The Psoriatic arthritis is a joint disease associated to psoriasis it affects the skin and musculoskeletal system. It is caused by genetic and environmental factors. Some of the key symptoms include swollen toes, fingers, and tender joints, lowered back pain, pitted nails, and stiffness of psoriatic arthritis. Diagnosis of the psoriatic arthritis is largely done by the tests associated to joint fluid test, X-ray, rheumatoid factor (RF), and magnetic resonance imaging (MRI). Psoriatic arthritis is majorly treated with the drug such as NSAIDs, disease-modifying antirheumatic drugs (DMARDs), biologics, and immunosuppressant drugs.
According to study, “Psoriatic Arthritis Treatment Market by Drug Type (NSAIDs, DMARDs, Biologics, and Others), Type (Prescription, and OTC), and Route of Administration (Topical, Oral, and Injectable): Global Opportunity Analysis and Industry Forecast, 2019-2026”. Some of the key companies operating in the global psoriatic arthritis treatment market are Amgen Inc., Bristol-Myers Squibb Company, AbbVie Inc., Celgene Corporation, Johnson & Johnson, Eli Lilly And Company, Merck & Co Inc., Pfizer Inc., Novartis AG, and UCB S.A. Strategic initiatives including mergers and acquisitions, collaborations, partnerships, and joint ventures make a cumbersome market dynamics among the key players.
Based on drug type, psoriatic arthritis treatment market is segmented into Disease Modifying Anti-Rheumatic Drugs(DMARDs), Nonsteroidal anti-inflammatory drugs (NSAIDs), biologics, and others. The biologics segment dominates the market owing to surge in adoption of biological therapies, rise in demand & higher acceptability for innovative therapies, and availability of generic biologic drugs. Based on type, market is segmented into Over-the-Counter (OTC) and prescription. In addition, based on route of administration, market is segmented into oral, topical, and injectable. The injectable segment is predictable to exhibit substantial growth rate due to surge in research & development (R&D) to develop novel drugs, rise in healthcare budgets of developed & developing countries, increase in awareness toward psoriatic arthritis treatment, reimbursement available for injectable drugs and increase in consumption of injectable psoriatic arthritis treatment drugs during the forecast period.
The psoriatic arthritis treatment market is driven by increase in number of pipeline drugs, followed by rise in prevalence of psoriasis & psoriatic arthritis disease, increase in R&D activities to develop new products for effective treatment of psoriatic arthritis, surge in awareness toward availability of treatment for psoriatic arthritis, increase in risk of diseases, frequent product launches by key players and increase in government expenditure on healthcare. However, high cost of treatment and lack of standardization tools for diagnosis may impact the market.
Moreover, based on geography, the North-American is a leading region in global psoriatic arthritis treatment market owing to commercial sales of products in the U.S., proactive government initiatives, presence of key manufacturers in the region. Whereas, the Asian-Pacific is anticipated to be one of the fastest-growing regions due to growth in economic development, increase in disposable income, improvement in healthcare infrastructure, and rise in consumer awareness over the forecast period. The psoriatic arthritis treatment market was valued at US $7,860 million in 2018, and is expected to reach at US $13,744 million by 2026, registering a CAGR of 7.2% from 2019-2026.
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Ankur Gupta, Head Marketing & Communications