Demand for Topical Arthritis Therapeutics Is Estimated to Grow 1.5X During the Forecast Period (2020 – 2027)
Weighing the impact of key influencers, a recent report published by Fact.MR infers that, the Demand for arthritis therapeutics is estimated to grow 1.5X during the forecast period (2020 – 2027).
Rapid emergence of biologics presents new commercial opportunities for players in the arthritis therapeutics market. The adoption of biologic drugs is high, especially in developed countries of North America, Europe, and Asia Pacific, given the influence of favourable reimbursement scenarios that cushion the high cost.
In North America and Europe, the presence of public and private medical insurance plans encourages patients to avail quality healthcare. However, in developing countries of Asia Pacific, the out-of-pocket payment model is dominant in the healthcare industry, which is leading to sluggish growth of the arthritis therapeutics market in India and China. In addition, the penetration of generic drugs is high in developing countries of Asia Pacific, owing to their competitive prices.
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A key opinion leader at Fact.MR portends,“Demand for interleukin inhibitors is outperforming TNF inhibitors in terms of efficacy. In future, with effective marketing efforts by manufacturers, patients will turn more receptive to these novel biologic products.”
A comprehensive study published by Fact.MR projects the arthritis therapeutics market to register 7.3% growth in 2020, over 2019.
Arthritis Therapeutics Market – Assessment of Key Segments
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Key Takeaways of Arthritis Therapeutics Market Study
• Constant rise in the prices of popular drugs such as Humira and Enbrel could shift the focus of patients towards complementary and alternative therapies, thereby narrowing the growth of the arthritis therapeutics market. The impact of this trend will be relatively high in developing countries of Asia Pacific such as India and China, as these regions are characterized by high inclination towards natural and herbal therapies.
• Patent expiration of blockbuster drugs in the arthritis therapeutics market are pushing manufacturers to increase investments towards the development of effective drugs, which is projected to fuel the advancements of biosimilar products.
• High precision of drugs offered by arthritis therapeutics is projected to maintain patients’ inclination towards parenteral route of administration during the forecast period.
• In 2020, retail pharmacies are projected to account for 79% of the total sales of arthritis therapeutics, as the high concentration of this channels across key locations makes it convenient for patients to purchase the required drugs. However, sales through online pharmacies will gain traction, owing to attractive discounts and convenience offered.
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A key opinion leader at Fact.MR portends, “Demand for interleukin inhibitors is outperforming TNF inhibitors in terms of efficacy. In future, with effective marketing efforts by manufacturers, patients will turn more receptive to these novel biologic products.”
R&D Remains Key Strength of Global Players; Regional Players Excel through Robust Distribution Networks
The arthritis therapeutics market, characterized by consolidation, is dominated by AbbVie Inc., Johnson & Johnson, Amgen Inc., and Novartis Inc. Development of blockbuster drugs enables these leading players to gain an edge over regional and local players. For instance, 33% of share in the arthritis therapeutics market accounted by AbbVie is attributable to its flagship product – Humira, which recorded sales corresponding to a value of US$ 20 Bn in 2018.
On similar lines, Johnson & Johnson strives to diversify its product portfolio through the introduction of effective therapeutics. The company is highly recognized for the launch of Simponi, Tremfya, and Stelara. Distribution channels remain the key strength of regional players. For instance, Eli Lily and Company offers most of its products around the world, and executes effective marketing strategies to position its products in various countries to meet unmet local needs.
Find More Valuable Insights on Arthritis Therapeutics Market
Fact.MR, in its new offering, brings to the fore an unbiased analysis of the global arthritis therapeutics market, presenting historical demand data (2017-2019), and forecast statistics for the period of 2020-2027. The study divulges compelling insights on the arthritis therapeutics market on the basis of type (rheumatoid arthritis, gout, psoriatic arthritis, osteoarthritis, and others), drug class (TNF inhibitors, interleukin inhibitors, NSAIDs, corticosteroids, xanthine oxidase inhibitors, and others), route of administration (parenteral, topical, and oral), and distribution channel (online pharmacies, hospital pharmacies, and retail pharmacies), across five major regions.
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