Psoriatic Arthritis Treatment Market Outlook 2031
The Psoriatic Arthritis Treatment Market size was USD 9 Billion in 2022 and is likely to reach USD 24.96 Billion by 2031, expanding at a CAGR of 12% during 2023–2031. The growth of the market is attributed to the new product launches, rising disease burden, and increase in consumer awareness.
Psoriatic arthritis is a type of arthritis that affects mostly people who have psoriasis, a skin ailment marked by red patches and silvery scales. The majority of patients get psoriasis first and then get psoriatic arthritis later, however joint issues might start before the skin patches do. The main indications and symptoms of psoriatic arthritis include joint pain, stiffness, and swelling.
They can affect any area of your body, including your fingertips and spine, and their severity can range from mild to severe. Flares of psoriasis and psoriatic arthritis may alternate with periods of remission in both conditions. Because there is no cure for psoriatic arthritis, the focus is on symptom management and avoiding joint damage.
Psoriatic arthritis can be very debilitating if it is not treated. Both psoriatic arthritis and psoriasis are chronic diseases that worsen over time, but you may experience periods of improvement or remission alternating with periods of worsening symptoms. Psoriatic arthritis can damage either one or both sides of your body's joints.
Psoriatic arthritis's signs and symptoms are commonly mistaken for rheumatoid arthritis's. Both disorders induce painful, swollen, and warm-to-the-touch joints. The immune system of your body attacks healthy cells and tissue, resulting in psoriatic arthritis. Inflammation of the joints and an overproduction of skin cells are caused by an abnormal immunological response.
It is unclear why the immune system targets healthy tissue, although genetic and environmental variables are likely to play a role. A family history of psoriasis or psoriatic arthritis is common among those who have psoriatic arthritis. Certain genetic markers have been revealed to be linked to psoriatic arthritis, according to research.
Some factors which can increase your risk of psoriatic arthritis includes patients with psoriasis, patients with family history of psoriatic arthritis, and patients having age between 30 and 50 years. Medical treatments for psoriatic arthritis include Nonsteroidal anti-inflammatory drugs (NSAIDs), Disease-modifying antirheumatic drugs (DMARDs), Immunosuppressants, UV light, Biologics, Enzyme inhibitor, Steroids, Surgery.
Psoriatic Arthritis Treatment Market Trends, Drivers, Restraints, and Opportunities
- Increasing prevalence of psoriatic arthritis because of increasing geriatric population, changing lifestyle, and genetic changes are expected to drive the market growth during the forecast period.
- Increasing adoption of biological and biosimilar therapies are projected to boost the market growth in the coming years.
- Increasing awareness regarding psoriatic arthritis treatment owing to favorable initiatives by public and private institutes are anticipated to fuel the market growth during the forecast period.
- Growing healthcare expenditure is expected to spur the market growth in the coming years.
- High cost of treatment of product and side effects associated with some drugs are anticipated to hinder the market growth during the forecast period.
- Poor reimbursement policies are estimated to hinder the market growth during the forecast period.
- Increased emphasis on R&D for the development of low-cost medicines with enhanced safety is expected to offer lucrative opportunities for the market players.
Scope of The Psoriatic Arthritis Treatment Market Report
The report on the global psoriatic arthritis treatment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Psoriatic Arthritis Treatment Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Drug Class (Nonsteroidal anti-inflammatory drugs, Disease-modifying antirheumatic drugs, Biologics, and Others), Product Type (Prescriptions and Over-the-counter), Route of Administration (Topical, Oral, and Injectable)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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AbbVie Inc.; Amgen Inc.; Johnson & Johnson Services, Inc.; AstraZeneca plc; Bausch Health Companies Inc.; Bristol-Myers Squibb Company; Celgene Corporation; Novartis International AG; Eli Lilly and Company; Pfizer, Inc.; and UCB S.A
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Psoriatic Arthritis Treatment Market Segment Insights
Biologics segment is expected to account for a key share of the market
Based on drug class, the psoriatic arthritis treatment market is segmented into nonsteroidal anti-inflammatory drugs, disease-modifying antirheumatic drugs, biologics, and others. The biologics segment is expected to account for a key share of the market during the forecast period owing to presence of key players in the market and upcoming product launches.
The surge of interleukin inhibitors poses a serious competitive threat to TNF alpha inhibitors due to their enhanced safety and effectiveness profiles, as well as superior outcomes in head-to-head trials. Some of the promising pipeline candidates predicted to drive market expansion are infliximab, guselkumab, bimekizumab, risankizumab, and tildrakizumab. In addition, the introduction of biosimilars is a crucial growth driver for the market.
On the other hand, the disease-modifying antirheumatic drugs segment is anticipated to expand at a rapid pace during the forecast period due to its adoption as a first-line treatment, the need for and applicability of corticosteroids, and the upcoming launches of key pipeline drugs such as upadacitinib, filgotinib, and BMS-986165.
Prescription drugs segment is expected to hold a key share of the market
Based on product type, the psoriatic arthritis treatment market is bifurcated into prescriptions and over-the-counter. The prescription drugs segment is expected to hold a key share of the market during the forecast period due to extensive use of biologics and DMARDs on prescription.
Over-the-counter drugs for psoriatic arthritis are expected to lose market share over the forecast period. The rise in biologics and biosimilars, which are only available by prescription, is attributed for the steady decline.
Injectable segment is expected to constitute a key share of the market
Based on route of administration, the psoriatic arthritis treatment market is segmented into topical, oral, and injectable. The injectable segment is expected to constitute a key share of the market during the forecast period due to upcoming anticipated launches of biologics and biosimilars. The majority of biologics are administered through the subcutaneous or intravenous routes.
Topicals are expected to lose considerable market share due to the advent of superior alternatives with more effective modes of action. Throughout the forecast period, oral products are projected to maintain their market share.
North America and Europe is anticipated to dominate the market
On the basis of regions, the psoriatic arthritis treatment market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America and Europe is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to existence of key players, favorable government initiatives, favorable reimbursement policies, and a big patient pool.
On the other hand, Asia Pacific is expected to exhibit a rapid growth rate in the coming years owing/due to increased adoption of biosimilars in emerging markets such as China, India, and South Korea. Furthermore, the regional growth rate is expected to be driven by overall economic development, improvements in healthcare facilities, more disposable income, and increased consumer awareness.
Segments
The global psoriatic arthritis treatment market has been segmented on the basis of
Drugs
- Nonsteroidal anti-inflammatory drugs
- Disease-modifying antirheumatic drugs
- Biologics
- Others
Product Type
- Prescriptions
- Over-the-counter
Route of Administration
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- AbbVie Inc.
- Amgen Inc.
- Johnson & Johnson Services, Inc.
- AstraZeneca plc
- Bausch Health Companies Inc.
- Bristol-Myers Squibb Company
- Celgene Corporation
- Novartis International AG
- Eli Lilly and Company
- Pfizer, Inc.
- UCB S.A.
Competitive Landscape
Key players competing in the psoriatic arthritis treatment market are AbbVie Inc.; Amgen Inc.; Johnson & Johnson Services, Inc.; AstraZeneca plc; Bausch Health Companies Inc.; Bristol-Myers Squibb Company; Celgene Corporation; Novartis International AG; Eli Lilly and Company; Pfizer, Inc.; and UCB S.A.
Mergers and acquisitions, collaborations, partnerships, and joint ventures are all strategic initiatives that can create complex market dynamics among the major players in this market. Major business strategies for the key companies in the market would be capacity expansion, and product launches to increase their market shares.
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