Ankylosing Spondylitis Market to Garner $8.11 Bn, Globally, by 2030 at 4.6% CAGR: Allied Market Research
Increase in the number of hospitals and diagnostic centers, rise in prevalence of ankylosing spondylitis, and growing advancements in the ankylosing spondylitis treatment have boosted the growth of the global market.
PORTLAND, Ore., Feb. 10, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Ankylosing Spondylitis Market by Drug Class (NSAIDs, TNF Inhibitors and Others), and Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy): Global Opportunity Analysis and Industry Forecast, 2021–2030." As per the report, the global ankylosing spondylitis industry was accounted for $5.14 billion in 2020, and is expected to reach $8.11 billion by 2030, growing at a CAGR of 4.6% from 2021 to 2030.
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Major determinants of the market growth-
Increase in the number of hospitals and diagnostic centers, rise in prevalence of ankylosing spondylitis, and growing advancements in the ankylosing spondylitis treatment have boosted the growth of the global ankylosing spondylitis market. However, adverse effects of long-term use of drug therapy, high cost of treatment and lack of awareness hinder the market growth. On the contrary, advancements in treatment of ankylosing spondylitis are expected to open new opportunities in the future.
Covid-19 scenario -
- The outbreak of covid-19 impacted the ankylosing spondylitis market. Due to the medical emergency during the first and second wave of the pandemic, hospitals were struggling to manage and treat huge number of covid patients with limited capacity. Thus, many surgeries were postponed.
- As there was high risk of spreading of covid infections many orthopedic surgeries were canceled or postponed.
The NSAIDs segment dominated the market
Based on drug class, the NSAIDs segment held the largest share in 2020, accounting for more than two-thirds of the global ankylosing spondylitis market, due to increase in ankylosing spondylitis patients and rise in the number of hospitals. However, the TNF inhibitors segment is estimated to register the highest CAGR of 7.3% during the forecast period, owing to advancements in ankylosing spondylitis therapy.
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The retail pharmacy segment held the highest share in 2020
By distribution channel, the retail pharmacy segment contributed to nearly half of the global ankylosing spondylitis market revenue in 2020, and is projected to maintain the lion's share from 2020 to 2030. This is due to increase in number of retail pharmacy. At the same time, the online pharmacy segment would cite the fastest CAGR of 6.8% by the end of 2030. Increase in internet users and rise in number of online pharmacy platforms has fueled the growth of the segment.
North America to lead the trail in terms of revenue
By geography, North America garnered the major share in 2020, contributing to nearly two-fifths of the global ankylosing spondylitis market, and is expected to dominate the market during the forecast period. This is because of rise in the prevalence of ankylosing spondylitis, the presence of key players for manufacturing & development of ankylosing spondylitis drugs, and increase in the number of hospitals in the region. Simultaneously, the Asia-Pacific region would manifest the fastest CAGR of 6.1% throughout the estimated period. This is attributed to the rise in the number of hospitals, high population, and government initiatives for ankylosing spondylitis treatment.
Key players-
- Eli Lilly and Company
- AbbVie, Inc,
- Gilead Sciences
- Amgen, Inc,
- Merck & Co. Inc
- UCB, Inc.,
- Pfizer, Inc
- Janssen Pharmaceuticals
- Reliance Life Sciences Pvt. Ltd
- Novartis AG
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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."
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