Spain’s antirheumatic drug market was valued at US$3,174.086 million in 2020. The market is projected to grow at a CAGR of 2.91% to attain a value of US$3,880.960 million by 2027. Even after years of economic recession, Spain has the 14th largest economy in the world and the 5th in the European Union-Spain marked the third straight year of at least 3% GDP growth, becoming one of the fastest-growing economies in the European Union. The country has recently developed into one of the top players in the European pharmaceutical industry. The pharmaceutical industry has been increasing its investment commitment in the market and taking advantage of the country's public healthcare system. The increase in per capita government health spending in the country is also significantly driving the market growth throughout the forecast period. The government/compulsory health spending in Spain reached US$2,341.4 in 2018 from US$1,957.2 in 2008 (Source: Organisation for Economic Co-operation and Development) as the increasing government support further enables the citizens to afford numerous treatments and avail various medical services, thus positively impacting the demand for antirheumatic drugs in the country.
Furthermore, with the rise in the geriatric population, the market is continuing to grow at a significant pace in order to treat the diseases related to old age. As per the World Bank estimates, the geriatric population in Spain, 65 years of age or older, grew from a population size of 8,660,491 to a population size of 9,054,365 from 2015 to 2018.
The COVID has negatively affected Spain's 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.
Spain antirheumatic drug 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 into osteoarthritis, rheumatoid arthritis, gout, lupus, and others. The market has been segmented based on molecule type; the market has been segmented based on pharmaceuticals and biopharmaceuticals. By the sales channel, the segmentation has been done on the basis of prescription and over-the-counter (OTC).
Johnson and Johnson
Merck & Co., Inc.
Eli Lilly and Company
Celgene Corporation (Bristol-Myers Squibb)
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