Global Rheumatoid Arthritis Drugs Market - Segmented by Type of Molecule, Drug Class, Sales Channel, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global rheumatoid arthritis drugs market is expected to register a CAGR of 10.5% during the forecast period of 2018-2023. Rheumatoid Arthritis (RA) is an auto-immune disease that can cause joint pain and damage all over the body. As per the estimates of the World Health Organization (WHO), the prevalence varies between 0.3% and 1%, and it is more common in women and developed countries. Factors, such as the influx of new biopharmaceuticals, growing patient awareness of RA, and increasing prevalence of arthritis are expected to fuel the market’s growth, over the forecast period. Owing to the rise in the adoption of sedentary lifestyle, the patient pool in Asia-Pacific is expected to witness healthy growth. Therefore, Asia-Pacific is expected to emerge as the fastest growing segment of the market studied.
Rise in the Prevalence of Arthritis
The major risk factors associated with the onset of rheumatoid arthritis are - genetics, environmental factors, hormones, and sedentary lifestyles. According to the estimates of the Centre for Disease Control and Prevention, during 2013-2015, an estimated 54.4 million US adults (about 22.7%) annually, were diagnosed with some form of arthritis, rheumatoid arthritis, gout, lupus, or fibromyalgia.
Other factors, such as growing geriatric population and increasing acceptance of biopharmaceuticals are expected to drive the growth of the market studied, over the forecast period.
Alternative Treatment Options
The alternative treatment options, such as acupuncture, physical therapy, and occupational therapy are expected to hamper the market’s growth. Most of the patients prefer medications related to rheumatoid arthritis. However, medications are not quite effective against RA. Therefore, most of the patients suffering from RA are opting for the above-mentioned alternative therapies.
The other factor that acts as a restraint for the market studied is the patent expiration of blockbuster drugs of rheumatoid arthritis.
North America to Dominate the Market
North America dominates the global rheumatoid arthritis drugs market. The dominance of the region can be attributed to factors, such as ease of access to healthcare facilities, favorable reimbursement policies, robust clinical pipeline, and speedy approval of novel drugs. In addition, owing to increasing adoption of sedentary lifestyle, growing geriatric population, and immunological disorders, the region is experiencing a rise in the prevalence of rheumatoid arthritis. According to estimates of the Centre for Disease Control and Prevention (CDC) by 2040, about 78 million (26%) US adults aged 18 years or older are projected to have doctor-diagnosed arthritis. Hence, the aforementioned factors are expected to drive the growth of the North American segment of the market studied, over the forecast period.
Key Developments in the Market