2024 Psoriatic Arthritis Treatment Market Summary: 5 Key Findings
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What Growth Projections are in Place for the Psoriatic Arthritis Treatment Market Between 2024-2033?
In recent times, the market size for psoriatic arthritis treatment has experienced substantial growth. The forecasts predict an upsurge from $10.93 billion in 2023 to $12 billion in 2024, indicating a compound annual growth rate (CAGR) of 9.8%. The notable expansion during the historical phase can be linked to factors such as a rise in diagnoses and prevalence of psoriatic arthritis, an improved understanding of the condition and its treatment options, the introduction of more approved treatments for psoriatic arthritis, governmental backing for research and development initiatives, and increased funding from pharmaceutical corporations.
The market size for psoriatic arthritis treatment is anticipated to experience a robust growth in the upcoming years, ultimately reaching a value of $17.16 billion in 2028, with a compound annual growth rate (CAGR) of 9.4%. This growth during the forecast duration is due to elements like personalized medicine, newly-emerging biologics and small molecules, a broadening array of treatment alternatives, and a globally aging population. The forecast period is expected to witness significant trends such as progress in biologics, oral small molecules, specific pathway targeting, telemedicine and remote patient monitoring, patient-centric care, and real-world evidence.
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What Are the Major Factors Contributing to the psoriatic arthritis treatment Market Expansion?
The escalation in cases of psoriasis and psoriatic arthritis have significantly contributed to the expansion of the psoriatic arthritis treatment market. Health and daily life quality can be critically jeopardized by inflammatory disorders such as psoriasis (PSO) and psoriatic arthritis (PsA). Psoriatic arthritis (PsA) is an inflammatory arthritis linked to psoriasis, which is manifested in about 30% of psoriatic patients. For instance, the National Psoriasis Foundation, a healthcare agency located in the United States, reported in June 2021 that over 8 million individuals in the United States and 125 million across the globe were ailing from psoriasis, a chronic immune-invoked disease. Moreover, around 30% of psoriasis-afflicted individuals in the United States also develop psoriatic arthritis. Consequently, the upsurge in the incidence of psoriasis and psoriatic arthritis is propelling market growth.
Which Key Segments Shape the Psoriatic Arthritis Treatment Market?
1) By Drug Class: Nonsteroidal Anti-Inflammatory Drugs (NSAIDS), Disease-Modifying Anti-Rheumatic Drugs (DMARDS), Biologics, Other Drug Classes
2) By Route Of Administration: Oral, Parenteral, Topical
3) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies
What Are the Transformative Trends Influencing the Psoriatic Arthritis Treatment Market?
The market is being molded by the creation of new drugs such as Janus kinase (JAK) inhibitors, intended for the treatment of psoriatic arthritis. These inhibiting agents, which are dispensed orally, are small molecules that constitute a breakthrough treatment for patients suffering from psoriatic arthritis. There are three approved JAK inhibitors for treating autoimmune diseases: tofacitinib, baricitinib, and upadacitinib. Of these three, Xeljanz (tofacitinib) and Xeljanz (tofacitinib) XR are the first JAK inhibitors granted approval by the Food and Drug Administration (FDA) and the European Medicines Agency (EMA). These inhibitors are used for the treatment of adult PsA patients who have not adequately responded or shown intolerance to methotrexate or other disease-modifying antirheumatic drugs (DMARDs). In June of 2020, AbbVie, a notable US-based pharmaceutical corporation, announced their application for the approval of another JAK inhibitor known as upadacitinib (RINVOQ) with both the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA).
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What Regions Are Leading the Growth Trajectory of the Psoriatic Arthritis Treatment Market?
North America was the largest region in the psoriatic arthritis treatment market in 2023. The regions covered in the psoriatic arthritis treatment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The Psoriatic Arthritis Treatment Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the psoriatic arthritis treatment market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Psoriatic Arthritis Treatment Market Include
1. Psoriatic Arthritis Treatment Market Executive Summary
2. Psoriatic Arthritis Treatment Market Segments
3. Psoriatic Arthritis Treatment Market Size And Template Market Growth Rate
4. Key Psoriatic Arthritis Treatment Market Trends
5. Major Psoriatic Arthritis Treatment Market Drivers
……
25. Key Mergers And Acquisitions In The Psoriatic Arthritis Treatment Market
26. Top Psoriatic Arthritis Treatment Companies
27. Psoriatic Arthritis Treatment Market Opportunities And Strategies
28. Psoriatic Arthritis Treatment Market, Conclusions And Recommendations
29. Appendix
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