Psoriatic Arthritis Treatment Market to Reach $13.74 Billion by 2026 With Top Industry Players AbbVie Inc., Amgen Inc., Bristol-Myers Squibb Company, Celgene Corporation
Pune, Maharashtra, India, December 16 2020 (Wiredrelease) Allied Analytics –:According to the report, the global psoriatic arthritis treatment industry was pegged at $7.86 billion in 2018, and is expected to reach $13.74 billion by 2026, growing at a CAGR of 7.2% from 2019 to 2026. The growth of the psoriatic arthritis treatment market is attributed to rise in prevalence of psoriasis & psoriatic arthritis disease across the globe. Furthermore, surge in demand for novel treatments coupled with increase in number of pipeline drugs for psoriatic arthritis treatment is the major factors that contributes toward the growth of the global market.
Rise in prevalence of psoriasis & psoriatic arthritis disease, increase in number of pipeline drugs, and surge in government expenditure on healthcare have boosted the growth of the global psoriatic arthritis treatment market. However, poor demand in under-developed countries hampers the market. On the contrary, growth potential in the emerging market is expected to create lucrative opportunities in the near future.
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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.
Prescription segment to manifest the fastest growth through 2026
The prescription segment is expected to manifest the fastest CAGR of 7.4% during the forecast period, owing to rise in demand for prescription drugs during the treatment of psoriatic arthritis without causing side effects. Moreover, the segment dominated the global psoriatic arthritis treatment market in 2018, accounting for more than four-fifths of the market. The report also analyzes the OTC segment.
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.
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North America held the largest share
The global psoriatic arthritis treatment market across North America held the largest share in 2018, contributing for more than half of the market, owing to presence of key players in the region. Moreover, rise in prevalence of psoriatic arthritis disease, surge in demand for psoriatic arthritis treatment drugs, presence of advanced healthcare facilities coupled with trained medical professionals, and surge in number of R&D centers significantly contribute toward the growth of the North America market. However, the Asia-Pacific segment is expected to register the fastest CAGR of 9.1% during the forecast period, owing to high population base, surge in awareness about psoriatic arthritis treatment products, and increase in prevalence of psoriasis & psoriatic arthritis disease in various countries.
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.
Major market player
AbbVie Inc.
Bristol-Myers Squibb Company
Amgen Inc.
Eli Lilly And Company
Celgene Corporation
Merck & Co Inc.
Johnson & Johnson
Pfizer Inc.
Novartis AGUCB S.A.
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