Psoriatic Arthritis Therapeutics Market to Grow at a CAGR of 8.0% from 2022 to 2031, reaching USD 24.2 Billion: As per TMR Study

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Technological advancements in drug delivery system, is another factor that is anticipated to stimulate the psoriatic arthritis therapeutics market share in the coming years. Increasing research & development activities is a major factor that is anticipated to escalate the market growth

Wilmington, Delaware, United States, June 24, 2023 (GLOBE NEWSWIRE) — The global psoriatic arthritis therapeutics market stood at USD 10.8 billion in 2021, and the global market is projected to reach USD 24.2 billion by 2031. The global industry is anticipated to record a CAGR of 8.0% between 2022 and 2031.

The value of psoriatic arthritis therapeutics market is increasing, owing to the increasing prevalence of psoriatic arthritis, which is on the rise globally. The condition affects millions of individuals, and its incidence is increasing, particularly in developed countries. The growing prevalence of psoriatic arthritis drives the demand for effective therapeutics, thereby boosting the growth of the market.

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Advancements in diagnostic techniques, is another significant factor contributing to the market growth. Improved diagnostic techniques and tools for psoriatic arthritis have enabled early detection and accurate diagnosis of the disease. Early diagnosis allows for timely initiation of treatment, leading to better outcomes and improved quality of life for patients. The availability of reliable diagnostic methods contributes to the increased demand for targeted therapies, propelling market growth.

The market prospects have been driven by factors such as growing awareness & patient education. There is a rising awareness among patients and healthcare professionals about psoriatic arthritis, its symptoms, and the importance of early intervention. Increased awareness initiatives, patient education programs, and support from advocacy groups have contributed to a better understanding of the disease. More individuals, as a result, are seeking appropriate treatment options, leading to the expansion of the psoriatic arthritis therapeutics market.

The growth of the psoriatic arthritis therapeutics market is also rising, attributed to rising research and development activities. The pharmaceutical industry is actively involved in research and development activities to discover innovative therapies for psoriatic arthritis. Various companies are investing in clinical trials to evaluate the safety and efficacy of novel drugs. The continuous pursuit of new treatment options stimulates market growth and offers patients a wider range of therapeutic choices.

Key Findings of the Market Report

  • On the basis of drug class, interleukin inhibitors segment is likely to be most preferred, expected to expand at a significant share, attributed to the efficacy & targeted action, and expanding treatment options.
  • By route of administration, parental segment is expected to boost the market growth, attributed to the factors including bioavailability and rapid onset of action, as well as preference for biologic therapies.
  • By distribution channel, hospital pharmacies segment is expected to boost the market growth, attributed to the factors including availability of specialized medications, and collaboration with healthcare professionals.

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Global Psoriatic Arthritis Therapeutics Market: Growth Drivers

  • The global psoriatic arthritis therapeutics market is projected to expand at a steady pace from 2022 to 2031, owing to introduction to biologic therapies, and development of targeted therapies.
  • Other factors that are projected to augment the market growth include adoption of combination therapies, and increasing ongoing research & development activities.
  • Increasing healthcare expenditure, and technological advancements in drug delivery systems, are the major factors that are anticipated to fuel the market prospects in the near future.

Global Psoriatic Arthritis Therapeutics Market: Regional Landscape

  • North America is expected to dominate the psoriatic arthritis therapeutics market during the forecast period, attributed to high prevalence of psoriatic arthritis, and well-established healthcare infrastructure in the region.
  • The regional market is witnessing an increase, due to the factors such as technological advancements & research initiatives, as well as availability of biologic therapies.
  • Favorable reimbursement policies, and increased awareness & patient education in the region, are also anticipated to escalate the growth of the regional market over the analysis period.

Global Psoriatic Arthritis Therapeutics Market: Key Players

Some of the key market players in the global psoriatic arthritis therapeutics market are:

  • AbbVie, Inc.
  • Janssen Pharmaceutical NV
  • Novartis AG
  • Amgen, Inc.
  • Celgene Corporation
  • Eli Lilly and Company
  • Bristol Myers Squibb
  • UCB S.A

Competitive Landscape

Prominent players in the psoriatic arthritis therapeutics industry are taking advantage of the rapidly increasing demand for psoriatic arthritis therapeutics. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:

  • In April 2023, Pfizer Inc. reported positive results from the Phase 3 SELECT-PsA 2 study, evaluating the efficacy and safety of Xeljanz (tofacitinib) in patients with active psoriatic arthritis who had an inadequate response to csDMARDs. The study met its primary and key secondary endpoints, demonstrating the efficacy of Xeljanz in improving disease activity and physical function in psoriatic arthritis patients.
  • In February 2023, Eli Lilly and Company announced positive results from the SPIRIT-P2 study, evaluating the efficacy and safety of Taltz (ixekizumab) in patients with active psoriatic arthritis who had an inadequate response or intolerance to conventional synthetic DMARDs. The study met its primary and key secondary endpoints, demonstrating the effectiveness of Taltz in reducing disease activity and improving symptoms of psoriatic arthritis.

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Global Psoriatic Arthritis Therapeutics Market: Segmentation

Drug Class

  • TNF Inhibitors
  • Interleukin Inhibitors
  • PDE4 Inhibitors
  • Others

Route of Administration

  • Oral
  • Parenteral
  • Topical

Distribution Channel

  • Hospital Pharmacies
  • Retail Pharmacies
  • Online Pharmacies

Regions

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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