Rockville, MD, July 17, 2024 (GLOBE NEWSWIRE) -- Rising awareness about the diagnostic procedures for rheumatoid arthritis and the importance of receiving timely treatment and diagnosis are driving the adoption of medications for the condition. The global Rheumatoid Arthritis Market is expected to reach US$ 857.5 million in 2024 and is further projected to expand at a CAGR of 6.2% from 2024 to 2034.
An inflammatory chronic condition that affects the joints and produces pain and swelling is called rheumatoid arthritis (RA). The body's immune system attacks tissues, including joints, in rheumatoid arthritis.
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One of the main factors propelling the growth of the rheumatoid arthritis treatment market is the rising incidence of rheumatoid arthritis globally. The number of chronic autoimmune disorders is expanding, which means there is a growing demand for efficient treatment solutions.
Market growth is driven by the increasing prevalence of RA globally, technological advancements enhancing testing kit performance, and growing awareness about RA diagnosis. Favorable healthcare reimbursement policies and strategic industry initiatives are further contributing to market expansion. These factors are projected to sustain the upward trajectory of the rheumatoid arthritis market.
Top of FormKey Takeaways from the Market Study
- The global rheumatoid arthritis market is projected to expand at a CAGR of 6.2% through 2034.
- Global sales of rheumatoid arthritis medicines are estimated at US$ 857.5 million in 2024.
- The market is forecasted to reach US$ 1.56 billion by 2034-end.
- The North American market is forecasted to expand at a CAGR of 5.6% through 2034.
- Serology tests are estimated to account for 75.5% market share in 2024.
- East Asia is projected to account for 15% of the global market share by 2034.
“Rheumatoid arthritis prevalence is increasing due to changing eating habits, such as the consumption of processed meals high in sugar and harmful fats. This is leading to the rising importance of early diagnosis for the condition,” says a Fact.MR analyst.
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Increasing Aid from Government Assisting Driving Market Growth
Governments worldwide are investing in the discovery of novel and reasonably priced pharmaceuticals for rheumatoid arthritis surveillance and treatment. This is one of the primary drivers projected to propel the rheumatoid arthritis market throughout the study period. Government agencies are sponsoring research and development programs to reduce the workload associated with treating and monitoring rheumatoid arthritis.
Government support for rheumatoid arthritis diagnosis and surveillance is essential to limiting the disease's spread. During the forecast period, rising expenditures on rheumatoid arthritis surveillance and epidemiological monitoring are forecasted to lead to an increase in demand for testing kits.
Key Market Players
List of the prominent players in the global market are AbbVie Inc, Johnson & Johnson Innovative Medicine, Amgen Inc., Pfizer Inc., Novartis AG, Sanofi SA, Bristol Myers Squibb, Celgene Corporation
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the rheumatoid arthritis market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on test type (serology tests, monitoring rheumatoid arthritis treatment efficiency tests) and end user (hospitals, diagnostic laboratories, ambulatory surgical centers), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Rheumatoid Arthritis Industry News
A Biocon Ltd. subsidiary, Biocon Biologics Ltd., announced in July 2023 that HULIO (adalimumab-flip) injectable, a biosimilar of Humira (adalimumab), was now available in the United States for the treatment of rheumatoid arthritis.
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