026.
Psoriatic arthritis is a form of arthritis disorder developed in individuals affected by psoriasis. It leads to joint stiffness, pain, and swelling. Most individuals initially develop psoriasis and are later diagnosed with psoriatic arthritis. According to a study published by Celgene Corporation, in 2018, approximately 30% of patients with psoriasis disorder develop inflammatory situation involving joints, known as psoriatic arthritis. Several prescription and over-the-counter (OTC) drugs are available for the treatment of psoriatic arthritis. Some treat symptoms of both psoriatic arthritis and psoriasis, while others help with joint issues. Medications for psoriatic arthritis treatment include NSAIDs, DMARDs, biologics, and others.
The major factors that boost the growth of the global psoriatic arthritis treatment market are rise in prevalence of psoriatic arthritis, surge in geriatric population, strong pipeline of biosimilar & biologic products, increase in demand for psoriatic arthritis drugs, and upsurge in awareness toward availability of treatment for psoriatic arthritis. In addition, strong efficacy of approved drugs, presence of large patient pool, increase in adoption of novel treatments, and surge in clinical R&D to develop new drugs for the treatment of psoriatic arthritis are expected to boost the market growth during the forecast period. Furthermore, increased risk of diseases and rise in healthcare expenditure are expected to offer lucrative opportunities for market expansion during the forecast period. However, high cost of treatment and lack of standardization tools for diagnosis are expected to hamper the psoriatic arthritis treatment market growth.
On the basis of drug type, the market is categorized into NSAIDs, DMARDs, biologics, and others. Presently, the biologics segment dominates the global market, and is anticipated to continue this trend during the forecast period. This is attributed to rise in adoption of biological therapies, increase in demand & higher acceptability for innovative therapies, and availability of generic biologic. Moreover, rise in incidence of psoriatic arthritis, increase in biologics in pipeline, and advancements in biologics coupled with minimal side effects have boosted the growth of the biologics segment.
According to route of administration, the psoriatic arthritis treatment market is fragmented into topical, oral, and injectable. Presently, the oral segment is the major shareholder in the global psoriatic arthritis treatment market, owing to rise in demand for oral psoriatic arthritis treatment drugs, increase in awareness toward availability of psoriatic arthritis treatment, surge in R&D activities to develop new drugs, rise in consumption of oral psoriatic arthritis treatment drugs, and low cost of oral NSAIDs drugs. In addition, rise in healthcare budgets of developed & developing countries is expected to offer remunerative opportunities for psoriatic arthritis treatment market expansion in the near future.
Key Findings of the Study:
- On the basis of drug type, the biologics segment held more than one-half share in the global market in 2018.
- By type, the prescription drug segment accounted for the largest market share in 2018, and is expected to remain dominant throughout the forecast period.
- Depending on route of administration, the injectable segment held more than half share in the global market in 2018.
- Region wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 9.1% during the forecast period.
In 2018, North America accounted for the major share in the psoriatic arthritis treatment market, and is expected to continue this psoriatic arthritis treatment market trend during the forecast period, owing to availability of well-developed infrastructure, rise in R&D activities coupled with presence of key players, increase in demand for psoriatic arthritis treatment drugs, surge in production of biologics & generics, and increase in nongovernment & government initiatives to promote healthcare. However, Asia-Pacific is expected to register the highest growth in the coming future, owing to improvement in healthcare infrastructure, technological advancements in the field of healthcare, and development of the R&D sector.