Newark, Sept. 03, 2024 (GLOBE NEWSWIRE) -- The rheumatoid arthritis drugs market is projected to experience significant growth over the next decade, driven by various factors such as the rising prevalence of rheumatoid arthritis, an aging population, and advancements in biopharmaceuticals.
Market Introduction:
The global market for rheumatoid arthritis drugs is growing rapidly. It was valued at approximately USD 23.55 billion in 2023 and is expected to reach around USD 53.25 billion by 2033, with a compound annual growth rate (CAGR) of about 8.5% during the forecast period.
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Recent Developments:
Several pharmaceutical companies are actively involved in product innovations and strategic collaborations. For instance, AbbVie received FDA approval for RINVOQ (upadacitinib) in 2019, an oral JAK inhibitor for moderate to severe rheumatoid arthritis. This highlights the ongoing advancements and investments in drug development within the market.
Report Metrics Details
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 8.50% |
| 2023 Value Projection | 23.55 billion |
| Market Size in 2033 | 53.25 billion |
| Historical Data | 2020-2022 |
| No. of Pages | 237 |
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The type segment is divided intopharmaceuticals and biopharmaceuticals. The biopharmaceutical segments led the rheumatoid arthritis drugs market with a market share of around 58.4% in 2023. The segment growth is mainly attributed because of the rising acceptance of the biologics and biosimilar drugs by the rheumatologists. The mode of distribution segment includesOTC (Over the counter) and prescription. The prescription segment is estimated to grow at the highest CAGR of 4.6% over the forecast period. The segment growth is attributed owing to the increasing consultation activities of the rheumatoid arthritis. Extended drug usage catering to rheumatoid arthritisoften leads to drug resistance. So the patients are advised to go for the consultations. By mode of administration, the market is segmented into oral, subcutaneous and intravenous. The oral segment is expected to hold the largest market share of the global rheumatoid arthritis market in 2023. The segment growth is mainly attributed because of the ongoing prevalence of the oral based pharmaceutical drugs for the rheumatoid arthritis in and across the globe.
Market Dynamics:
Drivers:
Key drivers include the increasing incidence of rheumatoid arthritis, particularly in regions with an aging population, and the growing acceptance of biologics and biosimilar drugs. These biologics, including large-molecule drugs, are crucial for treating patients who do not respond to traditional therapies.
Restraints:
The high cost associated with the manufacturing of biosimilar drugs remains a significant barrier to market growth. This cost factor can limit the adoption of these drugs, particularly in cost-sensitive markets.
Opportunities:
There is a rising acceptance of biosimilars, which are expected to provide more affordable treatment options, thus opening new opportunities for market expansion. Additionally, increasing healthcare expenditure in developing regions presents a favorable environment for market growth.
Market Advancements:
The market is witnessing technological advancements, particularly in the development of novel biologic therapies and biosimilars, which are expected to dominate the market. The trend towards personalized medicine and the development of new drug delivery methods are also key advancements.
Regional Segmentation Analysis:
• North America dominates the market, accounting for a significant share due to its aging population and high prevalence of rheumatoid arthritis.
• Asia Pacific is expected to grow at the highest CAGR, driven by increasing healthcare expenditure and the relocation of pharmaceutical manufacturing to emerging markets where production costs are lower.
In the present scenario, there has been an upsurge in the rising incidences of rheumatoid arthritis. According to the research study conducted by Global Burden of Disease and Injuries, between 1 and 2 million of the population in North America suffer from of the rheumatoid arthritis. Up to one-half of all rheumatoid arthritis patients become unable to work within 10 to 20 years of time period. This disease have a 60% to 70% higher mortality risk than those in the general population. Thus, higher instances of the rheumatoid arthritis in developed regions such as North America going to increase the demand of the pharmaceutical drugs in the market.
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