The global anti-rheumatic drug market is estimated at US$79.341 billion for the year 2019. The global anti-rheumatic drug market is poised to surge at a notable rate during the next five years on account of the rising prevalence of rheumatic diseases throughout the globe. Furthermore, the rising healthcare expenditure in various developing economies is also bolstering the market growth during the next five years. Also, the growing geriatric population is anticipated to propel the growth opportunities for the market to surge during the forecast period and beyond as elder people are more prone to these diseases. In addition, the growing acceptance of biopharmaceuticals is also supplementing the demand for these drugs over the coming years.
Rheumatic diseases are the class of diseases that are majorly characterized by the inflammation occurring on the joints of the body or the supporting structures of the body. These include ligaments, bones, muscles, and most commonly the joints. Moreover, the rising investments by the key market players in the form of R&D for the development of new and more effective drugs to cater to the growing consumer requirements with an aim to gain a competitive edge in the market and expand the market share over other players also shows the potential for the market to surge throughout the forecast period and beyond. In addition, the increase in the approvals by the FDA for the approval of new drugs is also anticipated to propel the growth opportunities for the market to grow throughout the forecast period and beyond. For instance, in June 2018, Eli Lilly and Company announced that they received the FDA approval for their latest OLUMIANT® (baricitinib) 2-mg tablets after its phase 3 trial for the treatment of adults with Moderately-to-Severely Active Rheumatoid Arthritis. Similarly, in December 2017, Pfizer announced the approval of Xeljanz and Xeljanz XR for the treatment of active psoriatic arthritis.
Rising prevalence of rheumatoid arthritis
Rheumatoid arthritis is considered one of the most common types of autoimmune arthritis. It is a chronic inflammatory disorder that not only affects the joints but also capable of damaging a wide variety of body systems. When a person’s immune system does not work properly and attacks the own body’s tissues it leads to the condition of rheumatoid arthritis, which causes severe pain and swelling in the wrists and small joints of hands and feet of the patient. However, the cure for rheumatoid arthritis has not been found yet, but still, the use of numerous drugs to improve the joint pains and swellings helps the patients to improve their day to day activities is considered as one of the factors driving the demand for these drugs and significantly add up to the market growth during the next five years. The growing prevalence of joint pain and arthritis is also projected to amplify the demand for these drugs during the coming years. According to the U.S Department of Health and Human Services, almost half of the U.S adults who suffer from arthritis have persistent pain. Furthermore, it is projected that the number of adults with doctor-diagnosed arthritis will reach to around 78 million by 2040. In addition, the growing investments in R&D by both big and small market players for the development of new drugs with an aim to provide better treatments to patients and gain a competitive edge in the market also shows the growth potential of the market for anti-rheumatic drugs particularly for rheumatoid arthritis in the coming years. For instance, recently, Can-Fite BioPharma a biotech company with a pipeline of proprietary small molecule announced that it has completed the enrollment of more than 50% of the patients for its Phase III ACRobat™ trial for the evaluation of its drug candidate Piclidenoson, which is considered as a first-line treatment for rheumatoid arthritis.
The growing geriatric population is also projected to drive the market growth
The growing global geriatric population is another major driver of the anti-rheumatic drug market. The rising aging population is boosting the demand for these drugs as the demographic shift towards an older population is putting a higher burden on various age-associated diseases worldwide. Factors such as increased life expectancy and declining fertility are the key factors behind the growing aging population across the globe. According to the United Nations statistics, the number of people aged 60 years or above is projected to increase from 962.3 million in 2017 to 2080.5 million by 2050. Since aged people are the most susceptible to suffer from these diseases, the demand for rheumatic drugs is growing significantly, thus positively impacting the growth of the anti-rheumatic drugs market during the next five years. Furthermore, according to the World Bank Group, Moreover, the global population of ages 65 and above increased from 523,666,170 in 2010 to 673,618,927 in 2018, thereby a significant increase in the demand for these drugs for chronic for numerous rheumatic diseases is expected during the coming years.
North America to rule the market
On the basis of geography, the global anti-rheumatic drug market has been segmented on the basis of North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. North America is anticipated to hold a noteworthy share in the market owing to the presence of a well-established healthcare industry coupled with the availability of state-of-art infrastructure. In addition, the presence of key market players also supports the market growth in the North American region during the next five years. The APAC region is anticipated to show good growth owing to growing healthcare in the healthcare sector coupled with the growing geriatric population in countries like Japan and India among others.
Prominent key market players in the global anti-rheumatic drug market include Pfirzer Inc., GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd, Johnson & Johnson Services, Inc., and Eli Lilly and Company among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings.
Major players in the global anti-rheumatic drug market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.
Frequently Asked Questions (FAQs)