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The global psoriatic arthritis treatment market size is prophesied to reach USD 13.12 Billion by the end of 2027 accounting the increasing geriatric population suffering from autoimmune diseases such as psoriatic arthritis. As per a published report by Fortune Business Insights titled, “Psoriatic Arthritis Treatment Market Size, Share & COVID-19 Impact Analysis, By Drugs Class (Non-steroidal Anti-inflammatory Drugs (NSAIDS), Non-biologic Disease Modifying Anti-Rheumatic Drugs (DMARDs), Biologic Disease Modifying Anti-Rheumatic Drugs (DMARDs) and Others), By Route of Administration (Oral, Parenteral, and Topical), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), and Regional Forecast, 2020-2027,” the value of this market was USD 6.35 Billion in the year 2019 and is anticipated to rise at a CAGR of 9.5% between 2020 and 2027.
FDA’s Approval for TREMFYA by Johnson & Johnson Will Allow Treatment of Patients Suffering Active Psoriatic Arthritis
A few studies have indicated that psoriatic arthritis affects an estimate of more than 1.5 million Americans. Janssen Pharmaceutical, a branch of Johnson & Johnson announced the approval of their new drug called TREMFYA by the U.S. Food and Drug Administration on July 14, 2020. This new drug is approved for use in adults suffering from active psoriatic arthritis that causes skin inflammation and joint pain. This drug was originally approved by the FDA in 2017, and till date, an estimated 45,000 patients in the U.S. have already been treated with TREMFYA.
The Director of Rheumatology Research, Swedish Medical Center and a professor of clinical research, Philip J. Mease stated, “TREMFYA can be used to improve the symptoms of joint pain among patients, along with improving the physical functioning, soft tissue, fatigue, and others. We aim at providing immune-mediated diagnostic procedures for treating such complex diseases.” Such initiatives are likely to boost the growth of the market in the coming years.
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/industry-reports/psoriatic-arthritis-treatment-market-101066
Presence of Strong Drug Pipeline Candidates to Augment Growth
The increasing prevalence of chronic inflammatory skin conditions and other diseases such as psoriasis arthritis, are the key factors propelling the global psoriasis arthritis treatment market growth. In addition to this, increasing research activities associated with large molecules and the development of biosimilar drugs and biologics will also aid in expansion of the market. Furthermore, the increasing number of new product approvals by the Food and Drug Administration will also add impetus to the market for psoriatic arthritis treatment in the coming years.
On the flipside, the ongoig COVID-19 pandemic, and strict regulations imposed on drug regulations, and patent expiry of drugs are likely to pose a major hindrance to the growth of the market in the coming years. This, coupled with the high cost of biologic products for therapy and poor reimbursement scenario will also hamper the market growth in the foreseeable future. Nevertheless, the presence of strong drug pipeline candidates by leading manufacturers are likely to create lucrative growth opportunities for the market in the coming years.
Consolidated Nature of Market Competition to Intensify Competition
Among all the players operating in the global market for psoriasis arthritis treatment, AbbVie is holding the major share. This is attributable to the strong brand presence and product approvals from FDA. There is an increasing competition among players with regard to product launches and FDA approvals. The other players are focusing on new product development and are therefore investing heavily on the same.
Industry Developments:
List of Key Players in the Psoriatic Arthritis Treatment Market include:
Further Report Findings
The Global Market is categorized into:
ATTRIBUTE | DETAILS |
Study Period | 2016-2027 |
Base Year | 2019 |
Forecast Period | 2020-2027 |
Historical Period | 2016-2018 |
Unit | Value (USD Billion) |
Segmentation | By Drug Class
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By Route of Administration
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By Distribution Channel
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By Geography
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