Portland, OR, July 08, 2020 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, “Psoriatic Arthritis Treatment Market by Drug Type (NSAIDs, DMARDs, Biologics, and Others), Type (Prescription, and OTC), and Route of Administration (Topical, Oral, and Injectable): Global Opportunity Analysis and Industry Forecast, 2019–2026”
According to the report, the global psoriatic arthritis treatment industry was pegged at $7.86 billion in 2018, and is expected to reach $13.74 billion by 2026, growing at a CAGR of 7.2% from 2019 to 2026.
Prime determinants for growing market
Rise in prevalence of psoriasis & psoriatic arthritis disease, increase in number of pipeline drugs, and surge in government expenditure on healthcare have boosted the growth of the global psoriatic arthritis treatment market. However, poor demand in under-developed countries hampers the market. On the contrary, growth potential in the emerging market is expected to create lucrative opportunities in the near future.
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Biologics segment dominated the market
By drug type, the biologics segment held the largest share in 2018, contributing to more than three-fifths of the global psoriatic arthritis treatment market. Moreover, the segment is expected to register the fastest CAGR of 7.9% during the forecast period. This is due to surge in patient awareness toward the availability of DMARDs drugs for psoriatic arthritis treatment, rise in prevalence of psoriatic arthritis, presence of biologics &biosimilars, and increase in healthcare expenditure in developed regions. The report includes an in-depth analysis other segments such as NSAIDs, DMARDs, and other.
Prescription segment to manifest the fastest growth through 2026
The prescription segment is expected to manifest the fastest CAGR of 7.4% during the forecast period, owing to rise in demand for prescription drugs during the treatment of psoriatic arthritis without causing side effects. Moreover, the segment dominated the global psoriatic arthritis treatment market in 2018, accounting for more than four-fifths of the market. The report also analyzes the OTC segment.
North America held the largest share
The global psoriatic arthritis treatment market across North America held the largest share in 2018, contributing for more than half of the market, owing to presence of key players in the region. Moreover, rise in prevalence of psoriatic arthritis disease, surge in demand for psoriatic arthritis treatment drugs, presence of advanced healthcare facilities coupled with trained medical professionals, and surge in number of R&D centers significantly contribute toward the growth of the North America market. However, the Asia-Pacific segment is expected to register the fastest CAGR of 9.1% during the forecast period, owing to high population base, surge in awareness about psoriatic arthritis treatment products, and increase in prevalence of psoriasis & psoriatic arthritis disease in various countries.
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Major market player
- AbbVie Inc.
- Bristol-Myers Squibb Company
- Amgen Inc.
- Eli Lilly And Company
- Celgene Corporation
- Merck & Co Inc.
- Johnson & Johnson
- Pfizer Inc.
- Novartis AG
- UCB S.A.
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