According to the latest report by IMARC Group, titled "Psoriatic Arthritis Treatment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global psoriatic arthritis treatment market reached a value of US$ 7.9 Billion in 2021. Psoriatic arthritis is a form of a disease that affects any part of the body, causing stiffness, joint pain and swelling. It is generally prevalent in patients suffering from plaque psoriasis that develops patches of red, flaky skin with silvery and white scales. Its treatment is commonly available in the form of oral medications as well as biological therapies that aid in controlling symptoms and preventing joint damage. Due to the increasing awareness among the masses regarding the adverse effects of the chronic degenerative condition, there has been a considerable rise in the adoption of psoriatic arthritis treatment.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Psoriatic Arthritis Treatment Market Trends:
The global market is primarily driven by the growing prevalence of autoimmune illnesses among the masses. This is supported by the increasing occurrence of infections and skin injuries, coupled with the rising population leading sedentary lifestyles resulting in obesity and stress. Along with this, multiple initiatives undertaken by private and public organizations, such as conducting campaigning and medical programs, in order to create awareness among individuals are catalyzing the demand for psoriatic arthritis treatment across the globe. Moreover, the growing investments by leading players for conducting extensive research and development (R&D) activities to introduce improved treatment options are creating a positive market outlook. Additionally, continual technological advancements and the emergence of biosimilars and biological therapies are impacting the market growth favorably. Other factors, including the increasing geriatric population, growing patient pool, continual improvements in the healthcare infrastructure and the development of medical facilities across rural and geographical extended locations, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 14.5 Billion by 2027, exhibiting a CAGR of 10.2% during 2022-2027.
- On the basis of drug type, the market has been segmented into NSAIDs (nonsteroidal anti-inflammatory drugs), DMARDs (disease-modifying anti-rheumatic drugs), biologics and others.
- Based on the type, the market has been segregated into prescription and OTC.
- On the basis of the route of administration, the market has been categorized into injectable, oral and topical.
- Based on the distribution channel, the market has been classified into hospital, retail and online pharmacies.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players are AbbVie Inc., Amgen Inc., Amneal Pharmaceuticals LLC, AstraZeneca plc, Bristol-Myers Squibb Company, Eisai Co. Ltd., Eli Lilly and Company, Johnson & Johnson Service ltd., Novartis AG, Pfizer Inc., Samsung Biologics and UCB S.A.
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