Psoriatic Arthritis Therapeutics Market: High prevalence and increase in incidence rate of psoriatic arthritis to drive market
Psoriatic Arthritis Therapeutics Market - Snapshot
The global psoriatic arthritis therapeutics market is expanding at a rapid pace due to high prevalence and increase in incidence rate of psoriatic arthritis and new product development and commercialization across the globe. In terms of revenue, the global market was valued at US$ 6,011.7 Mn in 2017 and is projected to reach US$ 17,118.7 Mn by 2026, expanding at a CAGR of 11.4% from 2018 to 2026. The global psoriatic arthritis therapeutics market is also driven by rise in adoption of biologics for the treatment of moderate to severe psoriatic arthritis and large patient population with unmet medical needs across the globe.
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Psoriatic arthritis is a chronic autoimmune inflammatory disorder that causes inflammation, swelling, and stiffness at any joint of the body. Psoriatic arthritis is a progressive form of psoriasis, characterized by the itchy, scaly red patches on the skin. It is estimated that more than 125 million people around the world are affected with psoriasis, and 30% of the psoriasis population tend to develop psoriatic arthritis. The common symptoms of psoriatic arthritis include swollen fingers, toes, and tender joints, stiffness, lower back pain, and pitted nails. Psoriatic arthritis is a non-curable disease and treatments are aimed at relieving the symptoms of the condition. Various over-the-counter and prescription drugs are available and several more are in different stages of clinical trials in order to treat the symptoms of psoriatic arthritis.
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The global psoriatic arthritis therapeutics market is driven by intensive research to provide treatments and/or relieve the symptoms of the condition. There is a large patient population suffering from moderate to severe psoriatic arthritis with unmet medical needs, and the number is increasing across the globe. Leading pharmaceutical companies are striving to address these unmet medical needs through new product development. Large number of both small molecules and biologic products are under different phases of clinical trials for the treatment of psoriatic arthritis. Companies have made significant investments in clinical R&D and have also established strategic partnerships and collaborations to accelerate new product development. Interleukin inhibitors drugs have proven to be effective and well-tolerated treatment for psoriatic arthritis and recently, around three different interleukin inhibitors have been approved and commercialized in the U.S. and Europe. Numerous different drugs candidates are under interleukin inhibitors that are in phase III clinical trials for psoritic arthritis treatment, which are likely to commercialize in first half of the forecast period. High prevalence and rise in incidence rates of psoriatic arthritis with significant unmet medical needs are projected to propel the global psoriatic arthritis therapeutics market during the forecast period.
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The global psoriatic arthritis therapeutics market has been segmented based on drug class, route of administration, distribution channel, and region. In terms of drug class, the global market has been classified into TNF inhibitors, interleukin inhibitors, PDE4 inhibitors, and others. The TNF inhibitors segment dominated the global market in 2017. Large patient population with psoriasis, long-term management of moderate to severe psoriatic arthritis, and high cost of TNF inhibitors contributed to the high market share held by the segment in 2017. The interleukin inhibitors segment is estimated gain market share significantly by the end of 2026. The PDE4 inhibitors segment is estimated to expand at a rapid pace during the forecast period, owing to high clinical efficacy, increased demand, and low cost of drugs.
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In terms of route of administration, the global psoriatic arthritis therapeutics market has been segmented into oral, parenteral, and topical. The parenteral segment accounted for a prominent share of the global market in 2017. It is estimated to expand at a notable growth rate during the forecast period. The large share held by the parenteral segment is attributed to the high cost of biologic drugs, which are administered through intravenous and subcutaneous routes, large number of biologic and biosimilar drugs under clinical pipeline trials, and estimated increase in adoption of biosimilar drugs during the forecast period.
Based on distribution channel, the global psoriatic arthritis therapeutics market has been divided into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment dominated the global market in 2017. It is projected to gain market share by the end of 2026. Long-term management of severe psoriatic arthritis, increase in rate of hospitalization, and availability of high cost biologic drugs are attributed to the large share of the market held by the segment in 2017. The hospital pharmacies segment is anticipated to expand at a significant growth rate during the forecast period.
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In terms of region, the global psoriatic arthritis therapeutics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to account for more than of 50% share of the global market by 2026. High prevalence of psoriatic arthritis, increase in adoption of biologic drugs for the treatment of moderate to severe psoriatic arthritis, and anticipated new product approvals are likely to fuel the psoriatic arthritis therapeutics market in North America. The market in Asia Pacific is projected to expand at a prominent CAGR during the forecast period. Increase in awareness about psoriatic arthritis, rapidly changing health care infrastructure, rise in access to psoriatic arthritis treatments in developing countries such as China and India, well-established pharmaceutical market in Japan, and surge in adoption of biologic drugs in Australia and New Zealand are anticipated to fuel the psoriatic arthritis therapeutics market in Asia Pacific during the forecast period.
Majority of biopharmaceutical companies have made significant investments in the clinical research and development of Psoriatic Arthritis treatment products. Mergers and acquisitions among leading players has been a key trend in the global market in the last few years. Key players operating in the global psoriatic arthritis therapeutics market include AbbVie, Inc., Janssen Biotech, Inc., Novartis AG, Amgen, Inc., Celgene Corporation, Pfizer, Inc., Eli Lilly and Company, UCB, Inc., Biogen Inc., and Bristol-Myers and Squibb Company.
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