The Rheumatoid Arthritis Drugs market is forecasted to grow at a high rate due to growing awareness regarding new therapies and molecules, development in healthcare procedures, government initiatives, and rising use of biologics & biosimilar products.
The Global Rheumatoid Arthritis Drugs Market was valued at US$ 24.7 Bn in 2020 is expected to reach US$ 35.0 Bn by 2027, with a growing CAGR of 5.1 % during the forecast period (2021-2027).
Rheumatoid arthritis is an auto-immune disorder that progresses along with time if left untreated. This disorder is more prevalent in population ranging in age group of 35-65 years of age. This tends to cause swelling in joints & pain in the body and eventually progresses in the entire body, damaging different body parts like eyes, lungs, heart, and skin. Various factors such as environmental, immunological, and genetic factors contribute to the cause of disorder. Rheumatoid arthritis affects 1 in 1000 people globally.
Factors such as the growing prevalence of the disease among the geriatric population, the emergence of biologics & biosimilars, streamline regulatory approvals for marketing of products, and the availability of government funding are key driving factors of the market. According to the American statistics, 65% of population within the age group of 60-65 is more likely to get affected with rheumatoid arthritis. Moreover, increasing healthcare expenditure in developing countries is expected to promote revenue growth of the RA drug market. The rise in number of mergers and acquisitions amongst key players in order to maintain their position in the market, availability of reimbursement policies, adoption of DMARD’s for the treatment, and awareness regarding arthritis symptoms and cause of rheumatoid arthritis have positive impact on the growth of market. However, there are certain factors that restrains the growth of market such as high cost of treatment and severe side effects associated with the medications used in treatment of Rheumatoid arthritis.
Rheumatoid arthritis is broadly segmented into drug class, route of administration and region. Based on drug class, DMARD’s is expected to hold highest market share during the forecast period, this is due to an increase in acceptance of therapy and benefits associated with the class of drugs drives the growth of the market. Based on sales channels, the prescription-based channel held maximum market share in 2020 and is expected to maintain the same during the forecast period. Geographically, Asia-Pacific is expected to observe the highest market growth during the forecast period. This is due to an increase in healthcare expenditure and a rise in awareness regarding the treatment and drugs.
Global Rheumatoid Arthritis Drugs Market by Region Outlook (Revenue, USD Million, 2021-2027)
On the basis of region, Asia- Pacific to have maximum market growth during the forecast period. This is due to an increase in research and development facilities, rise in disposable income, the presence of a large population base susceptible for rheumatoid arthritis disorder, and the emergence of key players in the Rheumatoid Arthritis Drugs s market.
Moreover, North America remains the second highest growing region in RA drug market during forecast period. This is due to rapid increase in support of private and public healthcare sector, technological advances, growing number of R&D and manufacturing centers in this region drive the growth of the market.
The Global Rheumatoid Arthritis Drugs Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the market are: