Arthritis Therapeutics Market: Asia Pacific to Emerge as a Prominent Region, Thanks to Rising Awareness
The global arthritis therapeutics market is estimated to experience dynamic growth over forecast tenure, from 2019 to 2027. Such growth of the global arthritis therapeutics market can be attributed to the advancement of medicines and technology. Rising occurrences of various health-related issues is play role in the medicinal and technological progress of the health sector. Health plans as proposed by various governments to offer improved healthcare to the patients is likely to emerge as another growth factor for the global arthritis therapeutics market,
Arthritis refers to an inflammatory, autoimmune disease that leads to chronic pain, loss of joint functionalities, and swelling. When synovium is attacked by the immune system, arthritis happens. Synovium refers to the inner lining of membranes surrounding the joints. In few patients, antibodies damage some systems of the body, such as blood vessels, lungs, eyes, heart, and skin
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Some reputed companies in the global arthritis therapeutics market are Bristol-Myers Squibb Company, Janssen Pharmaceutical, Novartis International AG, UCB Pharma S.A., Johnson & Johnson Services, Inc, and Boehringer Ingelheim GmbH.
Asia Pacific to Emerge as a Prominent Region, Thanks to Rising Awareness
In the global arthritis therapeutics market, North America is estimated to account for a large chunk of the market and is likely to continue with the same over the forecast timeframe. Increased awareness about arthritis remittance therapies coupled with its high prevalence is likely to bolster its demand in the regional market. High spending of public and private healthcare and easy access to high quality healthcare facilities is likely to act as another growth stimulant for the arthritis therapeutics market in North America. These factors are estimated to open up new vistas for revenue generation for the market in North America.
The U.S. lies at the forefront of the growth of the market in this region and is a major contributor of revenue for the region. A large chunk of the population in the US suffers form arthritis.
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Asia Pacific is expected to emerge as another prominent region for the global arthritis therapeutics market over the assessment tenure. Increased adoption of lifestyle that encourages consumption of junk food and hectic lifestyle is likely act as a stimulant for the growth of the market in Asia Pacific. Rise in the healthcare-related spending together with awareness related to arthritis is prophesized to open up new avenues of growth of the arthritis therapeutics market in Asia Pacific.
Increased Healthcare Spending to Spur Demand for Arthritis Therapeutic
The global arthritis therapeutic market is likely to be driven rise in the number of geriatric population affected by various types of arthritis, such as osteoarthritis psoriatic arthritis, and rheumatoid arthritis. Driven by such high prevalence, there has been a rise in the efforts to come up with treatments that would alleviate pain and loss of joint functionalities associated with arthritis.
Furthermore, many private and public agencies have come up with favorable medical insurance coverage in developed countries that would make high-priced drugs available to patients such as the ones suffering from arthritis. There has been a rise in the spending on healthcare across different parts of the world, which supports growth of the market. These factors are likely to propel growth of the global arthritis therapeutic market during the period of assessment.
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However, inadequate insurance coverage in many developing nations is likely to act as a barrier for the expansion of the global arthritis therapeutic market.
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