Rheumatoid Arthritis Drugs Market to Generate $62.93 Bn, by 2027, at 2.8% CAGR: AMR
Increase in incidence of rheumatoid arthritis, upsurge in geriatric population, and transition from symptom management to slowing the progression of the disease are the major factors that propel growth of rheumatoid arthritis drugs market
PORTLAND, Ore., Oct. 8, 2020 Allied Market Research published a report, titled, "Rheumatoid Arthritis Drugs Market by Therapeutic Molecule (Pharmaceuticals and Biopharmaceuticals), Route of Administration (Oral and Parenteral), and Sales Channel (Prescription and Over-the-counter): Global Opportunity Analysis and Industry Forecast, 2019–2026" According to the report published by Allied Market Research, the global rheumatoid arthritis market garnered $57.92 billion in 2019, and is projected to reach $62.93 billion by 2027, registering a CAGR of 2.8% from 2020 to 2027.
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Prime determinants of the market-
Increase in incidence of rheumatoid arthritis, upsurge in geriatric population, and transition from symptom management to slowing the progression of the disease are the major factors that propel the growth of the global rheumatoid arthritis drugs market. Nevertheless, side effects associated with the medication and higher cost of biologics & biosimilars impede the market growth. However, developments in the field of biosimilars and novel biologics are anticipated to usher new opportunities in the near future.
COVID-19 Scenario:
- The drug manufacturing companies were considered under essential services and therefore the manufacturing has not been affected.
- Drugs used for treatment of RA like hydroxychloroquine and tocilizumab have also been studied for treatment of coronavirus.
The disease-modifying anti-rheumatic drugs segment is anticipated to dominate the market by 2027-
Based on drug class, the disease-modifying anti-rheumatic drugs segment contributed to the largest market share in 2019, accounting for nearly four-fifths of the global rheumatoid arthritis drugs market, and is projected to maintain its lead status during the forecast period. This is due to rise in prevalence of rheumatoid arthritis syndrome across the globe, increase in obese & overweight population, launch of therapeutic agents, and favorable reimbursement policies for high cost treatments. However, the non-steroidal anti-inflammatory drugs segment is estimated to manifest the highest CAGR of 3.5% from 2020 to 2027. This is owing to factors such as increase in need for management of joint pain in patients suffering from rheumatoid arthritis with these drugs, surge in geriatric population, rise in patient awareness toward pain management therapeutics, rise in preference for NSAIDs for rheumatoid arthritis treatment, and favorable regulatory scenario toward high-cost treatment products,
The oral segment held the lion's share in 2019-
Based on route of administration, the parenteral segment accounted for the highest market share, contributing to nearly three-fourths of the global rheumatoid arthritis drugs market in 2019, and is expected to maintain its dominant share by 2027. This is due to rise in R&D activities to develop bio-similar drugs, wide availability of drugs, introduction of novel parenteral products, and rise in healthcare expenditure. However, the oral segment is anticipated to grow at the highest CAGR of 3.1% during the forecast period. Oral route of administration is preferred over numerous other routes of administration by providing several benefits comprising ease of absorption, no pain during administration, enhanced safety, and adaptability to many kinds of drugs. This factor drives the growth of the segment.
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North America region would lead the trail by 2027-
Based on region, the North America region held the largest share of the global rheumatoid arthritis drugs market, contributing to more than two-fourths of the total share in 2019, and will continue its leadership position during the forecast period. This is attributed to the factors including increase in prevalence of rheumatoid arthritis, surge in adoption of disease-modifying antirheumatic drugs (DMARDs), availability of advanced healthcare facilities with trained medical professionals, rise in number of R&D activities, and surge in investments made by governments in the healthcare system. On the other hand, the Asia-Pacific region is anticipated to manifest the fastest CAGR of 3.2% from 2020 to 2027. This is owing to alarming increase in the number of patients suffering from rheumatoid arthritis, rise in geriatric population, and improvement in healthcare facilities.
Leading players of the market-
- AbbVie Inc.
- Boehringer Ingelheim GmbH
- Novartis AG
- Regeneron Pharmaceuticals, Inc.
- Pfizer, Inc.
- Johnson & Johnsons Services, Inc
- Bristol-Myers Squibb Company
- F. Hoffmann-La Roche Ltd.
- Celegene Corporations
- MedImmune, LLC,
- Amgen Inc.
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