Exhibiting a high prevalence for rheumatoid arthritis, North America is forecast to lead the global “rheumatoid arthritis therapeutics market” in a recent report. In a report, titled “RHEUMATOID ARTHRITIS THERAPEUTICS: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2018-2025”, Fortune Business Insights identifies numerous factors enabling growth in the market. According to the report, the global rheumatoid arthritis therapeutics market is anticipated to exhibit 4.6% CAGR and reach valuation of US$ 33,958.4 Mn in 2025 from US$ 23,822.5 Mn in 2017.
North America to Lead Global Market with Rising Prevalence of Rheumatoid Arthritis
The North America market was worth US$ 9,929.6 Mn in 2017. It is expected to show steady rise owing to the rising prevalence of rheumatoid arthritis and increasing awareness about this disorder. Adding to that, governments of North America are investing huge sums for improving the healthcare and medical facilities in the region.
This is helping the rheumatoid arthritis therapeutics market to grow at an impressive pace in North America.On the other side, the demand for rheumatoid arthritis treatment is likely to grow at a considerable pace in Asia Pacific. This is owing to the entry of new drugs, especially biologics, for the treatment of rheumatoid arthritis in the market. This, coupled with expansion of healthcare and medical infrastructure in emerging nations, is likely to help rheumatoid arthritis therapeutic market in Asia Pacific gain more momentum.
An Overview of the Impact of COVID-19 on this Market:
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Biologics Segment to Account for Highest Market Share
In terms of product type, the biologics segment is anticipated to hold the highest share in the market in terms of revenue during the forecast period. In 2017, the biologics segment held 87.6% of the rheumatoid arthritis therapeutics market. This is because biologics targeting specific components of the immune response system help to slow down the rate of progression of arthritis in the patient. They also help in improving the physical functionality of patients and are cost efficient as compared to other treatment methods, which helps to increase the demand for biologics in the market.
Presence of expensive drugs for rheumatoid arthritis treatment, coupled with, favorable reimbursement policies are factors propelling the global market. Developing countries are making efforts to improve their medical infrastructure in order to provide medical aid for diseases such as chronic arthritis and other chronic diseases and this is another key factor helping the market to grow.
Increasing Number of Medical Professionals Facilitating Rheumatoid Arthritis Treatment
Rise in geriatric population is a key factor enabling growth in the market. The prevalence of arthritis is considerably high among aged population, which is why a rise in their number is expected to bode well for the overall market. In case of rheumatoid arthritis, improvement in diagnostic procedures is favoring growth of the global market for rheumatoid arthritis. Furthermore, the market is expected to gain from the spread of various awareness programs and increasing number of skilled healthcare professionals.
In 2017, AbbVie Inc., emerged dominant in the global rheumatoid arthritis therapeutics market. At present there are numerous market players operating in the market, out of which about ten players hold 80% of the market. In order to gain competitive advantage, some of the leading companies are focusing on investing increasingly towards research and development of novel therapeutics. Some of the other key players operating in the global rheumatoid arthritis therapeutics market are
- Gilead Sciences, Inc.
- Hoffmann-La Roche AG
- Eli Lilly and Company
- UCB S.A.
- Bristol-Myers Squibb Company
- Amgen Inc., Pfizer Inc.
- Celgene Corporation
- Johnson & Johnson Services, Inc.