Psoriatic Arthritis Treatment Market
Number of pages: 100 | Report Format: PDF | Published date: May 30, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
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Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 8.21 billion |
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Revenue Forecast in 2031 |
US$ 18.14 billion |
|
CAGR |
9.20% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Drug Class, Route of Administration, Distribution Channel, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global psoriatic arthritis treatment market was valued at US$ 8.21 billion in 2022 and is expected to register a revenue CAGR of 9.20% to reach US$ 18.14 billion by 2031.
Psoriatic Arthritis Treatment Market Fundamentals
Psoriatic arthritis is a chronic inflammatory condition that affects both the skin and the joints. It is classified as an autoimmune disease. This condition primarily affects individuals who already have psoriasis, a skin disorder characterized by red, scaly patches on the skin. However, not all people with psoriasis develop psoriatic arthritis. Psoriatic arthritis typically occurs in people between the ages of 30 and 50, although it can develop at any age. Both men and women are equally at risk of developing this condition. The exact cause of psoriatic arthritis is unknown, but it is believed to involve a combination of genetic, environmental, and immune system factors.
Psoriatic arthritis treatment focuses on symptom management, joint damage prevention, and enhancing quality of life. A combination of physical therapy, medication, self-care strategies, and lifestyle modifications are typical treatment options. Several current trends are shaping the treatment of psoriatic arthritis. These trends reflect advancements in research, technology, and patient care, focusing on improving outcomes and quality of life for individuals with psoriatic arthritis.
For instance, biological therapies, such as tumour necrosis factor inhibitors (TNF inhibitors), have revolutionized the treatment of psoriatic arthritis. These medications specifically target molecules involved in the inflammatory process, providing more precise and effective treatment. The development of newer biologics, such as interleukin inhibitors (IL-17 and IL-23 inhibitors), offers additional options for patients who do not respond adequately to traditional therapies.
Psoriatic Arthritis Treatment Market Dynamics
The increasing prevalence of psoriatic arthritis is the key factor driving the global psoriatic arthritis treatment market. The National Psoriasis Foundation estimated in January 2022 that around 1 million individuals in the United States are impacted by psoriatic arthritis, which is approximately 30% of all individuals with psoriasis. This rate is expected to increase in the forecast years due to infections, accidents, injuries, or due to obesity. The arthritis foundation in 2022 states that 45% of people with psoriatic arthritis are obese.
Increasing research and development are bringing new treatment options for psoriatic arthritis. For instance, studies have shown that JAK inhibitors, such as tofacitinib and upadacitinib, are oral medications that target inflammation-related signalling pathways and are very effective in treating psoriatic arthritis treatment, particularly for patients who do not respond adequately to other therapies. Ongoing research aims to evaluate their long-term safety, efficacy, and potential combination with other drugs. Moreover, many top players are also launching new and innovative medications for treating psoriatic arthritis. For instance, AbbVie’s SKYRIZI® (risankizumab-rzaa) has been approved by the U.S. Food and Drug Administration (FDA) for the treatment of active psoriatic arthritis (PsA) in adults. Psoriatic arthritis is a systemic inflammatory disease affecting skin and joints, and it is estimated to impact around 30% of patients with psoriasis. The approval was granted in January 2022.
Favourable reimbursement policies are another factor supporting the global psoriatic arthritis treatment market. Reimbursement policies that provide coverage and financial support for psoriatic arthritis treatments are crucial in ensuring access to effective therapies for patients. By reducing the financial burden on individuals, these policies encourage more patients to seek medical attention and adhere to prescribed treatments. For example, in the United States, Medicare and Medicaid programs cover psoriatic arthritis treatments, including biologic drugs, which can cost thousands of dollars monthly. This coverage enables patients with limited financial resources to receive the medications they need to manage their condition and improve their quality of life.
Restraining factors in the global psoriatic arthritis treatment market include the high cost of medications, lack of awareness among patients and healthcare providers, and the limited availability of effective treatments. Despite these challenges, the psoriatic arthritis treatment market is expected to grow in the coming years due to the increasing prevalence of the disease and the development of new and innovative therapies.
Psoriatic Arthritis Treatment Market Ecosystem
The global psoriatic arthritis treatment market is analyzed from four perspectives: Drug Class, Route of Administration, Distribution Channel, and Region.
Psoriatic Arthritis Treatment Market by Drug Class
Based on drug class, the global psoriatic arthritis treatment market is segmented into biologics, non-steroidal anti-inflammatory drugs (NSAIDs), and disease-modifying anti-rheumatic drugs (DMARDs), and others.
