Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Global Axial Spondyloarthritis (axSpA) Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global axial spondyloarthritis (axSpA) market is expected to grow from $5.07 billion in 2022 to $5.54 billion in 2023 at a compound annual growth rate (CAGR) of 9.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The axial spondyloarthritis (axSpA) market is expected to reach $7.55 billion in 2027 at a CAGR of 8.1%. 
The increasing prevalence of spondyloarthritis is expected to propel the growth of the axial spondyloarthritis (axSpa) market going forward. Spondyloarthritis is a chronic illness that typically affects the axial skeleton, including the spine and sacroiliac joints. The rising cases of spondyloarthritis (axSpA) can be associated with the increasing aging population and spine injuries from even minor falls or other accidents, where various treatments are provided for pain management, inflammation control, and enhancing the patient's quality of life suffering from axSpA. For instance, in June 2023, according to Versus Arthritis's Musculoskeletal Health Report 2023, a UK-based charity dedicated to supporting people with arthritis, as of the year 2022, around 60,000 individuals were afflicted with axial spondyloarthritis, and annually, approximately 2,200 adults receive a new diagnosis for this condition. Therefore, the increasing prevalence of axial spondyloarthritis (axSpa) is driving the growth of the axial spondyloarthritis (axSpa) market.
Product innovations are the key trend gaining popularity in the axial spondyloarthritis (axSpA) market. Major companies operating in the axial spondyloarthritis (axSpA) market are developing new drugs to sustain their position in the market. For instance, in June 2023, UCB SA, a Belgium-based pharmaceutical company, received approval from the New European Commission for the marketing authorization of BIMZELX (bimekizumab). This medication is used to treat adults with active axial spondyloarthritis (axSpA), non-radiographic axial spondyloarthritis (nr-axSpA), and ankylosing spondylitis (AS) with objective signs of inflammation as indicated by elevated C-reactive protein. These European Union (EU) authorizations represent the drug's first global marketing licenses for axial spondyloarthritis.
North America was the largest region in the axial spondyloarthritis(axSpA) market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
A selection of companies mentioned in this report includes
- Johnson and Johnson Private Limited
- Pfizer Inc.
- F. Hoffmann-La Roche AG
- Merck and Co. Inc.
- AbbVie Inc.
- Novartis AG
- Sanofi S.A
- Bristol-Myers Squibb Company
- AstraZeneca plc.
- Abbott Laboratories
- GSK plc.
- Eli Lilly and Company
- Takeda Pharmaceutical Company Limited
- Gilead Sciences Inc.
- Teva Pharmaceutical Industries Ltd.
- Regeneron Pharmaceuticals Inc.
- Biogen Inc.
- Vertex Pharmaceuticals Incorporated
- UCB S.A.
- Boehringer Ingelheim International GmbH.
- Horizon Therapeutics Public Ltd Co
- Mitsubishi Tanabe Pharma Corporation
- Ipsen Technologies Pvt Ltd.
- Kyowa Kirin Co. Ltd.
- Sun Pharmaceutical Industries Ltd.
- Acelyrin Inc.
- Nordic Bioscience A/S
- Iroko Pharmaceuticals LLC
- Celgene Corporation
- Pozen Inc.
For more information about this report visit https://www.researchandmarkets.com/r/bd7lz4
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