Europe Antirheumatic Drugs Market is estimated to grow with a CAGR of 2.87% over the forecast period to attain a market size of US$51,553.83 million in 2027, from US$42,299.989 million in 2020.
The antirheumatic drugs market in the European region is expected to grow substantially over the next five years. The major factors that are driving the market growth throughout the region include the moderate incidence of numerous rheumatic diseases in various countries of the region. Furthermore, the presence of the state-of-art pharmaceutical industry in major countries of the European region is also anticipated to be one of the key factors driving market growth throughout the forecast period. The booming investments in pharmaceutical R&D in the region are further widening the opportunities for the market to grow in the coming years. For instance, according to the reports from the European Federation of Pharmaceutical Industries and Association, R&D expenditure in the pharma industry reached €36,500 million in 2018 from €27,920 million in 2010. The pharmaceutical sector is considered one of the most important assets of the European economy. However, the intense outbreak of the deadly coronavirus disease throughout the world has resulted in a shifting focus of the major companies of the region towards the R&D of medicines and drugs to meet the response of the disease is projected to moderately impact the market during the short run.
Furthermore, the market is also poised to grow on account of the increase in the approval of drugs by the authorities for the treatment of rheumatoid arthritis, along with the participation of key players in the form of product launches that further shows the potential for the market to grow in Europe. For example, in December 2019, AbbVie announced that the European Commission approved RINVOQ™ (upadacitinib) for treating moderate to severely active rheumatoid arthritis among adults. Similarly, in February 2017, Eli Lilly and Company and Incyte Corporation were granted authorization for baricitinib — as 2-mg and 4-mg once-daily tablets for treating severe to moderate rheumatoid arthritis, specifically for patients who are intolerant to disease-modifying anti-rheumatic drugs.
The Europe antirheumatic drugs market has been segmented on the basis of the type of disease, type of molecule, and sales channel. On the basis of the type of disease, the market has been classified based on osteoarthritis, rheumatoid arthritis, gout, lupus, and others. By the type of molecule, the market has been segmented into pharmaceuticals and biopharmaceuticals. By the sales channel, the segmentation has been done as prescription and over-the-counter (OTC). On the basis of the country, the segmentation has been done into Germany, France, the UK, Spain, and Others.
COVID-19 SCENARIO
COVID has negatively affected the European antirheumatic drugs market. Patients with rheumatoid arthritis who contract COVID-19 infection, according to the Lancet Rheumatology 2020, are at significant risk of developing severe symptoms and consequences. COVID-19 is being studied as a potential therapy with some DMARDs routinely used to treat rheumatoid arthritis, such as hydroxychloroquine medication. Other commonly used medications, such as biologics targeting interleukin (IL)-6 (sarilumab, tocilizumab) and IL-1 (anakinra), are also being studied in COVID-19 patients. As a result, COVID-19 infection boosted rheumatoid arthritis medicine manufacturers' growth prospects during the anticipated period.
Key Development
April 2022-The FDA has approved RINVOQ (upadacitinib) as an oral treatment for adults with active ankylosing spondylitis.
Segmentation