Iran’s antirheumatic drugs market was evaluated at US$1,645.313 million for the year 2020, growing at a CAGR of 3.16% reaching the market size of US$ 2,045.699 million by the year 2027.
Warm, swollen, & painful joints are symptoms of the medical illness rheumatoid arthritis. The illness primarily affects a person's hands and wrists. Pain is a symptom of this medical disease, and it gets worse over time. Different medications, referred to as anti-rheumatics, are used to treat this illness. Additionally, these medications are utilized to alter the course of the illness. For instance, anti-rheumatic medications that reduce the progression of the disease include disease-modifying anti-rheumatics drugs. Additionally, medications such as non-steroidal anti-inflammatory medicines are used to treat rheumatoid arthritis.
The market for antirheumatic drugs in Iran is projected to grow on account of the high prevalence of rheumatoid arthritis in the country, along with the presence of a considerably high proportion of the geriatric population in the country. Furthermore, the rising incidence of cardiovascular diseases in the country is also anticipated to be one of the key factors supplementing the market growth in the country during the next five years. For instance, according to data from the World Health Organization, the deaths in the country due to cardiovascular diseases increased by 21% from 2007 to 2017. Also, the burden of CVD will increase by more than double the rate in 2005 by 2025. Additionally, the high number of cases in the country with active malaria foci is also anticipated to bolster the demand for antirheumatic drugs, thereby positively impacting the market growth during the next five years. For instance, according to a report from the World Health Organization, the number of people living with active foci was more than 340,000 in 2017.
Furthermore, the rising participation of domestic pharmaceutical companies in the form of growing investments in pharma R&D for the development of numerous high-cost drugs domestically to tap the potential of the market that it holds also widens up the opportunities for the market to grow during the next five years.
Iran's antirheumatic drugs market has been segmented based on the type of disease, type of molecule, and sales channel. By type of disease, the market has been segmented as osteoarthritis, rheumatoid arthritis, gout, lupus, and others. By type of molecule, the Iran antirheumatic drugs market has been classified into pharmaceuticals and biopharmaceuticals. The market segmentation has also been done by sales channel as prescription and over-the-counter (OTC).
The rheumatoid arthritis sector is predicted to hold a significant market share depending on the type of disease. The industry for rheumatoid arthritis treatment is fueled by the rising prevalence of arthritis and associated joint issues. In addition, the development of rheumatoid arthritis is attributed to a change toward an unhealthy lifestyle, an increase in metabolic diseases and age, a family history of joint disorders, and an increase in obesity. Furthermore, improvements in biosimilar and innovative biologics are anticipated to open up new business prospects in the sector.
Due to the rise in the number of specialist hospitals needed to treat the medical condition, the prescription-based drug segment held the biggest share of the market by sales channel. Additionally, due to increased awareness of the rheumatoid arthritis treatment choices, the over-the-counter medicine sector is anticipated to grow at the quickest rate during the projection period. Another important element driving the expansion of the anti-rheumatics business is the simple accessibility of over-the-counter NSAIDs.
Recent Developments and expansions
In February 2019, NanoAlvand Pharmaceuticals, an Iranian pharmaceutical manufacturing company, announced the launch of a new drug Rhofanib 5, completely designed and manufactured in Iran for the treatment of rheumatoid arthritis.
COVID-19 Impact
The market for anti-rheumatoid medications in Iran has not been significantly impacted because drug production is regarded as one of the important services. Tocilizumab and hydroxychloroquine, medications for rheumatoid arthritis, have also been investigated for use in the treatment of the emerging coronavirus. However, the disruption in supply chain activities and a temporary halt in manufacturing activities slowed down the market growth.
Segmentation