Psoriatic Arthritis is a type of inflammatory arthritis that affects some patients who have psoriasis. It causes symptoms like joint pain, stiffness and swelling. The treatment options for Psoriatic Arthritis include non-steroidal anti-inflammatory drugs (NSAIDs), disease-modifying anti-rheumatic drugs (DMARDs), Biologics and JAK inhibitors. These drugs help reduce inflammation, slow joint damage and relieve pain and swelling. Growing cases of psoriasis vulgaris is fueling the demand for Psoriatic Arthritis treatment. Increasing awareness about the disease and availability of effective treatment options are also propelling market growth.
Global Psoriatic Arthritis Treatment Market Is Estimated To Be Valued At USD 11.10 Bn In 2024 And Is Expected To Reach USD 21.11 Bn By 2031, Exhibiting A Compound Annual Growth Rate (CAGR) Of 9.6% From 2024 To 2031.
Key Takeaways
Key players operating in the Psoriatic Arthritis treatment market are Abbvie, Amgen, Johnson & Johnson, Novartis, Pfizer.
The increasing prevalence of Psoriatic Arthritis Treatment Market Size globally is driving the market growth. According to the National Psoriasis Foundation in the U.S., the prevalence of Psoriatic Arthritis is 30% in patients with psoriasis.
Technological advancements in drug development has led to the availability of novel biologics and JAK inhibitors with superior efficacy and safety for treating psoriatic arthritis. Popular biologics available are Cosentyx, Taltz, Stelara etc while JAK inhibitors include Xeljanz, Rinvoq.
Market Trends
Growing preference for biologics - Biologics have emerged as the treatment of choice for moderate to severe Psoriatic Arthritis due to their superior efficacy over small molecule drugs. Drugs like Cosentyx, Taltz and Stelara currently dominate the biologics market owing to pipeline opportunities.
Rise of oral therapies - Launch of novel oral JAK inhibitors like Xeljanz, Rinvoq provide an alternative to injectable biologics. Oral drugs offer convenience of administration over injections.
High unmet needs in developing regions - Lack of awareness and healthcare infrastructure poses challenges in treating Psoriatic Arthritis in developing nations, representing major opportunities.
Market Opportunities
New pipeline drugs - Emergence of new pipeline molecules like Bimekizumab, Itacitinib offer potential to further drive market growth through better efficacy and dosing advantages.
Impact of COVID-19 on Psoriatic Arthritis Treatment Market:
The COVID-19 pandemic has significantly affected the global Psoriatic Arthritis Treatment market. Lockdowns imposed across various countries led to disruptions in manufacturing and supply chain activities. This adversely impacted the production volumes of drugs used for treating Psoriatic Arthritis. Additionally, people suffering from Psoriatic Arthritis were hesitant in visiting hospitals and clinics for fear of contracting the virus. This led to postponed treatment regimes and diagnosis of new cases.
However, with rapid vaccination drives and relaxing of lockdown restrictions, the market is slowly recovering. The demand is regaining momentum as patients are resuming their regular check-ups. Moreover, the healthcare industry is focusing on teleconsultations and home delivery of medicines to ensure contactless services. Pharmaceutical companies are also enhancing their online presence to facilitate sales of Psoriatic Arthritis drugs via e-pharmacies and other digital channels. Gradually, with new innovations and improved access, the market is anticipated to reach pre-pandemic levels in the coming years.
Geographical Regions with High Market Concentration:
North America holds the major share of the global Psoriatic Arthritis Treatment market in terms of value. This can be attributed to the presence of large pharmaceutical players and established healthcare infrastructure in the region. Countries like the United States have a sizeable patient population suffering from Psoriatic Arthritis. Additionally, supportive government policies regarding medical innovation and research activities supplement the market growth. Europe is another lucrative region due to rising incidence of Psoriatic Arthritis and availability of advanced treatment options.
Fastest Growing Regional Market:
The Asia Pacific region is expected to witness the fastest growth over the forecast period owing to increasing healthcare expenditures, growing medical tourism and rising awareness about Psoriatic Arthritis treatments. Rapid economic development in countries like China and India is enabling greater access to diagnostic and management services. Additionally, local manufacturers are strengthening their drug development capabilities. This is supporting the expansion of the Psoriatic Arthritis Treatment market across Asia Pacific.
Geographical Regions with High Market Concentration:
North America holds a major share of the global Psoriatic Arthritis Treatment market in terms of value. This is attributed to the presence of large pharmaceutical players and established healthcare infrastructure in the region. Countries like the United States have a sizeable patient population suffering from Psoriatic Arthritis. Additionally, supportive government policies regarding medical innovation and research activities supplement the market growth. Europe is another lucrative region due to rising incidence of Psoriatic Arthritis and availability of advanced treatment options.
Fastest Growing Regional Market:
The Asia Pacific region is expected to witness the fastest growth over the forecast period owing to increasing healthcare expenditures, growing medical tourism and rising awareness about Psoriatic Arthritis treatments. Rapid economic development in countries like China and India is enabling greater access to diagnostic and management services. Additionally, local manufacturers are strengthening their drug development capabilities. This is supporting the expansion of the Psoriatic Arthritis Treatment market across Asia Pacific.\
Get More Insights On- Psoriatic Arthritis Treatment Market
Get This Report In Japanese Language
ไนพ็ฌๆง้ข็ฏ็ๆค็ฉ่ชๅใๆฑใ
Get This Report In Korean Language
About Author:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
