Psoriatic Arthritis Treatment Market Analysis

Psoriatic Arthritis Treatment Market Analysis

Based on the drug type, the market is categorized as nonsteroidal anti-inflammatory drugs (NSAIDs), disease-modifying antirheumatic drugs (DMARDs), biological agents, and other drug types. The biological agents segment is set to lead the market, accounting for the largest revenue of USD 3.6 billion, anticipating its dominance throughout the forecast period with a CAGR of 9.6%.
 

• The biological agents segment is further categorized into TNF inhibitors, IL-17 inhibitors, and IL-12/23 inhibitors. TNF inhibitors have emerged as the dominant segment among biological agents. These drugs inhibit the action of tumor necrosis factor-alpha, a key cytokine involved in the inflammatory process of psoriatic arthritis.
   
• For instance, according to a study published in Rheumatology and Therapy, biological agents were discovered to be more effective than methotrexate in preventing psoriatic arthritis among patients with psoriasis. Therefore, TNF inhibitors have demonstrated significant efficacy in reducing joint inflammation and slowing disease progression, making them the preferred choice for many patients and healthcare providers, thus dominating the biological agents segment of the market.
   

Based on route of administration, the psoriatic arthritis treatment market is classified into topical, oral, and injectable. The injectable segment holds the largest market share of 57.7% in 2023 and is expected to maintain dominance throughout the analysis period.
 

• Injectable medications including biologics and traditional DMARDs offer several advantages such as precise dosing, direct delivery into the bloodstream, and convenience for patients. Also, the efficacy and safety of injectable treatments have been well-established through extensive clinical research.
   
• Thus, the dominance reflected the preference for efficient and effective treatment options among healthcare providers and patients managing psoriatic arthritis, thereby driving its prominence in the market.
   

Based on medication type, the psoriatic arthritis treatment market is segmented into branded and generics. The branded segment is expected to lead the market projecting a growth rate of 9.5% during the analysis period.
 

• The branded medications often developed by pharmaceutical giants offer innovative formulations and targeted approaches to managing the complex symptoms of psoriatic arthritis. With extensive R&D investments and strong brand recognition, these drugs command a significant market share. Their proven efficacy, coupled with favorable reimbursement policies, further solidified their dominance, making them the preferred choice.
   
• Further, generic drugs demonstrated a prominent growth rate throughout the analysis period attributed to various factors such as patent expirations of branded medications, escalating demand for economical treatment alternatives, and regulatory efforts encouraging the utilization of generics. These dynamics collectively contributed to the substantial expansion of the generic drug segment in the market.
   

Based on the age group, the psoriatic arthritis treatment market is segmented into below 18 years, 19-40, 41-60, and 60 above. The 41-60 age group segment is projected to reach USD 11.2 billion by 2032.
 

• The segment growth is due to the growing awareness of psoriatic arthritis in geriatric population base has shifted the focus of pharmaceutical companies toward developing effective treatments for this demographic. This growing concern underscored the importance of addressing the unique needs of patients, thereby driving increased investment and innovation in psoriatic arthritis treatment options.
   

Based on the distribution channel, the psoriatic arthritis treatment market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment dominated the market with the highest share in 2023.
 

• Hospital pharmacies offer a wide range of medications including biologics and disease-modifying drugs, essential for managing psoriatic arthritis.
   
• Also, the presence of trained healthcare professionals ensures proper administration and monitoring of these treatments, making hospital pharmacies the preferred choice for many patients seeking comprehensive care for their condition. Such aforementioned factor is expected to spur the segmental growth.
   

The U.S. dominated the North American psoriatic arthritis treatment market accounting for USD 3.9 billion in 2023 and is anticipated to show considerable growth over the analysis period.
 

• U.S. holds prominence in the market due to several factors such as advanced healthcare infrastructure, widespread access to innovative treatments, and a large patient population. For instance, according to the National Psoriasis Foundation, approximately 2.4 million individuals in the U.S. are affected by psoriatic arthritis. Similarly, an estimated 15% of individuals with psoriasis may be undiagnosed with psoriatic arthritis. This high prevalence underscores the significant demand for effective treatment options, thereby driving the expansion of the market for psoriatic arthritis treatments in the U.S. market.
   
• Additionally, the presence of key pharmaceutical companies and research institutions coupled with supportive government policies as well as insurance coverage contribute to the market's growth.
   

Germany exhibited a high growth potential in the European psoriatic arthritis treatment market.
 

• Germany boasts one of the largest economies in Europe with robust healthcare infrastructure and advanced medical research facilities. This enables the country to offer cutting-edge treatments and therapies for psoriatic arthritis.
   
• Also, Germany has a high prevalence of psoriatic arthritis cases, which drives demand for effective treatments and encourages pharmaceutical companies to invest in research and development.
   
• Moreover, the country's well-established health insurance system ensures widespread access to treatments, further solidifying its prominence in the European psoriatic arthritis treatments market.
   

The Asia Pacific psoriatic arthritis treatment market is poised for rapid growth with a CAGR of 10.2% during the forecast period.
 

• The Asia Pacific market is poised for rapid growth due to several factors such as the region's expanding population, product approvals coupled with increasing awareness and diagnosis rates of psoriatic arthritis.
   
• For instance, in December 2023, UCB received approval from the Japanese Ministry of Health, Labour and Welfare (MHLW) for BIMZELX, expanding its indication for the treatment of adults with psoriatic arthritis, non-radiographic axial spondyloarthritis, and ankylosing spondylitis. This regulatory approval bolstered the company's capability in advancing psoriasis treatment options and also for related conditions including psoriatic arthritis, marking significant progress in addressing these challenging diseases.
   
• Thus, the introduction of innovative treatment options and strategic investments by pharmaceutical companies in the region are expected to fuel market growth.