New York, United States , March 15, 2023 (GLOBE NEWSWIRE) -- The Global Rheumatoid Arthritis Market Size to grow from USD 6.1 billion in 2021 to USD 6.9 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 3.2% during the forecast period. The key factors propelling the growth of the rheumatoid arthritis drugs market are the launch of new biosimilars, the rising prevalence of arthritis worldwide, and an increase in the acceptance of biopharmaceuticals. The primary reasons driving the market growth include the rise in rheumatoid arthritis incidence, rise in demand for rheumatoid arthritis medications, rise in acceptance of traditional DMARDs, and government innovations to spread awareness of rheumatoid arthritis symptoms.
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Inflammation and discomfort in the joints are symptoms of rheumatoid arthritis. It affects people of all ages, although the elderly is particularly prone to developing this disease. Pain, stiffness, soreness, and swelling of the joints are indications of rheumatoid arthritis. There is no known treatment for rheumatoid arthritis. Yet, several treatments are employed to efficiently manage the symptoms of rheumatoid arthritis, which include disease-modifying anti-rheumatic medications (DMARDs), nonsteroidal anti-inflammatory drugs (NSAIDs), corticosteroids, and uric acid drugs. The rise in rheumatoid arthritis prevalence, rise in demand for rheumatoid arthritis medications, expiration of patents & entry of biosimilar medications, rise in geriatric population, rise in adoption of traditional DMARDs, and government initiatives to increase awareness of rheumatoid arthritis symptoms are the main factors driving growth of the rheumatoid arthritis drugs market. Other factors that contribute to the market's expansion include improvements in advanced biologics, an increase in healthcare spending, increased purchasing power, and accessibility to high-quality medications for poor and middle-class families worldwide. The average life expectancy is increasing globally, which has led to an increase in the population's ageing population. This tendency benefits the industry by increasing the disease's prevalence and boosting the per capita demand for its treatments. Recent pre-clinical investigations have shown that combination can considerably reduce joint deterioration in the murine experimental arthritis model. Hence it makes sense that TNF inhibitors and an anti-IL-17 antibody might be employed in the future. Also, it is anticipated that during the projected period, a new generation of bi-specific antibodies will drive market expansion. A lack of qualified specialists who are unable to provide the therapies could impede the growth of the worldwide rheumatoid arthritis market over the course of the projection period. A lack of qualified specialists who are unable to provide the therapies could impede the growth of the global rheumatoid arthritis market during the projection period.
Browse key industry insights spread across 200 pages with 122 market data tables and figures & charts from the report on the “Global Rheumatoid Arthritis Market Size, Share, and COVID-19 Impact Analysis, By Molecule Type (Biopharmaceuticals (Biologics, Biosimilars), Pharmaceuticals), By Sales Channel (Prescription, OTC), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030" Get Detailed Report Description Here:
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The biopharmaceutical segment is dominating the market over the forecast period.
On the basis of molecule type, the global rheumatoid arthritis market has been segmented into biopharmaceuticals and pharmaceuticals. Among these, the biopharmaceutical segment is dominating the market with the largest market share over the forecast period. It is expected that the market will surpass its competitor in terms of share and hold onto its hegemony until 2030. The initial line of treatment for this illness is often medication. But, due to biopharmaceuticals' higher therapeutic output and disease remittance action, their demand is lower than that of biopharmaceuticals. Biologics and biosimilars are subcategories of biopharmaceuticals. Biologic medicines are anticipated to dominate the market for the duration of the forecast period because doctors prefer them to biosimilars while treating RA.
The OTC segment accounted the largest market share over the forecast period.
Based on the sales channel, the global rheumatoid arthritis market has been segmented into prescription and OTC. Among these, the OTC segmented holds the largest market share over the forecast period. The rise in understanding of novel disease-reversal therapy possibilities is what triggered the shift. Due to an increase in rheumatologist consultations, the prescription segment is anticipated to dominate the market for rheumatoid arthritis drugs throughout the forecast period. Individuals with RA should contact rheumatologists and follow recommended therapy because prolonged abuse of RA drugs may lead to drug resistance. Also, not many over-the-counter (OTC) medications are readily available for treatment.
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North America is dominating the market with the largest market share over the forecast period.
In 2030, the market for rheumatoid arthritis in North America made up more than 56.5% of the total. The region is growing as a result of rising RA prevalence, increased patient awareness of disease remittance therapies, and high public and private healthcare spending. Additionally, simple access to quality healthcare, good reimbursement policies, robust clinical pipeline, and approval of novel drugs are projected to boost revenue growth in North America.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Companies Covered: Pfizer Inc., Abbvie Inc., Novartis AG, Amgen Inc., Boehringer Ingelheim International GmbH., Merck & Co Inc., Sun Pharmaceutical Industries Ltd., Teva Pharmaceuticals Industries Ltd., AstraZeneca, Ampio Pharmaceuticals Inc., Lilly and among others.
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