NEWARK, Del, March 31, 2023 (GLOBE NEWSWIRE) -- During the forecast period 2023 to 2033, the Axial Spondyloarthritis management market is expected to grow at a value of 5.1% CAGR, according to Future Market Insights. By the year 2033, the global market for Axial Spondyloarthritis management is expected to rise up to a market valuation of US$ 7.3 Billion. Growth of the market can be attributed to the increasing prevalence of axSpA and the rising demand for effective treatments.
The market for biologic therapies is expected to continue to grow, with new drugs in development and existing drugs expanding their indications. For example, Novartis' Cosentyx (secukinumab) was recently approved by the FDA for the treatment of non-radiographic axSpA, in addition to its previous approval for radiographic axSpA. The expansion of indications for existing drugs is expected to drive growth in the market as more patients become eligible for treatment.
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In addition to biologic therapies, the market for other axSpA management strategies is also growing. The use of biosimilars, which are similar but not identical to biologic drugs, is becoming more widespread as a cost-saving measure. Physical therapy and exercise programs are also growing in popularity as complementary treatments to biologics, as they can help improve mobility and reduce pain.
Key Takeaways from the Market Study
- The global Axial Spondyloarthritis management market is expected to grow with a 5.1% CAGR during 2023 to 2033.
- By end user, Hospitals are expected to hold 44% of the market share in 2023 for Axial Spondyloarthritis management market.
- North America is expected to possess 45% market share for Axial Spondyloarthritis management market in 2023.
- Europe Axial Spondyloarthritis management market size is expected to possess 39% market share in 2023.
“The expansion of indications for existing drugs is expected to drive growth in the market as more patients become eligible for treatment.” states an FMI analyst
Competitive Landscape
Key players in the axial Spondyloarthritis management market are AbbVie, Pfizer, Amgen, Janssen Biotech, Pozen, Iroko Pharmaceuticals, Syntex Pharmaceuticals, Horizon Pharma, Eli Lilly and Company, Kyowa Kirin, Celgene, Inmagene Biopharmaceuticals
- AbbVie has been involved in research and education initiatives aimed at improving the understanding and management of axSpA. For example, the company sponsors educational programs for healthcare professionals and provides resources for patients with axSpA to help them better manage their condition.
- Amgen has approved Enbrel for axSpA management, and numerous clinical trials have demonstrated its effectiveness in reducing pain, stiffness, and inflammation in patients with axSpA. Amgen has also continued to invest in research aimed at improving the understanding and treatment of axSpA.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global Axial Spondyloarthritis management market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023 to 2033.
The study reveals essential insights on the basis of Type (Ankylosing Spondylitis Treatment and Non-Radiographic Axial Spondyloarthritis Treatment Drug Class (Non-steroidal anti-inflammatory drugs, Glucocorticoids, Anti-rheumatic drugs) End User (Hospital, Clinics, Rehabilitation Centre, Academic Research Institutes), Region (North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East & Africa)
Key Segments Profiled in the Axial Spondyloarthritis Management Industry Survey
Type:
- Ankylosing Spondylitis Treatment
- Non-Radiographic Axial Spondyloarthritis Treatment
Drug Class:
- Non-steroidal anti-inflammatory drugs
- Glucocorticoids
- Anti-rheumatic drugs
End User:
- Hospital
- Clinics
- Rehabilitation Centre
- Academic Research Institutes
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Table of Content
1. Executive Summary | Axial Spondyloarthritis Management Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
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About the Healthcare at Future Market Insights
The healthcare domain team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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