Report Overview
The global psoriatic arthritis treatment market size stood at around USD 6.35 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Increasing prevalence of psoriatic arthritis, an autoimmune disorder caused by an attack of the body’s immune system on joints and skin is poised to drive the demand for psoriatic arthritis drugs for treatment. The disease is more prevalent among the patients already suffering from plaque psoriasis. According to a study published by Celgene Corporation, about 30% of the patients with psoriasis develop inflammatory condition involving joints, known as psoriatic arthritis.
Stressful lifestyles resulting in the overstimulation of immune system; rapidly increasing geriatric population, growing prevalence of psoriasis, rising income that increases affordability for high cost biologic products, and the rise in the number of new product approvals are some of the major factors contributing to the psoriatic arthritis treatment market growth. For instance, on March 2019, AbbVie announced that the Japanese Ministry of Health, Labour, and Welfare (MHLW) approved its Skyrizi (risankizumab) for treating plaque psoriasis, generalized pustular psoriasis, erythrodermic psoriasis, and psoriatic arthritis disease in adults who haven’t responded to conventional therapies.
Market Drivers
Rise in Prevalence of Psoriatic Arthritis to Fuel Market Growth: A steady rise in the prevalence of PsA across the globe has been observed in recent years, attributable to factors such as aging population, stressful lifestyles, genetic changes, and growing life expectancy. According to the study published by NCBI in the year 2014, the prevalence of the disease varies significantly among different regions of the world. For example, the incidence of PsA varies from 0.1/100000 in Japan to 23.1/100000 in Finland. The prevalence of PsA in Europe and America varies from 0.02%-0.42%. Moreover, the study suggests that the prevalence of the disease is more common in developed regions of the world as compared to Asia and other emerging regions. According to the National Psoriasis Foundation (NPF), in 2017, around 125 million people globally had psoriasis, out of which 10-20% population developed psoriasis arthritis. Thus, continuously rising patient population is projected to augment the growth of the market during the forecast period.
Presence of Strong Pipeline of Drugs to Spur Market Growth: A recent wave of biologic products prescribed for the treatment of PsA is likely to double the market revenue by the end of 2026. Biologics are the targeted drugs developed from generic engineering of proteins. These are being increasingly recommended by dermatologists owing to their effectiveness to reduce the symptoms of the disease despite their high cost. This leverages a great market potential for investment in the novel product developments and clinical trials. For instance, Mirikizumab, a biologic drug, has shown 82% improvement in the symptoms with Psoriasis. Additionally, growing strategic collaborations and mergers among various key players are likely to enhance the penetration of innovative products in the coming years.
