The market for therapeutics for rheumatoid arthritis was valued at USD 23,822.5 million in 2017 and is anticipated to grow to USD 33,958.4 million by 2025, at a CAGR of 4.6% during the forecast period (2018-2025). A few of the factors that are fueling the growth of the global rheumatoid arthritis therapeutics market are the rising prevalence of rheumatoid arthritis worldwide, the introduction of novel therapeutic agents, and favourable reimbursement policies for expensive treatment products. An increase in diagnosed cases is anticipated as diagnostic capabilities and healthcare infrastructure in developing nations improve.
The market for therapeutics for rheumatoid arthritis is expected to grow as a result of this factor during the forecast period. The ageing population and increasing patient and healthcare professional awareness of arthritis and its prevention are other factors that are anticipated to propel the global market from 2018 to 2015.
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North America to Lead Global Market with Rising Prevalence of Rheumatoid Arthritis
The North American market was worth US$ 9,929.6 Mn in 2017. It is expected to show a 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 in 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 the 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 the expansion of healthcare and medical infrastructure in emerging nations, is likely to help the rheumatoid arthritis therapeutic market in the Asia Pacific gain more momentum.
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. They are cost-efficient as compared to other treatment methods, which helps to increase the demand for biologics in the market.
The presence of expensive drugs for rheumatoid arthritis treatment, coupled with, favourable 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
The rise in the geriatric population is a key factor enabling growth in the market. The prevalence of arthritis is considerably high among the aged population, which is why a rise in their number is expected to bode well for the overall market.
In the case of rheumatoid arthritis, improvement in diagnostic procedures is favouring the growth of the global market for rheumatoid arthritis. Furthermore, the market is expected to gain from the spread of various awareness programs and an 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 a competitive advantage, some of the leading companies are focusing on investing increasingly towards the research and development of novel therapeutics.
List of the other key players operating in the global rheumatoid arthritis therapeutics market:
Pfizer Inc.
Amgen Inc.
Johnson & Johnson Services, Inc.
CELGENE CORPORATION
Bristol-Myers Squibb Company
F. Hoffmann-La Roche Ltd
UCB S.A.
Eli Lilly and Company
Gilead Sciences, Inc.
Other players
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