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The global psoriatic arthritis treatment market size was valued at USD 5,793.3 Million in 2018 and is Projected to Reach USD 12,175.2 Million by 2026, Exhibiting a CAGR of 8.5% between 2018-2026.
Psoriatic arthritis is an autoimmune disorder caused by an attack of the body’s immune system on joints and skin. The disease is characterized by pain, stiffness, and swelling in the joints. The inflammation is severe enough to damage the joint or the tissues permanently.
Psoriatic arthritis categories include symmetric psoriatic arthritis, asymmetric psoriatic arthritis, distal psoriatic arthritis, spondylitis, and arthritis mutilans. The disease is more prevalent among the patients already suffering from plaque psoriasis. According to a study published by Celgene Corporation, about 30% of the patients with psoriasis develop inflammatory condition involving joints, known as psoriatic arthritis.
Stressful lifestyles resulting in the overstimulation of immune system; rapidly rising geriatric population, growing prevalence of psoriatic arthritis across major economies, strong pipeline of biologic and biosimilar products, favorable reimbursement policies, growing affordability for high cost biologic products, and rise in the number of new product approvals are some of the major factors contributing to the psoriatic arthritis treatment market growth.
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For instance, on March 2019, AbbVie announced that the Japanese Ministry of Health, Labour and Welfare (MHLW) approved its Skyrizi (risankizumab) for plaque psoriasis, generalized pustular psoriasis, erythrodermic psoriasis, and psoriatic arthritis in adults who haven’t responded to conventional therapies.
A steady rise in the prevalence of psoriatic arthritis across the globe has been observed in recent years, attributable to the factors such as aging population, stressful lifestyles, genetic changes, and growing life expectancy. According to the study published by NCBI in the year 2014, the prevalence of the disease varies significantly among different regions of the world. For instance, the incidence of psoriatic arthritis (PsA) varies from 0.1/100000 in Japan to 23.1/100000 in Finland.
The prevalence of PsA in Europe and America varies from 0.02%-0.42%. Moreover, the study suggests that the prevalence of the disease is more common in developed regions of the world compared to Asia and other emerging regions. According to the National Psoriasis Foundation (NPF), it is estimated that in 2017, around 125 million people globally had psoriasis, out of which 10-20% population developed psoriasis arthritis. Thus, a persistence rise in patient population for psoriatic arthritis is projected to augment the psoriasis treatment market during the forecast period.
Moreover, a recent wave of biologic products prescribed for the treatment of psoriatic arthritis is likely to double the psoriatic arthritis treatment market by the end of 2026. This leverages a great market potential for investment in the novel product developments and clinical trials. Additionally, growing strategic collaborations and mergers among various key players in the market are likely to enhance the penetration of innovative products in emerging markets.
However, the market faces some of the major challenges such as high cost of biologic products, making them unaffordable to the population in emerging regions, delay in diagnosis, gaps in clinical management, and lack of consensus on treatment outcomes.
Based on drug class, the psoriatic arthritis treatment market segments include non-steroidal anti-inflammatory drugs (NSAIDs), non-biologic disease modifying anti-rheumatic drugs (DMARDs), biologic disease modifying anti-rheumatic drugs (DMARDs), and others. Among them, the biological DMARDs segment dominated the market, with a market share of 63.4% in the year 2018. The segment is likely to continue its dominance throughout the forecast period attributable to the growing adoption of biological therapies due to their efficacy towards the management of psoriatic arthritis. In terms of route of administration, the parenteral route is anticipated to hold major market share owing to the fact that most of the biological products are given by parenteral route only.
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"Rise in the patient pool for psoriatic arthritis in the U.S., and high prescription volume of biologics in the region are likely to favor the psoriatic arthritis treatment market in North America."
The growing burden of psoriatic arthritis in the North American countries is likely to drive the demand for the novel and effective treatment options for managing the condition. The region is likely to continue its dominance throughout the forecast period owing to high adoption of biological therapies, high research and development investments by the players in the region on clinical trials on psoriatic arthritis management, and speedy new drug approvals by USFDA. According to a press release by the leading player Amgen Inc., there are more than 600,000 Americans who have psoriatic arthritis.
