Rockville , March 06, 2023 (GLOBE NEWSWIRE) -- The global arthritis therapeutics market would expand 1.5 times from 2020 to 2027. Patients in Europe and North America would push demand for therapeutics. They are looking for early diagnosis to prevent fatalities.
Rising prevalence of arthritis is a key factor fueling the arthritis therapeutics market. Increased funding from private and government agencies for development of new therapies would also augment sales.
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Key Takeaways:
- Based on distribution channels, online pharmacies surpassed a valuation of US$ 3.5 billion in 2020.
- Retail pharmacies currently hold an arthritis therapeutics market share of around 79%.
- In 2020, parenteral route of administration had acquired 83% of share in the global market.
- By region, North America is likely to generate the lion’s share in the global arthritis therapeutics market by 2027.
- Sales of arthritis therapeutics would expand by 1.5x throughout the evaluation period.
Growth Drivers:
- High affordability and ease of administration of pain medications, including tramadol, ibuprofen, opiates, and naproxen would drive demand.
- Conceptualization of personalized medications for treating osteoarthritis would open door to new opportunities by 2027.
Key Companies Profiled by Fact.MR
- Sanofi
- AbbVie Inc.
- Bayer AG
- Amgen Inc.
- Bristol-Myers Squibb
- Hoffmann-La Roche AG
- Regeneron Pharmaceuticals, Inc.
- Johnson & Johnson
- Pfizer Inc.
- Novartis International AG
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Competitive Landscape:
As per Fact.MR, the arthritis therapeutics market would be dominated by a few key companies. They are focusing on research and development activities. They are also striving to come up with novel drugs to strengthen their position in the industry.
For instance,
- In March 2023, Enzene Biosciences based in Pune, introduced its new biosimilar for Adalimumab. It will be useful for the treatment of rheumatoid arthritis and Ankylosing spondylitis.
- In January 2023, Bioventure and Alvotech declared that Saudi Food & Drug Authority has permitted the distribution and manufacturing of AVT02. It is a biosimilar to Humira.
Research centers worldwide are striving to come up with novel therapeutics to offer better treatment options. Manufacturers are promising new product and pipeline project launches. They are also creating novel awareness campaigns, especially in remote areas.
For instance, in 2018, the National Library of Medicine published a new treatment for osteoarthritis. It mentioned that treatment is possible with mesenchymal stem cell therapy.
Around 500 government-registered clinical trials are evaluating the safety and efficiency of adult stem cells. These include the umbilical cord, pluripotent, and mesenchymal stem cells, to treat osteoarthritis.
According to data released by the Centers for Disease Control and Prevention (CDC), around 78.4 million adults in the USA would live with doctor-diagnosed arthritis by 2040. From 2013 to 2015, there were 58.5 million adults with the disease. Hence, demand for innovative therapeutics would expand by 2027.
Technological advancements in the field of arthritis would further augment demand. Easy availability of better treatment options would also create new opportunities.
In June 2021, the USA Food and Drug Administration announced the sanction of CyMedica's IntelliHub system. It is designed to treat pain caused by debilitating knee arthritis. Hence, fast track approvals by government agencies would help the market to expand.
However, risks associated with non-steroidal anti-inflammatory drugs might limitdevelopment in the arthritis therapeutics market. Their side effects include dizziness, stomach ulcers, and allergic reactions. Coupled with this, availability of drugs for the treatment of arthritis would hamper demand for therapeutics.
Based on distribution channels, hospital pharmacies account for a significant share of the global market. Increasing patients visiting hospitals for arthritis treatment would bode well for the segment. Easy availability of a wide variety of arthritis medications at these pharmacies would also drive sales.
More Valuable Insights on Arthritis Therapeutics Market
In the up-to-date study, Fact.MR reveals key factors expected to boost development in the global arthritis therapeutics market during the forecast period (2019 to 2027). The analysis also provides an in-depth study of opportunities and drivers projected to propel sales of arthritis therapeutics through detailed segmentation as follows:
Type:
- Rheumatoid Arthritis
- Osteoarthritis
- Arthritis
- Gout
- Others
Drug Class:
- TNF Inhibitors
- Interleukin Inhibitors
- NSAIDS
- Corticosteroids
- Xanthine Oxidase Inhibitors
- Others
Route of Administration
- Oral
- Parenteral
- Topical
Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Regions:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Key Questions Covered in the Arthritis Therapeutics Market Report
- What will be the demand outlook for the arthritis therapeutics market during the forecast period?
- Which are the challenges faced in the arthritis therapeutics market?
- Which region will lead growth in the global arthritis therapeutics market from 2019 to 2027?
- What is the projected valuation of the arthritis therapeutics market in 2027?
- Which are the factors driving arthritis therapeutics sales from 2019 to 2027?
- Which drug class will generate the maximum revenue in the global arthritis therapeutics market?
Explore Fact. MR’s Coverage in the Healthcare Domain
Rheumatoid Arthritis Stem Cell Therapy Market: The global rheumatoid arthritis stem cell therapy market reached US$ 23.42 billion in 2022. The market would surpass a valuation of US$ 33.30 billion by 2032. It would further surge at a CAGR of 4.5% from 2022 to 2032.
Bilateral Osteoarthritis Treatment Market: The market for bilateral osteoarthritis treatment would expand at a rapid pace over the forecast period. Rising prevalence of bilateral osteoarthritis across the globe would drive demand in the market.
Axial Spondyloarthritis Market: Rising incidence of axial spondyloarthritis is propelling growth in the global axial spondyloarthritis market. Prevalence of axial spondyloarthritis in North America would elevate by 2030.
Genetic Disorder Therapeutics Market: According to US Food & Drug Administration, nearly 7,000 genetic diseases affects more than 30 million people. Around 75%-80% of genetic diseases are caused by a single-gene defect, and some of genetic diseases affects children.
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