The new report by Expert Market Research titled, ‘Global Psoriatic Arthritis Therapeutics Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global psoriatic arthritis therapeutics market, assessing the market based on its segments like drug class, route of administration, distribution channel and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 6.5%
The industry for psoriatic arthritis therapeutics in the historical period of 2016-2020 was driven by the rising prevalence of psoriatic arthritis among the populous, thus further curating the need for therapeutics. The demand is flourishing for the drugs/medication for the treatment of arthritis. With the everchanging lifestyle and health habits of the people, there is an expansion in the psoriatic arthritis therapeutics, as people are more into being healthy and fit. The rising health concerns of people make it profitable for the industry in the historical period of 2016-2020. The industry went through advancement in form of new drug releases and investments in the past years, which lifted the psoriatic arthritis therapeutics.
Industry Definition and Major Segments
Psoriasis is a scaly, red rash that appears on the elbows, knees, ankles, feet, and hands. Psoriatic arthritis is a type of arthritis that is caused by an autoimmune response. When the immune system targets healthy tissue by mistake, this is what happens. The primary goal of psoriatic arthritis treatment is to reduce inflammation, which causes joints to swell and hurt. The treatment alleviates discomfort and helps avoid future injury.
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The industry on the basis of drug class can be classified into TNF inhibitors, interleukin inhibitors, PDE4 inhibitors, among Others. Based on the route of administration, the industry can be segmented into oral, parenteral, topical. On the basis of distribution channels, the industry can be classified into hospital pharmacies, retail pharmacies, online pharmacies.
The rise in biological and biosimilar therapies, the rise in the prevalence of psoriatic arthritis, the rise in R&D activities to develop novel drugs for the treatment of psoriatic arthritis, the rise in demand for psoriatic arthritis treatment products, the rise in the geriatric population, the strong pipeline of biosimilar and biologic products, and the rise in awareness of psoriatic arthritis treatment are the major facts. Furthermore, an increase in the use of psoriatic arthritis treatment medicines, a large patient pool, the availability of patient assistance programmes, and an increase in healthcare spending are all contributing factors. With rising awareness among the society, there are government measures taken and facilities provided for the treatment of psoriatic arthritis, thus expanding the market for therapeutics.
Key Market Players
The major players in the market are AbbVie, Inc. (NYSE: ABBV), Janssen Global Services LLC (Johnson & Johnson), Novartis AG, Amgen, Inc., Celgene Corporation, Pfizer, Inc., Eli Lilly and Company, UCB SA., Biogen Inc. and Bristol-Myers Squibb Company. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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