North America Psoriatic Arthritis Treatment Market Size, 2018
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Followed by North America, Europe was found to be the second largest market for psoriatic arthritis treatment. Asia Pacific region is projected to expand at a notably higher growth rate during the forecast period due to improvement in healthcare infrastructure, growing healthcare spending, and penetration of novel biologics in the region. Latin America and the Middle East & Africa region were found to be the emerging markets leveraging a great opportunity for the players willing to establish their footprints in these regions.
Psoriatic arthritis treatment market is a fairly consolidated market with industry behemoths holding a major chunk of the market. AbbVie held a leading position with its leading brand, Humira, which is still the most prescribed biologic for the management of psoriatic arthritis. Moreover, the company recently got approval for Skyrizi (risankizumab) for the treatment of psoriatic arthritis patients on 23 April 2019. Other prominent players in the psoriatic arthritis treatment Market includes industry giants such as Novartis AG, Pfizer Inc., Amgen, Merck, etc.
The report provides qualitative and quantitative insights on psoriatic arthritis treatment industry trends and detailed analysis of market size & growth rate for all possible segments in the market. The market segments include drug class, route of administration, and distribution channel. Based on drug class, the psoriatic arthritis treatment market segments include non-steroidal anti-inflammatory drugs (NSAIDs), non-biologic disease modifying anti-rheumatic drugs (DMARDs), biologic disease modifying anti-rheumatic drugs (DMARDs), and others. In terms of the route of administration, the market is categorized into oral, parenteral, and topical routes of administration. Based on the distribution channel, the global market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report analysis comprises of psoriatic arthritis treatment market dynamics and competitive landscape. Additionally, the report offers insights on the prevalence of psoriatic arthritis for key countries/region, recent industry developments such as partnerships, mergers & acquisitions, new product launches, etc.; pipeline analysis for key companies, the regulatory framework by key countries, and global reimbursement scenario.
By Drug Class
· Non-steroidal Anti-inflammatory Drugs (NSAIDS)
· Non-biologic Disease Modifying Anti-Rheumatic Drugs (DMARDs)
· Biologic Disease Modifying Anti-Rheumatic Drugs (DMARDs)
By Route of Administration
By Distribution Channel
· Hospital Pharmacies
· Retail Pharmacies
· Online pharmacies
· North America (U.S. and Canada)
· Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
As per our (Fortune Business Insights) study, the global psoriatic arthritis treatment market is predicted to reach US$ 12,175.2 Mn by 2026 with a CAGR of 9.7% (2019 -2026).
The rise in the patient pool for psoriatic arthritis and growing demand for biologics for the treatment of psoriatic arthritis are some of the key factors likely to drive the psoriatic arthritis treatment market during the forecast period.
Biological DMARDs segment is the leading segment in the psoriatic arthritis treatment market by drug class.
North America is anticipated to hold the highest market share in the psoriatic arthritis treatment market, which is accountable to the high adoption of biological therapies, high research and development investments by the players in the region on clinical trials on psoriatic arthritis management, and speedy new drug approvals by USFDA.
AbbVie Inc., Novartis AG, Johnson & Johnson Services, Inc., Pfizer Inc., LEO Pharma A/S, Merck & Co., and Amgen Inc., are some of the leading players in the psoriatic arthritis treatment industry.
Non-biologic Disease Modifying Anti-Rheumatic Drugs (DMARDs) is the second-largest leading segment in terms of drug class in the psoriatic arthritis treatment market.
In terms of route of administration, the parenteral route is anticipated to hold major market share owing to the fact that most of the biological products are given by the parenteral route only.
Limited penetration of biologics in emerging regions due to the high cost of products in diagnosis are major factors likely to hinder the growth of the psoriatic arthritis treatment market during the forecast period.