The biologics segment accounted for 64.2% of the global psoriatic arthritis treatment market share in 2022. This is majorly attributed to their ability to slow joint damage, reduce inflammation, and improve overall symptoms. Unlike traditional DMARDs, biological DMARDs target specific immune system components involved in the development of psoriatic arthritis. This targeted approach can lead to more effective treatment with fewer side effects. Additionally, biologics have improved the quality of life and physical function in patients with Psoriatic Arthritis. The use of biological DMARDs represents a significant advancement in treating this chronic and often debilitating condition.
The disease-modifying anti-rheumatic drugs (DMARDs) segment is expected to grow 9.7% of revenue CAGR. This growth is primarily due to the increasing prevalence of chronic diseases such as arthritis and osteoporosis, which require long-term use of NSAIDs for pain management. Moreover, the rising geriatric population and increasing healthcare expenditure in developing countries are also contributing to the growth of the NSAIDs market. However, the availability of alternative pain management therapies and the risk of side effects associated with NSAIDs may hinder market growth to some extent.
Psoriatic Arthritis Treatment Market Route of Administration
Based on the route of administration, the global psoriatic arthritis treatment market is segmented into topical, parenteral, and oral.
The parenteral segment is expected to dominate the global psoriatic arthritis treatment market. Parenteral drugs are considered best in treating psoriatic arthritis due to their efficacy and targeted approach. This delivery method ensures that the medication reaches the site of inflammation quickly and efficiently, providing faster relief to patients. Additionally, parenteral drugs have a longer half-life, meaning they can remain active in the body for a longer duration, reducing the frequency of dosing and minimizing the risk of side effects.
The oral segment is expected to increase the psoriatic arthritis treatment market in the forecast years. Oral medications can effectively reduce inflammation and pain associated with psoriatic arthritis but can also have side effects.
Psoriatic Arthritis Treatment Market by Distribution Channel
Based on distribution channel, the global psoriatic arthritis treatment market is segmented into hospital pharmacies, retail pharmacies, and others.
The hospital pharmacies segment dominated the global psoriatic arthritis treatment market. This is because hospital pharmacies can access a wide range of medications that may not be available in retail pharmacies. Additionally, hospital pharmacists are highly trained and deeply understand the complex medications used to treat this condition. Moreover, hospital pharmacies provide a higher level of care and expertise when it comes to managing psoriatic arthritis medication.
Psoriatic Arthritis Treatment Market by Region
Based on the region, the psoriatic arthritis treatment market is segmented into North America, Europe, Asia Pacific, Latin America, & the Middle East & Africa.
North America accounted for the majority of the psoriatic arthritis treatment market revenue share in 2022. This is due to the increasing patient pool, advancements in healthcare standards, and rising research and development. The John Hopkins Arthritis Center in 2022 suggested that psoriatic arthritis, shortly called PsA, is a rheumatologic disease that affects about 1.5 million Americans.
The Asia Pacific psoriatic arthritis treatment market is projected to show a significant growth of 10.2 % CAGR in the forecast years. The increasing prevalence of psoriatic arthritis is the major factor increasing the psoriatic arthritis treatment market in the Asia Pacific. The Indian Journal of Dermatology, Venereology, and Leprology reported in 2020 that the prevalence of psoriatic arthritis varies from 6% to 34% among Western patients with psoriasis. Meanwhile, Indian psoriasis patients have a documented occurrence rate of 8.7%. Moreover, the growing healthcare infrastructure and increasing awareness about psoriatic arthritis in countries like China, Japan, and South Korea are expected to drive market growth in the region. Additionally, the rising adoption of biologic drugs for treating psoriatic arthritis is anticipated to further boost market growth in the Asia Pacific.
Psoriatic Arthritis Treatment Market Competitive Landscape
Several companies emphasize development tactics, such as new launches, product approvals, and other elements like patents and events. The market saw acquisition, partnership, and cooperation activities as inorganic development tactics. These initiatives have enabled the expansion of future economic business prospects and increased demand for calcitonin in the global psoriatic arthritis treatment market.
Some of the prominent companies having the largest revenue share in the global psoriatic arthritis treatment market are,
Psoriatic Arthritis Treatment Market Strategic Developments
Psoriatic arthritis is a chronic inflammatory condition that affects both the skin and the joints. It is classified as an autoimmune disease.
The global psoriatic arthritis treatment market was valued at US$ 18.14 billion by 2031.
The global psoriatic arthritis treatment market has witnessed significant growth in recent years due to increasing research and development and increasing obesity.
The global psoriatic arthritis treatment market is expected to register a revenue CAGR of 9.20% in the forecast period from 2023 to 2031.
North America region has dominated the global psoriatic arthritis treatment market with the highest revenue share in 2022.
*Insights on financial performance are subject to the availability of information in the public domain